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FreedomPop raises USD 30 mln in new financing
2015-06-17 16:05:00| Telecompaper Headlines
(Telecompaper) US MVNO FreedomPop announced USD 30 million in Series B financing to support its expansion to new markets. The company said earlier this year that it was considering either being acquired or seeking new external financing. It now says it declined "multiple M&A offers" in favour of organic growth. The capital injection was led by Partech Ventures and, as part of the financing, Mark Menell, General Partner, will be joining the FreedomPop board of directors. Existing investors DCM Capital and Mangrove Capital also contributed to the latest round. In addition, a new strategic investor was added, but is not part of the initial tranche and will be announced separately. FreedomPop said that Partech, with offices in Berlin and Paris, will help support its planned launch in Europe. In addition to launching in new countries, FreedomPop said it plans to invest in distribution in the US, adding offline retailers as partners. With almost 1 million customers in the US, FreedomPop plans to launch in the UK later this summer and said it expects to "expand further into Europe later this year".
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Category:Telecommunications
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