Delta Partners invests €10 million in Virgin Mobile Central and Eastern Europe

Delta Partners Capital announced today that a definitive agreement has been signed for an investment of up to €10 million (US$12.9 million) 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 the fund.

VMCEE is an early-stage MVNO providing innovative, affordable broadband mobile services to the youth and aspires to be the leading youth lifestyle and consumer-champion brand in the region.

Delta Partners Capital, based in Dubai, is the investment arm of Delta Partners Group, the leading emerging markets-focused telecom, media, and digital advisory and investment firm. Delta Partners has approximately 200 employees operating from Barcelona, Bogota, Dubai, Johannesburg, Palo Alto and Singapore.

Transaction terms were not disclosed. The fund’s capital will be used to fund the further growth and international expansion of VMCEE.