London - based mobile operator Truphone has secured £ 255 m ( $ 250 m ) in funding from existing stakeholders Minden and Vollin Holdings , firms with links to Russian businessman Roman Abramovich . The funding is taking the form of a rights issue , while the funds will be used to settle down debt and make specific acquisitions in the internet of things ( IoT ) sector . Truphone plans to use its technology to develop IoT solutions , and is in talks with " tier - tier and blue - collar companies " , it says .
London-based mobile firm Truphone has secured £255m ($339m) in funding from existing stakeholders Minden and Vollin Holdings, firms with links to Russian businessman Roman Abramovich. The deal is taking the form of a rights issue, while the funds will be used to pay down debt and make specific acquisitions in the internet of things (IoT) sector. Truphone plans to use its technology to develop IoT solutions, and is in talks with "tier-one and blue-chip companies", it said.