Cape Raises $100 Million for Protection Against Cellular Security Threats

Privacy-first mobile carrier Cape announced on Thursday that it has raised $100 million in Series C funding, bringing the company’s total investment to $191 million.

The Series C round was co-led by Bain Capital Ventures and IVP, with participation from 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital.

Cape offers a privacy-focused mobile virtual network operator (MVNO) service that delivers secure cellular connectivity across the US using eSIM technology. The platform operates its own mobile core while leasing physical towers from traditional carriers, allowing it to embed security features directly into the network layer and reduce exposure to common cellular threats like tracking or interception.

The service includes daily rotation of SIM identifiers to prevent persistent device tracking, along with network-level protections that block SS7-based attacks aimed at location monitoring or call interception.

It provides end-to-end encryption for certain messaging functions, user-controlled SIM swap safeguards, and minimal data ...