FreedomPop Recieves an Influx of $30 Million in Funding
After careful consideration FreedomPop has decided to remain independent. The CEO of FreedomPop, Stephen Stokols was influenced by an unsuspecting source. While watching Season 1 of Silicon Valley, Stokols was impacted by Pied Pieper, a fictional character in the series. Pied Piper opted to remain independent instead of sell. The characters decision within the series solidified Stokols decision to remain independent and to continue to grow the company.
FreedomPop has received additional funding from Patech Ventures a European venture capital group. In addition to funds from existing investors Mangrove Capital and DCM Capital. The company also has a strategic partner that that will be reveal at a later time. The influx of new capital resulted in adding $30 million dollars of funding to the startup.
As a freemium mobile provider, FreedomPop offers a unique service of 100% free mobile phones with high speed internet service. Customers are able to receive free talk, text and data with the purchase of a FreedomPop device. The company prides itself in offering services without any contracts or hassles. Unfortunately Freedom Pop has struggled in terms of offering quality customer service. An area that Stokols readily recognizes as a weak spot. FreedomPop has taken steps to remedy this situation by improving the customer experience with human interaction and software.
Even with the concerns in the customer service department, Stokols believes the company will be worth 3 to 4 times more by expanding internationally. Despite the plans to increase market share overseas Freedom Pop is currently focusing on sales close to home. One area of expansion is the sale of their devices through “Big Box” retailers. The current devices and services are currently only available online. Freedom Pop services and devices are expected to be available in stores in October.