Mio.tv buys one of the largest social networks in Spain
By Jose A. del Moral • Feb 22nd, 2009 • Category: Social networks, WikisNew York based Mio.tv, a community for latinos, has bought Wamba, a social network from Mallorca, Spain, funded by Danish angel investor Morten Lund, now famous for becoming bankrupt. The price published by Carlos Blanco, who is a friend of the seller, is 4-6 million euros, though another source puts it on 5 million euros. Morten Lund had invested 3 million euros for a 40% stake, which means that the price has fallen down.
Wamba is among the top social networks in Spain, but quite far away from the two leaders, Facebook and Tuenti. It grew a lot in June 2008, after it bought Vagos.es, a community for students, but its audiense was stagnant. It is supposed to have 8.4 million users.
These are the top social networks in Spain, according to Alexa:
1. Facebook
2. Tuenti
3. Wamba
4. Badoo
5. Hi5
6. MySpace
7. Sonico
Mr. Lund hasn’t even gotten his investment back!!!
From what I read the 3MM commited investment was subject to revenue goals that werent hit, so the final investment in to the company was 1,5MM€.
Way to go Morten!!!
[...] am missing Wamba in this ranking. As far as I know it has 1.6 million users in Spain every month. Besides that, [...]
[...] Mio tv buys one of the largest social networks in Spain Social Posted by root 1 hour 55 minutes ago (http://blogs.alianzo.com) Feb 22 2009 new york based mio tv a community for latinos has bought wamba will appear whenever you leave a comment on a gravatar enabled blog noticias on users of spanish social network tuenti will strike powered by wordpress and alianzo entries rss comm Discuss | Bury | News | Mio tv buys one of the largest social networks in Spain Social [...]
Its Interesting one that one of the big channel bought social networking site.