Hispanic MVNO Movida has raised $40 million in venture capital from Plainfield Asset Management and the Cisneros Group of Companies. The MVNO, which launched in 2005, now claims more than 250,000 subscribers. Movida says the funding will help "sustain the company's rapid growth."
"Movida has demonstrated a strong ability to build allegiance and loyalty to its brand among Hispanic consumers in a relatively short amount of time," said Les Levi, Partner, Plainfield Asset Management.
For more on the VC round:
- read this press release