Ad-funded, youth-oriented mobile virtual network operator Blyk has raised an impressive E40 million round from its existing investors. CEO Pekka Ala-Pietilä warned that, "like everyone else, [we] are feeling the impact of the world's financial situation" and Blyk has "taken decisive steps to cut costs and streamline our organisation."

Since its launch in September 2007, Blyk UK has amassed 200,000 members and claims that the average response rate is over 25 percent for the 2,000+ campaigns it has run. The company, which was started by ex-Nokia Ala-Pietila, has not disclosed who all its investors are but has scored two previous VC rounds – one in 2006 known to include Paris' Sofinnova Parners and another this January known to involve Goldman Sachs and Industrial & Financial Investments Company.

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