FreedomPop, a new mobile carrier, found themselves to be the center of attention when they first announced their decision to sell the company. However, as Recode first reported, the upstart company decided to stave off giving up the goat quite yet. Instead people were shocked when FreedomPop managed to rack up $30 million in new funding for the company.
The $30 million investment was pioneered by a venture capital from Europe by the name of Partech Ventures. With DCM Capital and Mangrove Capital also pitching in, FreedomPop was able to earn enough to give up on the idea of actually selling their company. CEO of FreedomPop, Stephen Stokols, told reporters that the team had ‘multiple offers on the M&A side’ and that this rendered the decision to sell “premature”.
If you haven’t heard of FreedomPop yet you likely will, soon. FreedomPop is just one company in a whole new wave of mobile carriers that are trying to change the way that customers are charged for cell phone usage. Reportedly inspired by the hit HBO show ‘Silicon Valley’, Stokols and the team at FreedomPop offer a limited amount of free voice, data, and texting in exchange for the opportunity to earn money off of different services that they will offer.
Right now the goal for FreedomPop is to try and find a way onto the shelves of ‘big box retailers’ around the country. Once there we can only imagine that their company will be able to take off. Cell phones are the future, as well as the past, and getting a foothold in the new paradigm is important in order to become a leader. FreedomPop has thus far done a great job at setting themselves apart from their competitors by passing up an easy sale and will now have to earn customers on their own.