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Spanish Mobile Content Firm Gets Investment Funding

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Savia Capital Innovaci n a venture fund which includes the local government and Telefonica as shareholders has taken a minority stake in mmCHANNEL, a Spanish mobile content firm. mmCHANNEL is headquartered in Madrid and recently opened a second office in Dubai.

The company currently offers a range of mobile music and premium billing services and includes Vodafone and KPN as clients.

"The objective of Savia Capital entering mmCHANNEL is to support and to help strengthen mmCHANNEL's financial position as it continues to expand internationally from its European presence into Africa, Asia and Latin America", said Teresa Azcona, CEO of Going Investment. "At Going Investments and Savia Capital we look to support growing companies backed by strong management teams with the right vision. We have found both at mmCHANNEL."

"mmCHANNEL's main asset is its 15-member team, small but ambitious. They have an ownership mentality and an international experience which is ideal for the company's current status", says Pedro Domingues, Founder and Chief Technology Officer.

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Tags: telefonica  kpn  mobile music  madrid  Spain  United Arab Emirates