Virgin Mobile Latin America Raises US$26.5M

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.

Led by Chairman & co-Founder Phil Wallace, Virgin Mobile Latin America is a mobile virtual network operator (MVNO) that plans to expand the Virgin Mobile brand
throughout Latin America, joining a growing network of Virgin Mobile operations in seven countries (Australia, Canada, France, India, South Africa, UK and the USA) serving 15 million mobile subscribers.
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.



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