LetterOne (L1), the international business of Russian investor Mikhail Fridman, is investing in FreedomPop, the US-based MVNO. L1 said it received clearance from the Committee on Foreign Investment in the United States (CFIUS) to complete its USD 50 million investment in FreedomPop. The mobile provider announced the investment round earlier this year, saying it would use the money to fuel its global expansion.
Fridman has invested in telecom companies such as Vimpelcom and Turkcell and recently announced a USD 200 million investment in Uber. FreedomPop, which offers a basic free mobile plan and bigger paid plans, launched in the UK and Spain this year and plans to open an additional eight markets by the end of next year. L1 will support the company with its knowledge of emerging markets and telecoms. In addition, L1 said it is assisting FreedomPop to better compete in an increasingly digital and OTT-centric world. Other investors in FreedomPop include Asian operator Axiata and Intel.
