Home - , , , - FreedomPop Acquires $50M Funding from LetterOne

FreedomPop Acquires $50M Funding from LetterOne

freedompop-logo
FreedomPop Inc., an MVNO operating under Sprint's network, has just announced some good news. Just recently, it has announced its new strategic partnership with an international investment business called LetterOne.

The investment, amounting to $50 million, was made by Russian billionaire Mikhail Fridman and his partners in the hopes of helping FreedomPop Inc., a Los Angeles-based wireless company expand to Europe, Latin America, and Asia. As its strategic partner, LetterOne will be providing the MVNO with strategic advices to help them succeed.

L1 Technology currently co-owns a couple of wireless carriers, Turkcell Iletisim Hizmetleri AS and VimpelCom Ltd. It aims to be able to invest up to $3 billion in global technology pioneers, thus they have been actively looking for other companies they can be a strategic partner with. Prior to FreedomPop, they invested $200 million in Uber Technologies Inc.

Founded in 2012, FreedomPop currently operates in the US, UK and Spain. They are among the fastest growing and most innovative wireless service provider in the world. In the US, FreedomPop is successful because it offers a free plan with 200 minutes of voice, 500 texts per month, and 500MB of data. In addition to this, their zero-rated WhatsApp service is available for users to enjoy voice and text services without paying for it.

FreedomPop hopes to expand its services in 8 additional markets towards the end of 2017 with its eyes set on Asia, Latin America, and Europe. With L1's investment, this can be a big help for the company.


Source: PRNewswire

10 comments:

Comment Page :
  1. These "free" services are literally living on startup capital hoping they can grow large enough to get acquired by someone.

    ReplyDelete
    Replies
    1. No quotes needed around the word free.

      Delete
  2. ringplus is a better choice than freedompop for the most part

    ReplyDelete
    Replies
    1. RingPlus doesn't sell newer 5" devices at competitive prices.

      FEDmageddon knocked 'em right out of the game.

      Freedompop's no better, but for completely different reasons.

      Delete
    2. I agree. FreedomPop costs a lot more than RingPlus, and FreedomPop also has somewhat deceptive practices to try to trick you into paying more.

      Delete
  3. Freedompop doesn't offer enough free data.

    Only 5GB or more could convince me to use Sprint again.

    ReplyDelete
  4. The idea of one of FreedomPop's 3G hotspots in my home (slow due to poor Sprint coverage) does not appeal to me. Of course it might work for some in the small Sprint core of good coverage: Sprint native coverage does cover a very decent number of people in their homes, even if the network is a poor fourth-place mobile choice.

    At least with RingPlus, I have driven to some places that get LTE on my phone.

    ReplyDelete
    Replies
    1. Freedompop sells LTE hotspots, too.

      Delete
    2. Which are worthless when the network only delivers 3g in the home

      Delete
  5. It is costs more to purchase device from Freedumb Pop. Just stay what you have right now.

    ReplyDelete
Comment Page :