Funding

[Funding alert] Stockholm-based Telness Tech Raises €5 Million in Bridge Funding

Apr 4, 2024 | By Startup Rise EU

  • Telness Tech, the full automation software company for the telecommunications industry secures 5 million euro in bridge-funding.
  • With over 18 mobile operators running Telness Techs full automation platform, the Software company signed multi-year contracts with their first two US clients - much earlier than expected. 
Telness Tech Raises €5 Million in Bridge Funding. In November of 2023 Telness Tech implemented 11 mobile operators to run on their software within just six weeks, today those are 18 mobile operators live.

Telness Tech Raises €5 Million in Bridge Funding. In November of 2023 Telness Tech implemented 11 mobile operators to run on their software within just six weeks, today those are 18 mobile operators live.

With a pipeline valued at over 200msek (in annual recurring revenue), having signed clients in both US and Europe, the rapidly growing software company has taken in 5 million euro mainly supported from their two largest shareholders Industrifonden and Viltor (JCE Group).

The unprecedented pace of growth the last few months has prompted it to restructure its executive team to effectively manage its expanding operations, with two of the original founders behind both Telness and Telness Tech, swapping operational roles.

Founder Jonas Cedenwing becoming Chief Operating Officer, leading the charge in the company's international expansion across new continents and Martina Klingvall becoming CEO of Telness Tech.

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Jonas Cedenwing, Founder and incoming Chief Operations Officer: "The pace of our growth has been extraordinary, it registered our US company in December and signed our first two US clients in February. That’s a good start on 2024. It's imperative that we scale up rapidly to meet the demands of our expanding client base. As I focus all my time on our new international clients in this unprecedented growth, scaling our organization accordingly, Martina will oversee managing the leadership team and reporting to the board.”

Martina Klingvall, Founder and incoming CEO of Telness Tech, stated, "With our current growth trajectory, it's essential to have our top talent closely involved in the execution of our operations. As CEO, I will focus on managing the leadership team, while Jonas will lead critical technical aspects and operations, ensuring that our momentum remains as we rapidly enter new markets. We can’t wait to tell you more soon.

About Telness Tech

Telness Tech , a sweden startup is the software company behind the highest-rated digital mobile operator in Europe, Telness, (4.9/5 on Trustpilot) and was originally founded in 2016. It enables cloud-based mobile operators (MVNOs) and other telecommunications companies to launch fully digital user-centric solutions that maximize customer satisfaction and minimize OPEX through full automation.

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