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FreedomPop raises USD 30 mln in new financing
2015-06-17 16:05:00| Telecompaper Headlines
(Telecompaper) US MVNO FreedomPop announced USD 30 million in Series B financing to support its expansion to new markets. The company said earlier this year that it was considering either being acquired or seeking new external financing. It now says it declined "multiple M&A offers" in favour of organic growth. The capital injection was led by Partech Ventures and, as part of the financing, Mark Menell, General Partner, will be joining the FreedomPop board of directors. Existing investors DCM Capital and Mangrove Capital also contributed to the latest round. In addition, a new strategic investor was added, but is not part of the initial tranche and will be announced separately. FreedomPop said that Partech, with offices in Berlin and Paris, will help support its planned launch in Europe. In addition to launching in new countries, FreedomPop said it plans to invest in distribution in the US, adding offline retailers as partners. With almost 1 million customers in the US, FreedomPop plans to launch in the UK later this summer and said it expects to "expand further into Europe later this year".
Tags: new
usd
financing
raises
Google looks to invest in USD 700 mln Kenya wind farm
2015-06-12 13:53:00| Telecompaper Headlines
(Telecompaper) Google is in talks to become an investor in the USD 700 million, 40,000 acre Lake Turkana Wind Power Project in Kenya, CNBC reported, citing sources. The project's 310 megawatt capacity is expected to boost Kenya's installed energy capacity by 20 percent. If the deal gets finalised, which is not yet a given, Google would be a minority stakeholder. Google declined to comment on the report and Turkana said that the company was not yet involved in the project. Turkana has raised all the investment it needs. Kwame Parker, head of power and infrastructure for East Africa at South Africa's Standard Bank, noted that if Google did take a stake, it would be a significant vote of confidence for investors considering African power market entry. Parker helped arrange financing for Turkana but declined to comment more specifically on Google's plans.
Fon hits 15 mln Wi-Fi hotspots, appoints new CEO
2015-06-12 08:51:00| Telecompaper Headlines
(Telecompaper) Global crowdsource Wi-Fi network Fon has announced that it has surpassed the figure of 15 million hotspots after signing partnerships with Vodafone Spain and Vodafone Italia to launch a community-based Wi-Fi service. The deal helped the company add three million hotspots in less than one year and now covers the vast majority of the European population with Wi-Fi. The Americas, Oceania, and Asia are also growing continuously, said Fon, led by its partnership with SoftBank in Japan and the imminent roll out of the joint Telstra-Fon Wi-Fi network in Australia. In a statement, the company also announced that its founder Martin Varsavsky is stepping down as CEO, to be replaced by current COO Alex Puregger.
EC to invest EUR 25 mln in LatAm-Europe undersea cable
2015-06-11 14:19:00| Telecompaper Headlines
(Telecompaper) The European Commission has announced its support for a new submarine fibre-optic cable between Europe and Latin America, linking Lisbon (Portugal) with Fortaleza (Brazil). The project is being built by a consortium led by Brazilian state-owned telecoms infrastructure provider Telebras and Spanish cable operator IslaLink and should be operational at the end of 2017. The EC said the European research network Dante and its Latin American equivalent RedCLARA have put forward a project proposal dubbed BELLA (Building Europe Link to Latin America) to take advantage of the new cable and that its financial contribution would be in the region of EUR 25 million.
LTE subscriptions reach 635 mln worldwide at end March - GSA
2015-06-11 09:20:00| Telecompaper Headlines
(Telecompaper) GSA, the Global mobile Suppliers Association, confirmed that LTE subscriptions continue to grow faster than any other mobile communications system technology. Analysing Q1 subscriptions data provided by Ovum, GSA noted that in 3 successive quarters LTE subscription net additions have outpaced any other mobile communications technology. There were 635 million LTE subscriptions worldwide on 31 March. LTE subscriptions increased by 123.7 million in Q1, which is over 58 percent higher than for 3G/WCDMA-HSPA gaining 77.9 million. GSM subscriptions fell 100 million in the quarter. A total number of 393 operators have commercially launched LTE systems in 138 countries, according to GSA data announced in April.
Tags: end
march
reach
worldwide
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