Dutch investment company 5square bought a minority stake in Amsterdam-based software company So WiFi. Financial details weren’t disclosed, but involve an investment of ‘several millions.’
Both parties speak about “a small minority stake”. Laren-based 5square says it usually acquires a substantial minority interest with investment sizes between 1 and 10 million euro per company.
The raised capital will be used to fuel international expansion and to launch a world-wide consumer application.
So WiFi, founded by Daan Donders (31) in 2012, offers “social Wi-Fi” to companies in the entertainment and retail industries. Its services are currently used in over 20,000 locations, in 38 countries around the world.
This spring, the company launches an app that gives users access to millions of free Wi-Fi hotspots around the globe. As well as a partnership with rating company TripAdvisor.
With a Facebook like or email signup, users get free Wi-Fi at bars, cafes, restaurant or retail stores. Businesses, in return, gain the opportunity to stay in contact with their customers.