Blyk Bags $50M
The amount is even more staggering considering that Blyk's business model is based on advertising. Just to state the obvious, it's really not a good time to rely on advertising for revenues.
Blyk didn't say who gave them that much money, but a Financial Times blog reports that it came from existing investors.
The new money will help to fund international expansion. Blyk plans to launch services in Belgium, Germany, Spain, and the Netherlands next year. (See Blyk Bits, Blyk Goes Dutch, and Blyk's Ad-Funded Service Hits UK.)
Blyk also said that even with the new investment, it will take steps to cut costs and streamline the organization.
— Michelle Donegan, European Editor, Unstrung