WiFi-map service Instabridge picks up $3M in Series A

instabridge-coverLast September, we covered Swedish startup Instabridge, which allows people to find free, local WiFi for their smartphones. Almost a full year later, they have announced that they have picked up $3 million in a Series A from MOOR and Balderton Capital, as well as Creandum (from whom, as well as others, they picked up $1 million last October) and Swisscom Ventures. The startup, which launched in 2013, intends to use the new funding to continue to establish its presence in emerging markets in Brazil, Mexico, and India.

As a reminder, Instabridge has created a WiFi map, through which mobile users, especially those in developing markets, can find local connections in an effort to avoid burning through their data. Instabridge says that they have developed an algorithm that can run in the background on mobile devices, measuring the quality (speed and strength) of nearby networks and providing recommendations to users.

In addition to the funding news, we have learned that Instabridge topped 1 million users earlier this year, with the highest growth coming from Brazil and Mexico, as well as markets like Spain, the Netherlands, Canada, and the United States. They have dipped into the mobile sector with an app for iOS, the preview of which can be downloaded now, while the full version is coming later this fall when Apple unveils iOS9.

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