Virgin Mobile Latin America Raises US$26.5M
Summary
Virgin Mobile Latin America, a Mobile Virtual Network Operator (MVNO) targeting Latin America, has raised US$26.5m in new equity funding.Backers include existing shareholders the Virgin Group and ePlanet Capital, and new investors including Hermes Growth Partners, CANEPA and Souter Investments.The company intends to use the capital to further develop its regional business and to launch services in Chile.In addition to the recent launch of Virgin Mobile Chile, the company has targeted the launch of operations in 7 further markets, including Colombia, Brazil, Argentina, and Mexico.In conjunction with the funding, Juan Villalonga, former Chairman and CEO of Telefonica S.A., and co-founder of HGP, has joined Virgin Mobile Latin America’s Board of Directors.