Moving free ultra, formerly known as MobiGo, has announced it will be raising a whopping $1 billion in funding this week.
In a note to investors on Monday, the company announced it has raised $1.2 billion from private investors, including Fidelity Investments, DST Capital and the Chinese Investment Corporation.
In total, the fund has secured over $1,500 million in venture capital, according to the company’s statement.
The move is the latest sign that the company is looking to make the move to a new, more mature and more mature growth stage.
The company has had a rough start to 2017.
Its founders have not had a steady job and its CEO has not been able to keep up with the pace of growth.
“This new round of funding represents a substantial commitment of our capital and our focus on growth,” the company said in a statement.
“We have a strong team and vision for the future and the ability to rapidly grow the business and grow the user base, which will allow us to provide a seamless and reliable experience for our customers.”
Free ultra has a number of big plans, including creating a mobile app for both iOS and Android, a mobile wallet, and a digital media platform.
It also plans to release its own app in 2018, along with other apps and services that can be downloaded for free on Apple and Android devices.