Movida gets $40 million in funding – the Hispanic-oriented MVNO

We all know the Hispanic MVNO Movida for their “strong ability to build allegiance and loyalty to its brand among Hispanic consumers.” What’s that you say? Never heard of it? Well, there are 250,000 subscribers that have heard of it – and it seems Plainfield Asset Management, LLC and The Cisneros Group of Companies have heard of the fledgling MVNOs success as well. The group of investors has committed $40 million to the Movida venture.

The MVNO seems to be doing quite well for itself and will be using the cash infusion to sustain the company’s growth and continue to deliver top-notch service to its subscribers.

Cheers and good luck to you, Movida. The last time an MVNO boasted about a quarter-million strong subscriber-base, it followed with news of a Chapter 11 filling.

[Via: Yahoo]