Instabridge closes a $3M investment round from Luminar ventures and existing investors, aims to expand in Asia.
Instabridge, a Stockholm, Sweden-based company managing a mobile-based community for wi-fi connections sharing, announced securing $3M in a new investment round.
Instabridge, founded in 2012 by by Erik Tigerholm and Niklas Agevik (CEO), provides an iOS and Android app acting as a Wi-Fi locator and manager, powered by a crowdsourced database of Wi-Fi hotspots.
The company manages a database of more than 2 million wifi hotspots and a wifi sharing community of 2.3 million MAU, at a growing rate of 50,000 users daily. The company is active in developing markets where cellular data remains prohibitively expensive and will use the said funding to target large Asian countries, specifically India and Indonesia.
Instabridge offers their product for free and is yet to record revenues.