Virgin Mobile Latin America (VMLA) has secured USD 26.5 million in new equity financing. The investors include existing shareholders Virgin Group and ePlanet Capital, as well as new investors Hermes Growth Partners (HGP), CANEPA and Souter Investments.
In connection to the funding, Juan Villalonga, former chairman and CEO of Telefonica and co-founder of HGP, has joined the VMLA board of directors, effective immediately. VMLA will use the funds to develop regional businesses and launch services in Chile. In addition to the recent launch of Virgin Mobile Chile, VMLA plans to start operations in seven further markets, including Colombia, Brazil, Argentina and Mexico.
