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FreedomPop took a big step toward independence when they rejected selling their company outright, as reported by the team at TechCrunch. For the past month or so FreedomPop has been rumored to be a hot commodity on the market. According to reports there were six large bids that carried multi hundred million dollar offers. Even with these tempting offers in place CEO Stephen Stokols was steadfast in his decision not to sell the company. When probed, Stokols told reporters that talks of selling the company were “premature at this point”.
Shrugging off the talk of a possible sale has pushed FreedomPop forward to consider how they are going to grow in the next year or two. At the time of this writing the plan for FreedomPop is to put into action an 18 month gameplan that would have FreedomPop trending toward a valuation of near $1 billion dollars. Right now Stokols is aiming to earn another $50 to $100 million by the time the year ends.
The latest Series B round was headlined by Partech Ventures in cooperation with DCM Capital and Mangrove Capital. According to reports these venture capitalists managed to put together a $30 million investment to put toward FreedomPop. This number is large but pales in comparison with the reported quarter billion dollar that was rumored to have been on the table for outright ownership of the company.
Stephen Stokols knows that the company will need help in the future and they’ve already added a strategic investor to their payroll to help navigate them in the future. Stokols hopes to get FreedomPop in Big Box Retail stores by the end of the year with that being the catapult to launch the company into the next stratosphere. There is still a ton of work to do, however, and no time to slack off.
The human spirit is one that cannot be held back. The altruism that many seek and find lacking in the world has not affected the few from aiding the many. This is demonstrated by the selfless giving of one millionaire. This woman took the investment earnings she had made in coal mining and adopted more than 75 orphans.
The 1980’s proved to be a very lucrative decade for the coal mining industry. The woman was able to make millions off of her coal investments. When trying to decide what to do with the earnings she had made, she decided to adopt an orphan. This led her to want to help more and more children who had been abandoned or had lost their parents.
Over time the woman has adopted more than 75 orphans. Her investments have begun to be used up. The coal mine has closed down, and no new opportunities have shown themselves to her. On the brink of bankruptcy she has begun to sell off properties and personal belongings in order to support the children. Bruce Levenson finds this work admirable but notes that it has not been well managed.
Volunteers have offered to adopt some of the children, but the strict laws governing the process have made this an impossibility. Millions gone and close to destitution, the woman keeps up her hopes and continues to strive everyday to offer the love and support of the children she has adopted. Whiles millions may not be in their future again, they at least have one another and the love that a family shares.