Cape, America’s leading privacy-first mobile carrier, has raised $100m in a Series C funding round co-led by Bain Capital Ventures and IVP, with additional participation from 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital.
The company has built its own mobile carrier infrastructure from the ground up, designed specifically to shield US government agencies, businesses, and privacy-conscious individuals from cellular security threats. Unlike traditional mobile virtual network operators (MVNOs), which simply resell capacity from the major networks, Cape operates its own mobile core and SIM technology — embedding privacy protections directly at the network level. This enables features such as Identifier Rotation, which changes SIM ID numbers daily to prevent persistent tracking, and Secondary Numbers, which allows users to run multiple phone numbers from a single SIM.
The fresh capital will be used to accelerate adoption of Cape’s services across government, enterprise, and consumer markets, while also funding continued research and development.
The raise comes amid growing concern over the security vulnerabilities of the United States’ dominant mobile carriers. Nearly all government agencies, enterprises, and consumers in the country rely on one of three main networks, which have faced a series of high-profile breaches. These include the so-called “Salt Typhoon” cyber espionage campaign — described by US officials as one of the most significant intelligence breaches in the country’s history — which reportedly compromised the phones of Donald Trump and J.D. Vance. A separate 2024 breach exposed the call records of almost one in three Americans, and the major carriers have collectively faced $200m in FCC fines for selling customers’ location data without proper consent.
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.”
Founded in 2022, Cape has already attracted adoption from US national security professionals, enterprise executives, journalists, activists, and everyday consumers seeking an alternative to the privacy and security risks associated with traditional mobile carriers.
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