News
Russian investment group to help U.S. MVNO’s global expansion.
LetterOne (L1) Technology on Tuesday revealed it has invested US$50 million (€44.8 million) in U.S. MVNO FreedomPop.
L1 Technology, the Luxembourg-based investment firm owned by Russian billionaire Mikhail Fridman, made the investment earlier this year, but only just received clearance from the Committee on Foreign Investment in the United States (CFIUS).
As well as capital, L1 said it will also lend its expertise in telecoms and emerging markets to aid FreedomPop’s expansion.
"L1 is not only capable of bringing significant capital, but also delivering valuable and accretive strategic partnerships for digital pioneer companies around the world," said FreedomPop CEO Stephen Stokols, in a statement.
FreedomPop offers free entry-level mobile phone and Internet services, but gives customers the opportunity to pay for extras, such as a larger data allowance.
"L1’s expertise will be used to accelerate our international expansion," said Stokols. "L1’s unique ability to open new markets and new growth opportunities will deliver real value for us beyond what any typical late stage investor could do."
