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Blyk, a mobile social network operating in Finland and UK, has raised €40 million in third round of Venture Funding to power ongoing operations and global expansion.

“The advertising industry and operators have expressed a strong interest in bringing Blyk into new countries and €40 million in additional funding demonstrates the commitment by investors to the Blyk media model.” said Pekka Ala-Pietilä, Blyk’s CEO and Co-founder. “However, we like everyone else are feeling the impact of the world’s financial situation. As a result, in parallel to securing the new investment, we’ve taken decisive steps to cut costs and streamline our organization.”

Blyk is ad supported and has run more than 2000 campaigns on its more than 200,000 members in UK, with claims of a response rate topping 25%. The current round of funding is amongst the largest funding rounds in Europe.