Movida rakes in $40 million

Hispanic-targeted MVNO Movida Communications announced a $40 million financing round led by new and existing investors including hedge fund Plainfield Asset Management and media chain The Cisneros Group. Movida, which recently topped the 250,000 subscriber benchmark, said it will earmark the funds for additional working capital and to sustain its recent growth--through its network partnership with Sprint, the MVNO offers pay-as-you-go voice and data services featuring culturally- and geographically-focused Spanish-language content.

For more on the Movida financing:
- read this release [1]

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