Free wireless cellphone company FreedomPop of West Los Angeles has raised a $50 million round.
The funding will be used to expand FreedomPop’s wireless services throughout Europe, Asia and South America. The funding comes just six months after the company raised a $30 million Series B round.
Founded in 2011, FreedomPop operates much like no-frills airlines that charge little for flights but tack on fees for baggage, extra leg room and other “perks.” Using a proprietary SIM card, FreedomPop offers free voice and data cell phone service up to a point, then charges for additional usage or services such as a second phone number or anonymous Web browsing. The company also generates revenue by selling cell phone devices.
“FreedomPop has proven that new Internet business models work in the telecom space and has developed the technology to scale it globally,” Chief Operating Officer Steven Sesar said in a statement. “This new financing not only validates our capabilities, but it also ensures that FreedomPop has the capital required to become a top 10 global service provider.”
FreedomPop has raised $109 million in total. Investors in its latest round were not disclosed.
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