Pomegra
Braid, the Dutch embedded-connectivity startup formerly called Next Communications, has raised a $38 million Series A led by Octopus Ventures to expand its mobile connectivity API.
Key Takeaways
- Braid raised a $38M (€34.13M) Series A led by Octopus Ventures, with KPN Ventures participating.
- It is the company's first outside capital since its 2023 founding, and it says it is profitable.
- Valuation was not disclosed.
Lead
Braid, a startup headquartered in The Hague, raised a $38 million (about €34.13 million) Series A round announced on October 28-29, 2026. Octopus Ventures, the London-based investor, led the round. KPN Ventures, the strategic investment arm of the Dutch telecom operator KPN, also took part. The company, previously known as Next Communications, rebranded as Braid alongside the announcement.
The round is the first outside capital Braid has taken since Jignesh Dave, Vishal Dave and Mitesh Popat founded the company in 2023. Braid says it is profitable and cash-flow positive. Valuation was not disclosed.
What Does Braid Actually Sell?
Braid sells a single API that lets a business embed mobile connectivity in its own product. The platform orchestrates more than 600 carrier networks across over 200 countries and supports both SIM and eSIM delivery. A client does not have to become a telecom operator or negotiate with carriers one by one.
Braid says a live trial can run in three minutes and a full launch in as little as one week. Typical use cases include airline roaming, bank loyalty perks and connectivity offers for sports fans. The pitch is that months of carrier negotiations, regulatory filings and procurement shrink into an integration project.
The company serves roughly 90 enterprise customers, concentrated in fintech, travel, clubs and telecommunications. It operates across India, Europe, the Middle East and Africa. Braid's co-founder Jignesh Dave has described the origin in AWS terms: a company built infrastructure to run its own business, then found others would pay to use it.
Why Does an Investor Back a Profitable Company?
Octopus Ventures is funding expansion, not survival. Braid did not need outside money to keep operating, which changes how the round reads. A first institutional check at $38 million for a company that already generates cash is a bet on speed, not a rescue of a failing model.
The proceeds are earmarked for international expansion, deeper carrier relationships and infrastructure. Carrier depth matters because the product is only as good as the coverage and pricing it can obtain. Scale with carriers tends to improve wholesale rates, which in turn feed customer margins.
An Octopus Ventures partner said Braid is "defining a new category in embedded connectivity." That framing is the investor's, and the category is still being tested. A $38 million cheque with undisclosed terms does not by itself show how large the market is.
How Crowded Is the eSIM Market?
The eSIM market is crowded, and the rivals have different business models. Airalo, a consumer eSIM marketplace, has been reported at a valuation near $1 billion and more than 20 million users. Roamless raised a $12 million Series A in late 2025. eSIM Go received strategic backing in May.
Braid's distinction is that it sells infrastructure to brands rather than plans to travelers. That keeps it out of a direct consumer fight with Airalo, but not out of competition for enterprise contracts. A further risk is that large apps add their own eSIM features, which would push Braid to differentiate on coverage, price and speed of integration.
The structural tailwind is device hardware. Industry forecasts expect about 9 billion eSIM-enabled devices to ship between 2024 and 2030, and roughly 70% of cellular devices to support eSIM or iSIM by 2030. Those figures widen the pool of customers who can be reached without a physical SIM card.
What Does KPN Ventures' Participation Signal?
KPN Ventures' presence signals that an incumbent European operator sees value in the carrier-agnostic model. Telecom operators have mixed incentives here. Orchestration platforms such as Braid can route traffic across many networks, which can both add wholesale volume and erode direct retail relationships.
For Braid, a strategic backer with a home-market network can ease commercial discussions with carriers. For KPN, a minority stake offers a view into how enterprises buy connectivity. Neither party has disclosed the size of KPN Ventures' stake.
What Comes Next for Braid?
Braid's next test is converting 90 enterprise customers into a much larger base while it adds carrier relationships outside its current markets. Expansion beyond India, Europe, the Middle East and Africa is the stated use of the new capital. Retention of existing brand clients will matter as much as new logos, because embedded products live or die by usage inside a client's own app.
Two scenarios are plausible. In the first, brands treat connectivity as a loyalty and retention tool, and Braid's per-user economics hold up as volume grows. In the second, large app platforms bundle eSIM themselves and margins compress, leaving Braid dependent on its carrier network depth.
Outlook
Braid enters its next phase with $38 million, a profitable operating base and two institutional backers, Octopus Ventures and KPN Ventures. The valuation, revenue and KPN stake remain undisclosed. Carrier coverage, enterprise retention and resistance to platform bundling will determine whether the round marks the start of a new category or the peak of a niche.
