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FreedomPop Adds $4.3M in Funding

Light Reading
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2/5/2013
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LOS ANGELES -- FreedomPop, America's new free Internet company, today announced an additional $4.3 million in funding in a Series A1 from existing investors, DCM and Mangrove Capital, bringing total funding to $11.2 million. The company also announced the expansion of their social broadband platform to allow users to leverage their social networks to share and request extra bandwidth from friends – extending the concept of the "sharing economy" popularized by AirBNB and TaskRabbit – to the broadband market. Additionally, FreedomPop users will now receive 50MB per user they refer – up 5x from 10MB previously. “Today, users pay a big fee each month for a fixed data plan. The hidden secret in the wireless industry is that 80 percent of users consume less than the amount they are paying for each month and the rest goes to waste or AT&T’s bottom line,” said Stephen Stokols, FreedomPop’s CEO. “If I need more data this month while my friend doesn’t, I should be able to share it and vice versa.” FreedomPop

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