Airalo, one of the fastest-growing tech companies globally, has recently become the first eSIM startup to reach unicorn status, with a valuation exceeding $1 billion.

In early 2021, as mobility remained restricted due to the COVID-19 pandemic, the venture arm of GO plc invested in Airalo, the world’s first eSIM store for travellers.

GO Ventures is an investment fund launched in 2019 by local telecoms giant GO plc, to identify high potential startups in the technology space.

Speaking to Whoswho.mt, Paul Grech, Senior Manager at GO Ventures, says it was precisely the hardship of the moment that helped solidify the opportunity.

“On the surface, it may not have seemed like the obvious moment to back a travel-related business,” he says.

He continues: “But for us, that timing actually sharpened the opportunity as it forced a level of clarity around the core problem and gave us a glimpse into the resilience of the team navigating such an uncertain environment.”

According to Mr Grech, Airalo solves a universal problem: how to access affordable and instant mobile connectivity while travelling abroad. The eSIM marketplace allows users to download and activate data plans in various countries and regions, therefore eliminating the problem of carrying multiple SIM cards or changing your number multiple times.

“The product made sense, the market was massive, and perhaps most importantly, the founders were exceptionally clear-headed, honest and determined,” Mr Grech notes.

He says that both he and his team find that these kind of qualities often matter more than timing or early traction when it comes to building successful ventures.

“We backed the team because we believed they would find a way, regardless of the circumstances. And they have,” he concludes.

Additional reporting by Robert Fenech