Many upcoming firms especially in the telecoms sector find it difficult to expand due to lack of capital injection. Such funds help the startups to expand operations to frontiers that were previously unexplored. Due to stiff competition in the sector need money to acquire the latest technology so that they can fairly compete in the marketplace with more established firms. FreedomPop is one of the firms banking on this latest craze. It recently embarked on a go-getting growth plan, which is likely to see it take the sector by storm.
During a recent media interview, the firm’s co-founder and Chief Executive Officer Stephen Stokolos shared his insight about where the company is headed. He acknowledged that the virtual mobile network provider had snapped up funding amounting into tens of millions of dollars over the past few months. This money was raised from investor funding and played a significant role in its extensive local and global development strategies. The money was also used to keep the company afloat and independent amid the takeover rumors, which have dogged it in the past. This was originally reported on RCR Wireless. For further reading, click on this link: http://www.rcrwireless.com/20160309/carriers/freedompop-rides-vc-funds-towards-expansion-tag2
FreedomPop in Summary
The firm was founded in 2011 by visionaries who wanted to provide free mobile services. It is based in Los Angeles, California and provides free mobile services including free data, text and voice. It is also in the business of retailing mobile phones, tablets and broadband gadgets such as modems and Internet routers.
Since its inception, FreedomPop has managed to garner almost 110 million dollars in funding. The company is backed by major corporations including Intel, Partech Ventures and Mangrove Capital. It also utilizes Sprint’s connections for its operations in the US. In line with its plans to expand into the global scene, its management recently announced that the company is branching out to the UK.