Canadian co-founded eSIM provider Airalo hits unicorn status with $220-million USD Series C round

By July 10, 2025
Airalo founders pose in front of painted artistic background
COO Abraham Burak left the University of Ottawa to launch the billion-dollar business.

Airalo, a Delaware-based embedded SIM (eSIM) provider co-founded by Canadian Abraham Burak, has achieved “unicorn” status by surpassing a $1-billion USD valuation through a $220 million USD ($300 million CAD) Series C round. 

The raise was led by global private equity firm CVC Capital Partners, which provided $185- million USD through its CVC Asia Fund VI. Returning investors Peak XV and Antler Elevate also participated in the round. 

eSIMs have been gaining popularity, especially among neobanks.

Airalo said the new capital will help improve its user support and provide new products. The company is also scaling its enterprise offering, which provides a platform for businesses to manage their teams’ global connectivity by assigning eSIMs and controlling budgets. 

The digital travel eSIM market is “at the very early stages” of becoming the main roaming method for consumers going abroad, CVC managing partner Siddharth Patel said in a statement. 

“We are thrilled to partner with Airalo—the clear category leader in travel eSIMs and a pioneer in redefining how travelers connect worldwide,” Patel said. “Airalo, with a highly scalable digital model grown primarily through organic channels, is best positioned to deliver superior value and customer experience for global travelers.”

eSIMs embed directly in a device’s hardware, replacing conventional SIM cards, and have been gaining popularity, especially among neobanks supplementing their core services. Brazilian neobank Nubank, British FinTech company Revolut, and Toronto-based banking startups Koho and Wealthsimple have all launched eSIM offerings since the start of 2024. 

Founded in 2019 by Burak, the COO, and CEO Ahmet Bahadir Ozdemir, Airalo’s app allows users to activate their phone’s eSIM with talk, text, and data plans from carriers around the world at a typically cheaper rate than a domestic carrier’s roaming plans. For example, a two-week plan with 2 GB of data in the UK is $12 CAD on Airalo, while roaming with Bell costs $16 per day. Airalo says it serves over 20 million travelers across more than 200 destinations, and plans to launch a new app experience and unlimited data plans this summer. 

Burak lives in Toronto. He studied at law schools around the world, including China, Switzerland, and The Netherlands, eventually attending a law program at the University of Ottawa before dropping out to build Airalo.

Beyond its headquarters in the United States, Airalo has a remote team spanning 55 countries. The company previously raised a $60-million USD (then about $79-million CAD) Series B round in August 2023. Its backers include Peak XV (formerly Sequoia Capital India), and Bell Ventures, the venture capital arm of the Canadian telecommunications company. 

Feature image courtesy Airalo. 

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