Today, I’m excited to share that we’ve raised a $100M Series C at a $900M valuation. The round was co-led by new investors Bain Capital Ventures and IVP, and included participation from additional new investors, 01 Advisors, 137 Ventures, Definition, and Fifth Down Capital. Building on previous rounds led by A*, Andreessen Horowitz, and Costanoa, this brings Cape’s total funding to $191M.
2025, The Year We Went Live
2025 was an enormous year for Cape. We finally started to see bets we placed in 2022 pay off.
Building a telco from scratch to offer improved privacy, security and resilience in commercial cellular was many times harder and more expensive than we anticipated when we set out. We didn’t know that the telecom industry is notoriously hard to break into, or that the gateway to sell domestic cellular service to the Pentagon is locked up in a 10-year contract with no on-ramps for newcomers. We certainly heard from plenty of skeptics that no one cares about privacy, and certainly no one will pay for it. But the team at Cape is brilliant and resilient, and have believed in the vision from the start. Our creation finally came online. In 2025 we went from promise to proof.
With our government customers, we made real progress solving critical problems for the people who keep us safe.
- Cape finished a successful pilot with Naval forces in Guam in the wake of a Chinese hacking campaign that exposed how vulnerable our military's primary communications infrastructure truly is.
- Navy CTO Justin Fanelli called Cape's work on the island "far superior to what we have".
- Vannevar Labs, a leading defense technology company, announced they would "use Cape as our primary network provider given their proven success in contested, remote, and denied environments."
We are exceptionally proud to have gained the trust of people doing high-consequence work in the most strategically important places on Earth, and we’re grateful for the opportunity to continue expanding that work in 2026 and beyond. Wars have happened on cell phones for decades; Cape is making the network mission ready.
On the consumer side:
- We launched our open beta in March 2025 in partnership with Proton and opened Cape to anyone in the United States who wants real privacy in their mobile communications.
- We supported organizations we believe in—from the EFF, providing secure cell service to journalists and activists , to GrapheneOS—because we believe in their products and that this mission is bigger than one company.
- And we shipped features that don't exist anywhere else:
- Identifier Rotation , which changes how your phone appears on the network every 24 hours;
- Secondary Numbers with last-mile encryption;
- Secure Global Roaming that routes back through our core;
- and Disappearing Call Logs that delete after just one day.
- TIME recognized Cape Obscura as one of the Best Inventions of 2025.
- And in January 2026, we exited beta and went fully live.
2026, The Path Forward
It's a new phase for the company. We're growing quickly, and we're still building. Our ambitions stretch internationally and to space. This fresh capital will accelerate our work across government, enterprise, and consumer, as we deepen investment in our core infrastructure, and expand our team of engineers and operators.
The problems we're solving aren't getting smaller. From Salt Typhoon to SS7 exploits and a growing data broker economy, the threats to mobile privacy and security are accelerating. So are we.
If you believe in connection without compromise, join us.
-- John Doyle, Founder and CEO of Cape
