Cape, an Arlington, VA-based privacy-first mobile service provider, has raised $100 million in a Series C funding round led by Bain Capital Ventures and IVP.
The round also saw participation from new investors, 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital.
The funding round brought the total to more than $191 million.
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The company plans to use the funds to grow its operations and support development efforts.
Cape is a privacy-focused mobile carrier built to protect U.S. government agencies, businesses, and individuals from cellular security threats.
Cape is a mobile virtual network operator (MVNO), which means it uses tower access from traditional carriers. Unlike most MVNOs, however, Cape has built and operates its own mobile core and SIMs. This gives the company the ability to offer privacy features such as Identifier Rotation, which changes SIM ID numbers daily to reduce tracking, and Secondary Numbers, which let customers use multiple phone numbers on a single SIM. Since launching in 2022, Cape has been used by U.S. national security professionals, business leaders, journalists, activists, and other privacy-conscious customers.
In the United States, most government agencies, businesses, and consumers get mobile service from one of three major carriers, which also resell service through many smaller brands. These carriers have faced repeated security problems. One example is the “Salt Typhoon” cyber espionage campaign, which U.S. officials called one of the most serious intelligence breaches in the country’s history and which reportedly affected the phones of Donald Trump and J.D. Vance.
In a separate 2024 breach, the call records of nearly one-third of Americans were reportedly exposed on the dark web. The FCC has also fined major carriers $200 million for selling customer location data without proper consent.
“Cell phone networks can track where you go, the apps you use, and the people you call or text,” said John Doyle, CEO of Cape. “When those networks are compromised, the damage to national security and personal privacy can be severe. There is no app or add-on that can fully fix problems built into the cellular network itself, so we built a telecom company from the ground up to solve this issue.”
“The mobile carrier market has changed very little for decades, with a small number of major companies relying on old infrastructure,” said Saanya Ojha, Partner at Bain Capital Ventures. “Cape is the first company we’ve seen that is challenging that model not just as a reseller, but as a real infrastructure builder. By running its own mobile core and building privacy into the network itself, Cape is creating the future of secure mobile service.”
“It is rare to see a product that has such broad value for government, businesses, and consumers,” said Somesh Dash, General Partner at IVP. “This investment supports critical infrastructure that helps secure the mobile networks people rely on every day. By building a new telecom company with its own software stack, instead of simply reselling existing carrier services, Cape offers a strong alternative to traditional mobile carriers.”
About Cape
Founded by John Doyle, Cape is a privacy-focused mobile network provider that offers secure device and cellular solutions for government, businesses, and consumers. Its mission is to make communication private, secure, and reliable. The company has raised $191 million 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. Its research partners include major cybersecurity institutions such as the Air Force Research Laboratory and the University of Maryland.
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