Declining M&A, FreedomPop Raises Extra $30M For Its Free Mobile Service
It has been published on TechCrunch that FreedomPop is making another stride forward today with an objective of building an international mobile firm founded on the basis of free calls, messaging as well as internet bundles plus upselling extra services. Amidst months of M&A anecdotes, the start-up has raised an additional $30 million in capital- cash that CEO as well as co-founder Stephen Stokols states is going to assist FreedomPop develop its businesses autonomously.
“We had a lot of interest, six bids from carriers and a large tech company, but we ended up turning all of them down,” Skolols says. “It would be premature to sell at this point.” The objective for 18-month-old FreedomPop presently is to establish a billion-dollar firm, and he has plans already put in place to get an additional $50 million-$100 million by next year to facilitate that, if it does not decide to trade then.
This new Series B round was steered by Partech Ventures, with contribution from existing supporters DCM Capital plus Mangrove. (The estimation isn’t being disclosed although people speculate it might be at most some hundred millions. It has been heard that a prospective purchase would’ve been executed at an estimation of approximately $250 million, though a venture would come happen at some cost lower than that.
FreedomPop makes announcements about its pick up on an anonymous tactical investor- not among the corporations that have been attempting to acquire it, this is according to Stokols statement, but a U.S firm that is going to assist FreedomPop “on the hardware side.” (FreedomPop offers a variety of phones as well as dongles to provide its services, thus this possibly can concern upgrading the way it purchases in gadgets, or this might be an individual who is going to preload FreedomPop application, for instance.)
In any instance, the extra investor is possibly going to be declared in some weeks, and might potentially add to the capital another $5 million.