Nicholas Constantinopoulos, the president of FreedomPop, has given an interesting six-minute interview to Mobile World Live, and he discussed interesting facts about the company’s recent venture capital funding.
Recently, FreedomPop raised an additional $50 million in funding. The intentions for the money are varied. Among those intentions is the desire to manufacture a Wi-Fi phone and to create a Wi-Fi hotspot in Europe. All these plans are good ones, but the most dramatic one focuses on the development of a massive 25 country expansion. The proverbial final touches are being put on a deal that would bring FreedomPop into these new territories. The company would end up becoming a global powerhouse as a result. Ironically, the massive financial success of the company would result from saving its customers massive amounts of cash per year.
FreedomPop may be on the way to changing the mobile phone and internet industry forever. FreedomPop was assuredly not the first budget phone to arrive on the telecommunications scene, but the concept of delivering free data, phone, and text helped the Los Angeles-based startup become noticed quickly. After becoming a huge hit in the United States, FreedomPop entered the United Kingdom’s market. As the CEO of FreedomPop, Stephen Stokols, noted in a different interview, the service was a hit in Britain among those looking to cut phone costs. Over 250,000 subscribers signed up in record time. Nearly 45% of them upgraded to paying service. All of this was achieved in only 120 days of FreedomPop’s arrival in the United Kingdom.
Constantinopoulos notes that the company is able to take clients from the free service and convert them to paying ones. Basically, the customers opt to go with expanded services for a fee. In the United States and the United Kingdom, conversions from free to paying services are very impressive. FreedomPop is doing something customers are reacting to positively.
Potential investors and partners are looking closely at FreedomPop’s good fortunes. As long as the firm continues to thrive, more are going to be interested in affiliated with it. FreedomPop will end up growing even larger and more successful as a result.
Check out this FreedomPop review