Telness announced a €8.5 million Series A funding led by Industrifonden.

Telness, a Stockholm, Sweden-based company operating an MVNO business, secured €8.5 million ($9M) in a series A equity funding round

The money was raised from investors from Sweden, led by Industrifonden, joined by existing shareholders JCE Investments.

Proceeds will be used to expand Telness Tech to new markets, starting with the Netherlands and the UK.

Telness, founded in 2017 by CEO Martina Klingvall, provides mobile telephony and other services with functions specially adapted for small medium businesses, as a customer-focused alternative to the major operators. The Telness platform delivers telecom services to roughly 15,000 business customers in Sweden and provides a cloud-based, digital end-to-end solution that liberates traditional telcos from legacy infrastructure, cost and complexity.

Priot to this round, Telness raised around $7 million, last round announced in 2019 which was supplemented with $1.7 million in 2021.