LetterOne LetterOne LetterOne
L1 Technology

Investing in technology to improve connectivity and efficiency

The pandemic has shown the necessity of connectivity and digitisation – for productivity, education and human engagement. LetterOne (L1) is a long-term growth investor in technology and communications – with its own patient capital, no fixed time horizon and significant funding available. We actively look for investments in the broader technology space in the EMEA region with a focus on software, digital platforms, tech enabled services, connectivity and data. Through its portfolio companies LetterOne Technology seeks to satisfy society's increasingly digital needs.

Our year in review

Looking back on a year of resilience, ingenuity and achievement.

Our year in review - L1 Technology
$ 3.0 bn

Net assets under management (31 Dec 2021)

The L1 Technology team

Explore portfolio

L1 Technology owns a 19.8% stake in Turkcell. Turkcell is a converged telecommunication and technology services provider, founded and headquartered in Turkey. It serves its customers with voice, data, TV and value-added consumer and enterprise services on mobile and fixed networks. Turkcell is one of only two Turkish companies to be listed on the New York Stock Exchange. Turkcell is also quoted on the Borsa Istanbul Sustainability Index.

L1 launched Upp in 2021. It will invest £1bn to deploy a full fibre network to 1m premises in Eastern England by 2025. Upp uses next-generation technology to power its multi-gigabit fibre network, supported by global suppliers including Nokia, Linksys, Fujikura and Salesforce.com. Upp will contribute to bridging the digital divide and powering entrepreneurship by delivering on its promise to make competitively priced full fibre a reality for areas where broadband speeds are well below the national average.

L1 invested in Qvantel in 2016. Qvantel is a cloud-based provider of BSS software to the Communications industry.

L1 Technology owns a 47.85% voting stake in VEON, the global telecoms company headquartered in Amsterdam. VEON is a leading emerging markets connectivity and digital services company, serving 213m customers in nine growing economies. VEONs strategy is to provide connectivity – traditional mobile and fixed line voice and data services – and new, digitally enabled experiences tailored to modern customer needs.

Our businesses


LetterOne is a partnership of successful entrepreneurs and international business people.


About us

As active investors we work closely with founders and management teams to realise their company's potential.

About us

Our people

L1 is built on the expertise of our people – from our executive, to our investment teams and world-class advisory board members.

Our people