OVIVO Mobile network seeks £3 mn funding

LONDON, UK: OVIVO Mobile, a fast-growing UK mobile virtual network operator that gives users free airtime in return for targeted adverts while helping brands achieve deeper customer engagement, is seeking investment of £3 million in 2014 for its next stage of planned expansion.

The London-based network operator, which already has more than 50,000 subscribers, plans to accelerate its UK growth before implementing international expansion from early 2015.

OVIVO has appointed Strand Hanson as its corporate finance advisers.

OVIVO provides free SIM card-only mobile services for smartphones, tablets and dongles, in return for targeted advertising. Since users choose to receive relevant adverts, the fast-growing customer base is helping UK brands and advertisers target A and B as well as C and D socio-economic groups. OVIVO's services are delivered over the Vodafone network.