The data based mobile network, FreedomPop has finally announced it will continue to invest in new technology and network areas in a bid to create a company worth three to four times its current valuation. Recode reports FreedomPop’s founder and CEO had originally looked to sell the company, but was inspired by TV show Silicon Valley to remain independent and seek out new areas of funding. CEO Stephen Stokols has always admitted there was a strong chance the startup could be sold, but eventually decided the current offers were lower than anticipated and could be improved upon with some investment.
FreedomPop has grown to become a major force in the technology sector with one million customers taking advantage of free data packages, which limit use and create charges when data limits are exceeded. Around $30 million has been sourced in funding from a European venture capital company, which coincides with FreedomPop’s move into the European mobile networks field. Numerous bids for the startup have been received and rebuffed by Stokols, who stated a major retailer will soon be stocking FreedomPop hardware in store to help grow the brand. Alongside the growth of the company on an international level, Stokols believes a major partnership with a hardware provider will see FreedomPop increase its value from a reported $250 million to closer to $1 billion.
Read the full article on FreedomPop at Recode.com