Fon raises $14 million
Fon is a global WiFi sharing network that has raised $14 million in funding led by Qualcomm Ventures. Fon has grown 50% this year and is expecting to reach 35 million WiFi hotspots by 2016.
Fon is currently a new Fon router that combines social WiFi with social music based on the Qualcomm Atheros chipset. The new router is expected to be available in the first half of 2014. Qualcomm Atheros is integrating Fon as a feature, which will be available through their SDK for chipsets, making it easier for WiFi router manufacturers that use Qualcomm Atheros’ chipsets to integrate Fon.
“The amount of this round and the caliber of investors will propel us into our next stage of growth,” stated Martin Varsavsky, CEO of Fon. “We are excited about our new relationship with Qualcomm, which is an amazing company and a leader in mobile data communication. By integrating Fon into Qualcomm Atheros’ chipsets, more devices and systems will be automatically equipped to be part of Fon’s global WiFi network.”
Fon will be using the funding to expand their presence in the U.S. and other places around the world. They will also use the funding for new product development.