Wednesday, June 17, 2015

FreedomPop Gets $30M More, Skips M&A

Los Angeles-based free broadband service FreedomPop said this morning that it has raised $30M more in new financing, which it says will go to accelerate its growth in the U.S., and expand its free mobile service. The funding was led by Partech Ventures, and also included DCM Capital and Mangrove Capital. Mark Menell of Partech joins the company's board with the funding. FreedomPop also said it is adding a new strategic investor, which will be announced separately. FreedomPop, is led by Stephen Stokols, and says the new funding comes despite multiple M&A offers and speculation over a sale of the service; the company claims it declined multiplle M&A offers for the company, but opted instead for a new round.

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