FreedomPop Funding, Investors & Competitors

FreedomPop has raised $102M across 6 funding rounds, most recently a $50M Series C in January 2016.

Last FreedomPop funding round

$50M

Series C · Jan 2016

Cumulative funding FreedomPop raised

$102M

across 6 funding rounds

Key investors in FreedomPop

  • DCM Ventures
  • Mangrove Capital Partners
  • Partech
  • Delta Partners Capital Limited
  • mangrove
  • Letterone
  • Axiata

FreedomPop Overview

About FreedomPop

FreedomPop is a mobile virtual network operator providing free wireless data, voice, and text services globally via partnerships with carriers like Sprint and Vodafone. Founded in 2011 and headquartered in Los Angeles, California, it serves 5 million users in 25 countries with freemium plans upgradeable to premium data packs up to 10 GB.


Founded

2011

HQ

United StatesLos Angeles, CA

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

FreedomPop Funding History

FreedomPop has raised a total of $102M across 6 funding rounds.

FreedomPop's first fundraising round was a $4M Series A in February 2013. The most recent completed round was a $50M Series C in January 2016.

FreedomPop funding rounds

FreedomPop funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2016Series CLetterone (lead)$50MFreedomPop raised $50 million in its Series C funding round led by LetterOne (the investment vehicle of Russian billionaire Mikhail Fridman) in January 2016. The company operates a freemium mobile service provider model in the United States. This was the company's second significant funding round, following a $30 million Series B round led by Partech Ventures in 2015. The total capital raised by FreedomPop across all rounds exceeded $109 million. The company was later acquired by Red Pocket Mobile in June 2019, indicating the investors' exit strategy from the venture.
Jul 2015Series BAxiata (lead); Partech; Mangrove Capital Partners; DCM Ventures; Delta Partners Capital Limited$10MFreedomPop is a Los Angeles-based wireless carrier and mobile virtual network operator (MVNO) founded in 2011 that offers free voice, text, and data services with optional paid upgrades. The company differentiates itself through a freemium model and has built a subscriber base exceeding 1 million users by expanding internationally. In July 2015, FreedomPop raised $10 million in strategic funding led by pan-Asian mobile carrier Axiata, with an unnamed U.S. tech investor also participating. The capital was designated for expanding free mobile services into Southeast Asia under a new "disruptive brand," with the service planned to launch within 6–12 months. FreedomPop's 2015 revenue was in the $5M–$25M range. The company viewed the Axiata partnership as a blueprint for global expansion, positioning free and freemium tiers as competitive tools for carriers to defend against disruption. By 2017, FreedomPop had raised approximately $109 million across multiple rounds from investors including Intel Capital, DCM Ventures, Mangrove Capital, and others, and was exploring further strategic options including a potential public offering.
Jun 2015Series BPartech (lead); mangrove; DCM Ventures$30MFreedomPop, a US-based wireless service provider offering a freemium mobile phone plan with 500MB data, 200 call minutes, and unlimited texts for free plus paid upgrades, raised a $30 million Series B round on June 17, 2015, led by Partech Ventures with participation from existing investors DCM Ventures and Mangrove Capital. The company rejected multiple acquisition offers, including six bids from carriers and a large tech company reportedly at around $250 million valuation, deeming it premature to sell amid growth. Prior to this round, FreedomPop had raised $19.3 million from DCM and Mangrove, bringing total funding to approximately $49.3-$52 million. The funding will support accelerated growth, global expansion including a UK launch that summer, and operations across US and international markets. CEO Stephen Stokols expressed confidence in creating massive value within 12-24 months, with plans for another $50-100 million raise. The company reported quarterly revenue growth of around 25%, gross service margins at 50%, and projected EBITDA profitability later in 2015. Partech's Mark Menell joined the board, highlighting the disruptive model in the global telecom industry and strong management team. A second tranche investor was secured but unnamed at announcement, potentially adding $5 million to the round size.
Sep 2014Seed-$3MFreedomPop conducted a Series B funding round on September 9, 2014. The company offers a freemium mobile service providing free basic data, minutes, and texts, with paid upgrades starting at $4.99 per month that undercut traditional carriers and services like Skype by over 75%. In 2013, FreedomPop generated $9 million in revenue, with expectations to more than double to tens of millions in 2014 on a base of hundreds of thousands of subscribers, projecting 1 million by 2015. The company had raised a total of about $52 million including this round, led by Partech Ventures. FreedomPop was backed by investors including Mangrove Capital Partners, DCM Capital, and Atomico, and was reportedly approached by tier-one mobile carriers and smaller operators for nine-figure acquisitions while holding out for a billion-dollar valuation and potential IPO.
Jul 2013Series AMangrove Capital Partners; DCM Ventures$5MFreedomPop raised $5 million in a funding round from DCM Ventures (also referred to as DCM Capital) and Mangrove Capital Partners announced on July 11, 2013, to accelerate growth and support the launch of its free phone service. The company offers low-cost or free mobile phone service, attracting around 1 million users paying nothing, with a business model emphasizing software-like operations and gross profit margins of about 15%. By 2017, FreedomPop had raised a total of $109 million in venture capital and was approaching profitability for the first time that winter.
Feb 2013Series ADCM Ventures (lead); Mangrove Capital Partners (lead)$4M-

Who has invested in FreedomPop?

7 investors have backed FreedomPop across its funding rounds, including DCM Ventures, Mangrove Capital Partners, Partech, Delta Partners Capital Limited, mangrove and Letterone.

Lead investors include Letterone, Axiata, Partech, DCM Ventures and Mangrove Capital Partners.


FreedomPop Investors

Investors in FreedomPop by funding rounds participated
InvestorHQRoundsRoleFirst check
DCM VenturesUnited StatesSan Francisco, CA4LeadFeb 2013
Mangrove Capital PartnersLuxembourgLuxembourg3LeadFeb 2013
PartechFranceParis2LeadJun 2015
AxiataChinaSuzhou1LeadJul 2015
mangroveSouth KoreaSeoul1ParticipantJun 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by FreedomPop

FreedomPop has invested in 1 company to date.

Latest investment by FreedomPop was on August 27th 2014. FreedomPop invested in Zuli in their $2M Seed round.


Latest Investments by FreedomPop

Zuli
Description
-
HQ CountryUnited States
HQ City
-
Deal Date27 Aug 2014
RoundSeed
Raised$2M
InvestorsDaniel Curran; Menlo Ventures; Hossein Eslambolchi; XG Ventures; Marc Bell Ventures; Winklevoss Capital; Stephen Stokols; DeNA; Logitech
Valuationundisclosed
EV/Revenue
EV/EBITDA

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FreedomPop Competitors

FreedomPop competitors include listed companies like Verizon, Comcast, Bending Spoons and Kakao, and private ones like ByteDance and Telegram.

Public and private companies comparable to FreedomPop
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ByteDanceChinaBeijingPrivate$186B-$480B2.6x
VerizonUnited StatesUnited StatesPublicly listed$138B$47B$201B2.8x
ComcastUnited StatesUnited StatesPublicly listed$124B$46B$81B1.4x
TelegramUAEDubaiPrivate--$30B-
Bending SpoonsItalyItalyPublicly listed$2.6B$520M$24B-
KakaoSouth KoreaSouth KoreaPublicly listed$5.9B$1.1B$11B0.9x

FreedomPop Public Comps

FreedomPop is still privately-owned, but its public comps include SpaceX, Meta, SoftBank Group, China Mobile, Verizon, T-Mobile US, AT&T, Deutsche Telekom, Bharti Airtel and NTT Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SpaceX$19B$3.9B106.0x-503.3x-
Meta$201B$104B8.8x7.4x17.0x12.7x
SoftBank Group$50B$6.7B7.3x7.0x54.7x9.2x
China Mobile$157B$54B1.2x1.2x3.5x3.8x
Verizon$138B$47B2.8x2.8x8.2x7.4x
T-Mobile US$88B$32B3.3x3.2x9.3x8.1x
AT&T$126B$55B2.7x2.6x6.2x7.1x
Deutsche Telekom$136B$56B2.5x2.5x6.2x6.2x

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Common questions about FreedomPop

When was FreedomPop founded?FreedomPop was founded in 2011.
Where is FreedomPop headquartered?FreedomPop is headquartered in Los Angeles, CA, United States.
Is FreedomPop publicly listed?No, FreedomPop is a private, VC-backed company.
How much funding has FreedomPop raised?FreedomPop has raised $102M across 6 funding rounds.
What was FreedomPop's last funding round?FreedomPop's last funding round was a $50M Series C in January 2016, led by Letterone.
Who are FreedomPop's investors?FreedomPop's investors include DCM Ventures, Mangrove Capital Partners, Partech, Axiata, mangrove, Letterone and Delta Partners Capital Limited.
Which companies are comparable to FreedomPop?Companies comparable to FreedomPop include ByteDance, Verizon, Comcast, Telegram, Bending Spoons and Kakao.
How many companies has FreedomPop invested in?FreedomPop has invested in 1 company, including Zuli.
What was FreedomPop's last investment?In August 2014, FreedomPop invested in Zuli's $2M seed round alongside Daniel Curran, Menlo Ventures, Hossein Eslambolchi and 6 other investors.

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