Cape, a privacy-first mobile carrier, has raised $100m in a Series C funding round co-led by Bain Capital Ventures and IVP. New investors 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital also participated in the round.
Founded in 2022, Cape has built its mobile network from the ground up with the explicit aim of protecting US government agencies, businesses and privacy-conscious individuals from cellular security threats. Unlike traditional mobile virtual network operators (MVNOs) that simply resell services from the major carriers, Cape operates its own mobile core and SIMs — a distinction that underpins its security offering.
The funding will be used to accelerate adoption of its services across government, enterprise and consumer markets, as well as to support further research and development.
The backdrop to Cape’s growth is a troubling one for the incumbent carriers. The so-called “Salt Typhoon” cyber espionage campaign — described by US officials as one of the most significant intelligence breaches in the nation’s history — reportedly compromised the phones of Donald Trump and J.D. Vance. A separate 2024 breach exposed the call records of nearly one in three Americans to the dark web, while the major carriers have also faced $200m in FCC fines for selling customers’ location data without proper consent. Cape’s infrastructure is designed to address vulnerabilities inherent in traditional network architecture. Its features include Identifier Rotation, which changes SIM ID numbers daily to disrupt persistent tracking, and Secondary Numbers, which enables customers to use multiple phone numbers on a single SIM. The company says it has already been adopted by national security professionals, enterprise executives, journalists, activists and everyday consumers across the country.
Cape CEO John Doyle said, “Cell phone networks track everywhere you go, every app you use, every person you call or text. So when they’re compromised, it leads to some of the most sweeping and damaging violations of both national security and individual privacy in history. There’s no app, no add-on that fixes problems inherent in the underlying cellular network itself, so we’ve redesigned a telco from scratch to close this gap.”
Bain Capital Ventures partner Saanya Ojha said, “The mobile carrier market has been effectively frozen for decades, dominated by a small number of incumbents running legacy infrastructure. Cape is the first company we’ve seen that is willing to challenge that foundation – not as a reseller, but as a true infrastructure builder. By operating its own mobile core and embedding privacy at the network layer, Cape is building the inevitable future of secure mobile infrastructure.”
IVP general partner Somesh Dash said, “It’s rare to see a product with such universal value across government, enterprise, and consumer. This is an investment in deep infrastructure that secures the connectivity backbone of our mobile economy and way of life. By building a new telco with its own software stack, rather than just reselling the service of incumbents, Cape is the only credible alternative to the traditional carriers.”
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