Virgin Mobile Latin America is closer to launching its operations in Colombia, since it has raised an additional U.S.$20 million in funding. In December, the company closed a debt funding agreement for up to U.S.$14 million with the IFC, a member of the World Bank Group.
Virgin Mobile has already secured licenses to work as mobile virtual network operator (MVNO) in Columbia and established its management team and headquarters in Bogotá.
In total, VMLA has raised U.S.$74 million in equity and debt to launch its operations throughout Latin America region. Currently, Chile is the only market where Virgin Mobile has launched its services. Since it began operating there in mid-2012, VMLA has achieved approximately 1% of the Chilean mobile market.
Existing shareholder Hermes Growth Capital and founding investor ePlanet Capital led VMLA’s latest equity funding round, with Souter Investments and Virgin Group also continuing its support of the business.
In a statement, Virgin CEO, Richard Branson, said that with the funding in place, they will launch a number of Virgin Mobile services for Latin American customers. Branson added that there has been “tremendous interest in Virgin Mobile services.”
VMLA originally expected to launch an MVNO in Colombia during the last quarter of 2012; however, the company later told RCR Wireless News that the new forecast was to launch in Colombia during the first quarter of 2013.
Globally, Virgin Mobile has nearly 20 million customers.
A VMLA launch in Brazil is expected to follow the one in Colombia.
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