In order to become a self-sufficient company in the future, FreedomPop has been able to acquire an additional $30 million dollars for its funding achievements. This startup company is eager to create a mobile company throughout the world which comprises free text, voice and data bundles and a sales strategy to upsell various services to its customers globally.
CEO and co-founder Stephen Stokols indicated that plans are set to produce a billion-dollar business and tactics have been made to increase additional funding, roughly from around $50 million to $100 million dollars in about the next year, if not sold however. An investor will also assist in its hardware aspect, which could be anything from making improvements regarding how its devices are purchased to how a preloaded app will be installed.
Within a few short weeks, FreedomPop’s newest investor will be introduced and this is a move that could possibly increase its financing round potentially up to millions of dollars. The recent funding will branch across various international aspects of the business as well as the U.S. By the end of the year, FreedomPop has a goal to seek one million users just in the U.S. alone, which seems extremely possible the way things have gone in their favor. The business also is planning to use a portion of the new investment funding to enhance their customer service division, ensuring that their customers experience satisfaction in every way.
As of the moment, revenues for FreedomPop are nearing 25% for each quarter and continue to grow. It is anticipated that they will reach their operating profit or Ebtida within the current year, with a 50% rate of gross service margins. The article about the 18 month-old FreedomPop business, was originally reported on TechCrunch.