Fortune.com got the scoop that freemium mobile developer FreedomPop would be allaying any thoughts of selling the company. CEO Stephen Stokols, leader of the LA based startup company, said that it would be ‘premature to sell’ at the moment. Stokols went on to say that the company has big goals for the future, including an 18 month plan that would turn FreedomPop into a billion dollar business. Along the way the company will need some help and it looks like they are already starting to see some action.
In the Series B round we saw Partech Ventures lead a group of investors toward FreedomPop. ALong with DCM Capital and Mangrove CApital, an additional $30 million dollars in funding have made it to FreedomPops account. Along with contributions from Atomico (seeded by Skype founded Niklas Zennstom) the team at FreedomPop is looking at almost $50 million raised in the past three years. This number is nicely sized but pales in comparison to their goal outreach.
FreedomPop is turning the corner on 1 million total subscribers to their network and with this mark looming the team has decided to push things into overdrive. Stephen Stokols knows that the company still has a lot to improve on, expounding on the fact that their customer service has been subpar, but he knows the proper goals when he sees them. Right now Stokols is aiming to get FreedomPop into the stores of big chain retail providers, like Wal Mart and Best Buy. Such a move could bring FreedomPop dangerously close to their billion dollar goal.
FreedomPop is a freemium mobile provider that gives customers a free allotted amount of data, talk, and text. The company makes its money by upselling other services. While not completely new, this freemium market is currently booming right now.
Source – http://fortune.com/2015/06/17/freedompop/