The Role of Investor Funds in FreedomPop’s Expansion

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.

FREEDOMPOP ON A THE VERGE OF TAKING OFF

In the just concluded Black Friday shopping bonanza, FreedomPop launched an incredibly tempting offer for its clients. The promotion saw devices like Samsung Galaxy S4 go at a $350 discounted price of $ 100. The Moto E was also going at a throwaway price of $40. Both devices came with a 1GB data, unlimited texts and SMS for one month before getting 500 MB from Freedom Pop with unlimited SMS and voice calling for a month.

 

The company also disclosed it had received additional funding from Intel Capital. It will use the capital to expand its smartphone sales department. It will also launch a wireless fixed network that will be modelled on Intel. It is expected the new network will propel it to greater heights as it launches experienced one of the strongest times in its history.

 

The company CEO Mr Stokols revealed the company had received several M & A offers but chose to remain independent. It has been on a growth path and it feels it is on the cusp of a takeoff. It also so confirmed its recent $ 54 million funding from Axiate group. Axiate is an Indian company with over 230 million customers in India and Singapore. The new partnership is expected to see FreedomPop became one of the leading service providers of quality network and mobile services in the world.

 

Freedom Pop is a Californian based company founded in 2011 by Stephen Stokols and Sesar Steven. It is headquartered in LA but has expanded nationally and is now entering the European market through the UK. It is funded by Mangrove Capital, DCM Capital, Atomico Partech Ventures and Axiata.The CEO is Stephen Stokols, and the COO is the Steven Sesar.

 

In begun by offering mobile and WIFI services using Clear wires 4G network. It plans to build a nationwide WIFI network with 10 million hotspots and will be billed at $ 5 per month. In May, it announced an expansion to the UK with its free data, voice and text. It seeks to replicate it success in California there too.

 

It has raised nearly $ 100 million in a series of funding since inception. It has received a mostly positive market feedback and is enjoying a renewed growth in the market. It recently introduced a 4G everything unlimited plan in select locations in The US.

 

This article is a recap: https://www.rcrwireless.com/20151125/carriers/freedompop-discounts-phones-bolsters-free-month-of-service-tag2