Spanish mobile music specialist set for expansion after VC takes minority stake.
Savia Capital Innovación, a fund managed by Going Investment, has acquired a minority stake in mmChannel.The Madrid-based company specialises in providing online and mobile music stores and recently opened a second office in Dubai. It counts Vodafone, Telenor and KPN among its customers.
mmChannel chief commercial officer Cristobal Alonso says the company will use the funding to broaden its service portfolio and "seek out new opportunities to help wireless carriers and record labels provide the latest digital entertainment solutions to consumers."
mmChannel just announced the launch of its product suite in Arabic and the planned launch of its subscription and advertising modules in 2Q 2008.
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