This new mobile carrier known as FreedomPop is going to raise 30 million in venture capital without selling out. The company thought about selling out and rethought it.
They were able to gain 30 million in funding within a week. A venture company called Partech Venture is helping out according to the company spokesperson. FreedomPop said they were going after the European market and this is a step toward that.
The company also said early last month they were thinking of selling or perhaps looking at investments. It looks as if a sale is now off the table. FreedomPop is one of the new cell phone providers that is approaching sales with a unique business model. They still use service provided by other carriers and adapt their business model to their own unique marketing.
The CEO said that he felt it was too early to sell the company in it’s infancy stages and that with international growth within reach, the profit margins could be four time higher quickly. If the company works with retail giants, who knows what the figures could be. Up until now all of the sales of the products offered by FreedomPop have been from online sales. With a big retailer looking into adding the company’s products, the company could reach rapid growth even quicker than most people think. The CEO isn’t one hundred percent that store sales are the way to go, however, he is willing to dip the companies tow into the water and test it out.
The company also agreed to work on it’s customer service. Because customer service was low on the list of worrys, it got pushed to the back burner. The CEO knows this is not a good place to be with a growing business. Customer service is important for every growing company and this is, without a doubt an area of concern as the company grows.