Delta Partners Capital Limited has announced that a definitive agreement has been signed for an investment of up to €10 million ($12.8m) by Delta Partners Emerging Markets TMT Growth Fund II into Virgin Mobile Central and Eastern Europe (“VMCEE”).
IFC, a member of the World Bank Group; the European Bank for Reconstruction and Development (EBRD) and CEE Mobile Capital LLC are also participating in this funding round on the same basis as Delta Partners’ fund. The transaction terms were not disclosed.
VMCEE is an early-stage Mobile Virtual Network Operator (MVNO) providing broadband mobile services in the region.
Kai-Uwe Ricke, chairman of DPG, said: “The MVNO world is undergoing rapid transition as consumers move from a voice to a data-centric world. We are pleased to be able to partner with a global brand that is recognised as a consumer champion in order to launch creative, data-driven services for consumers in Central and Eastern Europe.”
Alan Gow, CEO of VMCEE, noted: “Having an investor with the industry expertise and MVNO-specific experience of Delta Partners Capital is of clear benefit to VMCEE. We look forward to working closely with our shareholders in order to capture the significant opportunity for growth that exists in Poland, Turkey, and across the region.”