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.