Thursday, July 11, 2013
FreedomPop Gets $5M In New Funding For Free Phone, Wireless Service
FreedomPop, the Los Angeles-based provider of free mobile wireless and home broadband Internet service, has raised $5M more in funding, the company is announcing this morning. FreedomPop said it raised the additional, A1 funding from its existing investors, bringing its total raised to $16M. FreedomPop is backed by DCM, Atomico, and Mangrove Partners. According to the company, the funding will go to help accelerate growth at the company, plus boost launch of an upcoming, free phone.
FreedomPop, which is led by Stephen Stokols, lets users access high speed Internet for free, either via mobile 4G connections or through a home wireless broadband connection. The company believes that--by offering free service, and offering up additoinal, prepaid data access at a discount--it can attract users at a much lower cost-of-acquisition than traditional, telecom providers. The company said the new funding will be used in part for launching an Android phone in coming months.
As part of the new funding, FreedompPp says it has added Chris Rogers, co-founder of Nextel as a board advisor, along with BT Group's CEO, Gavin Patterson.More information »