Clifford Chance Advises CVC on Airalo’s $220M Funding.
Global law firm Clifford Chance has advised CVC Capital Partners on its lead investment in Airalo, the world’s first and largest eSIM provider, as part of a $220 million growth funding round that values the company at over US$1 billion. The transaction marks Airalo’s official status as the industry’s first unicorn.
Singapore-based Airalo provides embedded SIM (eSIM) services across more than 200 countries and regions, now serving over 20 million travelers worldwide.
As demand for global connectivity surges, Airalo continues its rapid expansion, offering affordable, high-quality roaming solutions through its mobile app, including upcoming unlimited data plans and a redesigned user experience launching this summer.
The $220 million funding round was led by new investor CVC through its CVC Asia Fund VI, with CVC contributing $185 million of the total investment.
Existing backers Peak XV and Antler Elevate also participated in the round. The new capital will drive platform expansion, customer service enhancements, new product development, and enterprise connectivity solutions.
“This funding is a major milestone, not just for Airalo, but for the future of global connectivity.” said Ahmet Bahadir Ozdemir, CEO and co-founder of Airalo.
"We are thrilled to partner with Airalo, the clear category leader in travel eSIMs and a pioneer in redefining how travelers connect worldwide.” said Siddharth Patel, Managing Partner at CVC.
Clifford Chance advised CVC throughout the transaction. Partner Tom Lin said: “We are delighted to have supported our longstanding client CVC on another significant transaction. The investment comes at an opportune time for leading platforms such as Airalo which have the scale and reach to redefine global connectivity.”
The Clifford Chance team was led by Private Equity M&A Partner Tom Lin and associate Winky Su, supported by a cross-practice, global team including:
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IP and Tech: Partners Don McCombie and Devika Kornbacher; associates Hayley Kwan and Ricky Legg.
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Competition: Partner Richard Blewett; counsel Selman Ansari; senior associate Alexander Duffy.
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Employment: Partners Alastair Windass and Reuven Falik; senior associate Francesca Baker.
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Compliance: Partner Robert G. Houck; counsel Tess Forge.
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Private Equity M&A: Partner Neil Barlow; counsel Wesley Tan; associates Matt Bergerud and Ariel Cohen.
Airalo’s successful raise comes amid a challenging capital environment in Southeast Asia, where startup funding has fallen 24% in the first half of 2025 compared to the previous year, according to Tracxn.
Airalo is the world’s first and largest eSIM store, founded in 2019 and based in Singapore. Serving over 20 million users across 200+ countries, its app offers affordable digital SIMs that help travelers avoid high roaming fees. In 2025, Airalo became the first travel eSIM unicorn after a $220M investment led by CVC.
CVC Capital Partners is a leading global private equity and investment advisory firm, managing approximately €202 billion in assets. Founded in 1981, CVC operates from 30 offices worldwide across Europe, the Americas, and Asia. Its investment strategies span private equity, secondaries, credit, and infrastructure, partnering with businesses to drive sustainable growth and long-term value creation.
Clifford Chance is a global law firm with over a century of history and a presence in 23 countries through 34 offices. A member of the prestigious Magic Circle, the firm is recognized for its deep expertise in banking, corporate law, finance, dispute resolution, and tax. It advises a broad spectrum of clients, including multinational corporations, financial institutions, governments, and not-for-profits by combining international best practices with local market insight. Known for its collaborative culture and forward-thinking approach, Clifford Chance delivers innovative, high-quality legal solutions across every major industry and sector.
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