Investment company LetterOne that manages the assets of Russian billionaires Mikhail Fridman, German Khan and Alexei Kuzmichev, invested $50 million in the U.S. telecommunications startup FreedomPop, told the Financial Times on Tuesday.
The investments will help the international expansion of FreedomPop, told the newspaper founder and Executive Director of the company Stephen Stokols. According to him, FreedomPop expects during the year to increase the number of countries of operation to eight or ten. “Our goal is to go global and to get into the top ten leading operators in the next five to ten years,” said Stokols.
Have FreedomPop is not only the opportunities for growth in developing countries, but also the potential to shake up markets, said the newspaper CEO L1 Technology Alexey Reznikovich.
The transaction was approved by the Committee on foreign investment in the United States, notes the FT.
FreedomPop, the mobile operator and wireless Internet. The company provides users with contracts for free services with restrictions on number of calls and the volume of Internet traffic. Startup that for a fee provides additional traffic and the number of calls to customers that have exhausted the limit, but wish to continue using FreedomPop. The company has existed for four years and worked in the USA, Spain and the UK.
Mikhail Fridman, ranked second in the rating of the richest businessmen of Russia according to Forbes. The magazine estimates his fortune at $13.3 billion, the Partners of Fridman, German Khan and Alexei Kuzmichev are also included in the Russian Forbes list. Khan occupies the 10th place (assessment of the state — $8.7 billion), Kuzmichev — 15-e ($6.7 billion).
In 2013, Fridman and his partners sold “Rosneft” the share in oil company TNK-BP, and then created a group LetterOne investment in foreign assets, giving it more than $15 billion.
In 2015, LetterOne has established a unit L1 Technology for transactions in the technology industry. In a L1 Technology — about $16 billion that can be increased at the expense of credit funds of up to $25 billion, Reznikovich told the Financial Times. In February it became known that the L1 Technology invested in the service to order a taxi using the mobile Uber app for $200 million FreedomPop became the second high profile investment project at the investment company— after Uber, said the FT.
In June 2016, LetterOne has established a unit L1 Health in the United States and announced the intention over the next three years to invest $2-3 billion in health care.