Fon, the self-styled ‘global Wi-Fi sharing network’, has announced the completion of its latest round financing, accruing USD14 million from investors. Qualcomm Incorporated, through its venture capital arm Qualcomm Ventures, led the fundraising round, underscoring its prior relationship as a strategic investor. Other parties participating in the round include existing investors such as Index Ventures, Google, Coral, Atomico and Deutsche Telekom (DT).
Founded in February 2006, Fon currently boasts more than twelve million crowd-sourced Wi-Fi hotspots in 1,000 major cities around the world. A ‘Fon Spot’ is made up of two separate, dedicated Wi-Fi signals – one private signal for the user and one shared signal for other members and visitors to the network. In countries such as the UK, France and Belgium, more than 10% of households are now reported to have a Fon hotspot, while Japan and Brazil are also demonstrating strong growth.