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Partech Ventures leads $30M financing round for FreedomPop

Partech Ventures leads $30M financing round for FreedomPop


Partech Ventures today announced that it has led a new $30M financing round in FreedomPop. FreedomPop provides disruptive mobile services so that no one is left off the "connected grid". The company offers a suite of devices, services, and innovative social sharing and incentive benefits, providing consumers access to free high-speed Internet and mobile phone services worldwide.

We are excited to have FreedomPop as one of the first investments in our new growth equity fund. We believe the company has an incredibly disruptive business model for today’s large and fast-growing global telecoms industry,” said Mark Menell, General Partner, who will be joining the FreedomPop board of directors as part of this round. “This is also largely a bet on FreedomPop’s outstanding management team, who we knew we could partner with from the first time we met.”

“Partech Ventures was the perfect fit for us given its network and reach in Europe, where we are focusing our initial international expansion” said Stephen Stokols, FreedomPop founder and CEO. “Partech, coupled with our existing U.S. investors, gives us support from Sand Hill Road to Europe.”

FreedomPop will use the funds from this to accelerate its growth in the U.S., scale its operation and expand its free mobile service to more people, in more markets. In May, FreedomPop, announced the launch of UK’s very first free mobile phone service this summer and expects to expand further into Europe later this year. The company also launched Jetsetter, the world’s first global sim that offers free service that will be initially available in the UK, Spain, and France.

Based in Paris, Berlin and San Francisco, Partech launched the Partech Growth in early 2015 with an initial closing of $250 million.

The fund’s investment strategy is very selective, simple and ambitious. We invest in companies that aim to achieve a global market leading position, and are capable of breaking the rules of their industry”, said Mark Menell.

The Partech Growth fund provides between $10M and $50M of capital to fast-growing technology and digital companies that have already achieved significant scale, whether in Europe or in the U.S., with the mission to help outstanding entrepreneurs to succeed in a global economy.
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