Instabridge closes a $3M investment round from Luminar ventures and existing investors, aims to expand in Asia.

Sweden Investments 11 April 2018
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Instabridge, a Stockholm, Sweden-based company managing a mobile-based community for wi-fi connections sharing, announced securing $3M in a new investment round.

The money comes from Luminar Ventures, joined by existing investors Balderton Capital, Draper Associates, MOOR, and Creandum.

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.

Prior to this deal, Instabridge added $5M in outside capital, in 2014, in 2015 and in 2016.