Backed by new investors, Cape is building deep infrastructure to rival traditional telecommunications carriers across multiple sectors

Cape, America’s leading privacy-first mobile carrier, today announced it has raised a $100M Series C co-led by Bain Capital Ventures and IVP, with participation from new investors, 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital. Cape has built a carrier from the ground up to protect U.S. government agencies, businesses, and privacy-conscious individuals against cellular security threats.

“Cell phone networks track everywhere you go, every app you use, every person you call or text,” said John Doyle, CEO of Cape. “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.”

Nearly every government agency, enterprise, or consumer in the United States gets their cell phone service from one of three main mobile carriers that resell their services to dozens of smaller brands. Those carriers have faced repeated security failures, including the “Salt Typhoon” cyber espionage campaign, described by U.S. officials as one of the most significant intelligence breaches in the nation’s history, which reportedly compromised the phones of Donald Trump and J.D. Vance. Separately, a 2024 breach exposed the call records of nearly one in three Americans to the dark web. The major carriers have also faced $200 million in FCC fines for selling customers’ location data without proper consent.

“The mobile carrier market has been effectively frozen for decades, dominated by a small number of incumbents running legacy infrastructure,” said Saanya Ojha, Partner at Bain Capital Ventures. “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."

Cape is a mobile virtual network operator, or MVNO, meaning it leases the use of physical towers from the traditional operators, but unlike other MVNOs the company has built and runs its own mobile core and SIMs. This infrastructure enables privacy-enhancing features like Identifier Rotation, which changes SIM ID numbers every day to disrupt persistent tracking, and Secondary Numbers, which allows customers to use multiple phone numbers on a single SIM. Since its founding in 2022, Cape has been adopted by U.S. national security professionals, enterprise executives, journalists, activists, and everyday people across the country who reject the privacy and security risks that come with using a traditional mobile carrier. The latest funding enables Cape to speed adoption across government, businesses, and consumers, while supporting further research and development.

"It's rare to see a product with such universal value across government, enterprise, and consumer," said Somesh Dash, General Partner at IVP. “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.”

The funding follows Cape’s recent announcement that its service is now generally available nationwide. You can learn more and sign up at cape.co.

About Cape

Cape is a privacy-focused cellular network provider offering device and mobile network solutions to government, enterprises, and consumers. Its mission is to ensure communication is private, secure, and resilient. The company has raised $191M from investors including Bain Capital Ventures, IVP, A*, Andreessen Horowitz, 01 Advisors, 137 Ventures, Costanoa Ventures, Definition, ex/ante, Point72 Ventures, Fifth Down Capital, Forward Deployed VC, Karman Ventures, and XYZ Ventures. Research partners include leading cybersecurity institutions including the Air Force Research Laboratory, the University of Maryland, and others.

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