FreedomPop

FreedomPop uses networks of large American telecom provider Sprint with whom agreement was signed in 2012. In 2015 the company entered the market of Great Britain, having used SIM networks of the international group of Three providers. In 2016 FreedomPop began to provide services in Spain. Until the end of the year the company is going to enter the markets of Southeast Asia and Latin America that should be promoted by LetterOne investments. FreedomPop does not sell gadgets outside the USA.

2016: Owners of Beeline invested $50 million in free mobile operator

The LetterOne investment fund belonging to the Russian billionaire Mikhail Friedman invested $50 million in the American telecom startup of FreedomPop. The startup renders mobile services and a wireless internet of more than 100 thousand users, and his clients receive a basic packet of calls, messages and Internet traffic free of charge. According to Financial Times, FreedomPop is going to spend the received funds for international promotion^[1].

According to the CEO of FreedomPop Stephen Stokols, investments from LetterOne will allow a startup to win the markets about eight-ten countries within a year. Stokols emphasizes that his firm received also other advantageous offers, but stopped on cooperation with LetterOne, as on the most perspective option. The startup hopes to increase the rates of development and to enter the top ten of world providers in the next five-ten years.

At different times invested Intel, Mangrove Capital, DCM Capital, Atomico, Partech Ventures and Axiata in the company. Before LetterOne investment the FreedomPop operator attracted $109 million investments, including $50 in the third round which passed at the beginning of 2016. In November, 2015 the firm signed partnership with Intel on development of Wi - Fi - the focused smartphone. The device based on a mobile chipset of Sofia from Intel will automatically switch between available Wi-Fi and satellite communication during the conversation.

Notes