As reported by Recode, the team at FreedomPop have opted not to sell their suddenly bejeweled company. The startup tech group first launched in 2012 with the goal of creating a freemium mobile carrier that could go toe to toe with some of the bigger companies currently on the market. While it has taken three years to get to where they are today, it appears that the hard work has finally paid off. Though rumors persisted that FreedomPop had decided to sell their company, CEO Stephen Stokols put them all to bed.
Stokols spoke in an interview that he believed the decision to sell “felt premature”. Stokols went on to detail that the company had received multiple offers, with the number rumored to be at six total. Stokols hinted that these offers were up to “several hundred million dollars”. The decision not to sell weighed heavily on Stokols mind but he foudn some peace in the HBO television show ‘Silicon Valley’. ‘Silicon Valley’ details the story of a group of coders that refuse to sell their product and instead bet on themselves in order to make it bigger than ever.
FreedomPop is focused on providing a freemium mobile platform to a niche demographic of cell phone buyers. Their focus is on providing customers with a limited amount of free minutes, mobile data, and text messages. The team at FreedomPop makes their money by charging additional money for overages as well as for any number of their extensive plans: phone insurance, international calling plans, and so on.
We recently got news that Partech Ventures, partnered with DCM and Mangrove Capital, have bulk contributed $30 million in venture capital for FreedomPop. Stokols plans to leverage that investment toward his 18 month building plan with the end goal being box store distribution and a billion dollar company.