LetterOne (L1), the international investment business, headquartered in Luxembourg announced that it has invested $50 million in FreedomPop to assist the US-based MVNO to accelerate its international expansion.
According to L1, it aims to invest overall US$2 –3 billion in mid-to-late-stage technology growth opportunities and at the same time looking for the next generation of OTT customer’s propositions. It recently announced a $200 million investment in Uber.
FreedomPop has extended its disruptive “Freemium” business model from the US to the UK and Spain earlier this year. Having successfully proven the capability to deliver free mobile service beyond the US, FreedomPop plans to open an additional 8 markets by the end of next year with the continuation of this fast rollout across Asia, Europe and Latin America thereafter.
Stephen Stokols, FreedomPop’s CEO
L1 is not only capable of bringing significant capital, but also delivering valuable and accretive strategic partnerships for digital pioneer companies around the world.
Alexey Reznikovich, L1 Technology’s Managing Partner
It is disrupting the businesses of traditional mobile carriers by giving people ways to use mobile devices free of any call charges. As the telecoms market consolidates, and technologies advance, it’s important to remain ahead of the curve in terms of new customer propositions.
