FreedomPop is one of the biggest rising ‘freemium’ mobile carriers in the world today. After getting a launch in 2012 off of seed money from the founder of Skype, the company has steadfastly built their brand and now anchor in over 1 million subscribers. With this success it was no surprise that rumors started to fly about the LA based start up selling off their corporation.
According to a report by TechCrunch, FreedomPop has already turned their nose away at six offers and are apparently going to continue on the independent route. Stephen Stokols, the CEO of FredomPop, has decided that the company is worth more than the offers being lobbied at the company. According to some reports there was a potential quarter billion dollar offer sitting on the table. Possibly bolstered by this attention, FreedomPop will move forward and try to make their own way.
In the latest Series B round we saw FreedomPop land a big European investor in Partech Ventures. Partech Ventures, in cooperation with DCM Capital and Mangrove Capital, have put together almost $30 million dollars in venture capital together in order to help fund the company. According to reports from the CEO of Partech Ventures, the group is excited to see how FreedomPop can grow in the future.
FreedomPop specializes in ‘freemium’ mobile phone business. They give away a limited amount of phone data, minutes, and text messages all for free. After that limit is up customers must pay for the overages. FreedomPop also upsells customers on potential plans that range from $3 to $10 in price. These plans include phone insurance, overseas minutes packages, and much more along those lines.
Right now the goal set forth by Stephen Stokols is to grow the company into a steadfast piece of the market. They want to be a billion dollar business within a year.