British Telecom to Invest in FON?
Note: Om Malik from GigaOm sent over this link about BT possible investing in the free wifi company FON.
FON, the Spanish share-your-Wi-Fi services company, is close to announcing a new round of funding that could total to as much as 10 million Euros (shade over $13 million.) While some of its existing investors – Index Ventures, Skype and Google - are coming back with more cash, the word from telecom circles in Europe is that British Telecom is going to invest in the wireless router company. It is one of the new strategic investors in the company.
FON is the latest start-up by Spanish telecom entrepreneur, Martin Varsavsky, who has made a name for being a thorn in the side of incumbents. Ah the sweet irony that is life! We have not been able to confirm the rumors so far, but will update the story with more info as it surfaces. Varsavsky declined to comment.