FreedomPop announced today that it has received $30 million in new funding from Partech Ventures, DCM Capital and Mangrove Capital. The new funding is in addition to $17 million it received earlier from DCM, Mangrove and Atomico. FreedomPop is also expecting to obtain more new funding in the coming weeks from an unnamed major technology company.
In the press release announcing the new capital infusion, FreedomPop Founder and CEO Stephen Stokols said the company has turned down all of the merger and acquisition offers it has received to date. He did leave the door open to selling the company sometime in the future, saying,
"We received several M&A offers, but we ultimately decided it was premature to sell on the cusp of exponential traction. Following on accelerated growth and our pending global expansion, we are confident we will create massive value within the next 12 to 24 months at which point we could revisit exit options."
Stokols said FreedomPop is on track to have more than one million subscribers by year end. It's expanding internationally and will launch service in the United Kingdom this summer and in an additional European country later this year. He also said that FreedomPop, which currently uses the Sprint network, is planning to add service on a second US operator next year.
FreedomPop, which launched October, 2012, offers free data service for phones, tablets and mobile broadband devices. The company's free plan for phones includes 500MB of data, 200 minutes of VOIP calling and 500 messages. There's also $20/month plan with unlimited calls, messaging and data (throttled to "3G" speeds after 1GB).
Last month it began offering Premium Voice, a $3.99/month plan add-on that lets customers to make outgoing calls on the Sprint voice network when data connection quality is too low to support VOIP calling.
Source: FreedomPop Press Release via FierceWireless.com
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