Oxio, the first telecom-as-a-service platform for brands and enterprises, announced it has raised $40 million in Series B funding led by ParaFi Capital along with Digital Currency Group, Ascend Venture Capital and others.
The company offers a white-label product that allows any brand to launch a mobile service and serve as a mobile operator for end users or companies.Oxio CEO Nicolas Girard told CoinDesk
In other words, Oxio develops and operates the service, but other companies sell the service under their own brands. Oxio’s innovative web3-built technology, combined with the latest funding, strengthens the company’s pioneering role in creating the telecom-as-a-service (TAAS) category.
In Mexico, Oxio’s clients include some of the largest brands in the country, such as Grupo Bimbo, (the world’s largest bread maker); Grupo Coppel, (Mexico’s premier white goods 1,200-store retail chain); and Rappi, (Latin America’s (LATAM) preeminent food delivery and services app).
This round of funding will fuel significant growth for Oxio, with focus on accelerating the business in Mexico and on expanding its network into the U.S. by rolling out its telecom platform to large U.S. clients. The company also plans to expand into new markets in LATAM, most notably Brazil.
In November 2020, Oxio raised $13 million in a Series A funding round that was led by Brazilian venture capital firms Monashees and Atlantico Capital. To date, the firm has raised a total of $65 million.