MVNO Blyk Mobile secures EUR17m cash injection

14 Sep 2010

An investment consortium headed up by Nexit Ventures has reportedly closed a EUR17 million (USD22 million) financing round in MVNO Blyk. The wireless reseller will use the funds to develop its European operation, this time with a different emphasis from the ad-funded MVNO approach that accompanied its launch back in 2007. Going forward Blyk will look to retain its consumer-facing brand name, but will run its service in partnership with selected operators. In addition, the firm said its future operator partner deals would be localised and would follow the Vodafone Netherlands blueprint, which offers users free texts and calls in return for receiving targeted SMS and MMS ads.