Blyk raises money and cuts costs

Ad-funded virtual mobile network Blyk raises says it's raised an additional €40 million to support its operations, although it's also cutting costs and is streamlining the organisation. Blyk launched in the UK in September 2007, attracting over 200,000 members in its first year. It's currently working with 180 brands and plans to have and 200 brands using the service by the end of 2008. [Press release]