Fon receives €5M of financing from Silicon Valley Bank
Client News | February 12, 2015
Silicon Valley Bank, the bank of the global innovation economy, today announced that it has provided the global WiFi network, Fon, with a €5M growth capital loan. The business will use the additional capital to pursue its global growth strategy.
Martin Varsavsky, CEO at Fon, said: "In today's world, the capacity of mobile networks doesn't match the explosive growth in mobile data traffic and WiFi is becoming more and more essential. Silicon Valley Bank provides more than financing and is uniquely placed to understand our industry and the specific needs of fast growing, innovative businesses like Fon."
Joe Smart, Vice President at Silicon Valley Bank, added: "Fon has developed a disruptive way for delivering WiFi. Their special business model, strong execution and strategic relationships with telecom partners and investors are impressive. As Fon further grows its network globally, we look forward to being its long-term partner."
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, venture capital, private equity and premium wine businesses. SVB Financial Group provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through offices in the UK, U.S. and around the world. (Nasdaq: SIVB) www.svb.com/uk
Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146).
Fon was founded in February 2006 by serial entrepreneur Martin Varsavsky with the goal of blanketing the world with WiFi. Today the company is a global WiFi leader with more than 14 million hotspots in more than 200 countries. Fon has offices in Madrid, London, Tokyo and New York. Its partners include among others; BT (UK), Deutsche Telekom (Germany), KPN (Netherlands), Proximus (Belgium), MTC (Russia), MWEB (South Africa), Oi (Brazil), SoftBank (Japan) and Telstra (Australia). Fon's vision is to be "always on, always on the move", thinking ahead on how the connected future will look like and innovating with new devices such as Gramofon, a WiFi music player. For more information, please visit www.fon.com.
Silicon Valley Bank – UK Branch
T: +44 (0)20 7367 8111
Fon's Communications Department