Fon raised $13 million to face its rising rivals
Fon raised another 10 million euros ($13 million), announced Fon CEO Martin Varsavsky on his blog.
“Funds were raised from a combination of current investors including myself and 4 non US new strategic investors whose identities we will disclose in the near future.” Proceeds of the round will be used for R&D and growing the number of Foneros around the world, he adds.
So far, Fon has grown at a fairly steady pace and showed big names as investors and clients, such as Google and Skype for the investors, and major European telcos like British Telecoms and French ISP Neuf Telecoms. But the competition in the WiFi signal sharing market is rising. Meraki and Whisher are doing the same in the US, a region where Fon network is striving to break into.
Mar 8, 2007 | By Nuno