Fon, a Madrid, Spain-based company that operates a WiFi network, has secured €10m (approximately $13.5m) in new funding.The round, which was led by Atomico, with participation from Coral Group and other existing investors, brings the total amount raised by the company to date to over €40m.
Fon intends to use the funds to take advantage of the growing demand for WiFi from smartphone and tablet users, as well as expand efforts in the US and elsewhere.
Founded in 2006 by Chairman Martin Varsavsky, the company produces 802.11n Fonera WiFi routers that when connected ADSL/broadband make it possible to broadcast two dedicated WiFi signals. One signal is encrypted and private. The other signal is public and accessible via password to registered members of the Fon community.
Fon also builds its WiFi technology directly into its telco partners’ CPEs, including BT in the UK, MTS-Comstar Russia, SFR France and ZON Cable Portugal. The company partners with the world’s leading fixed and mobile Telcos, hardware manufacturers and service providers.
FinSMEs
16/02/2011