Inveready–backed MásMóvil sold to Ibercom

As part of the transaction, Inveready will take an 11% stake in Ibercom, which saw its market cap rise from around €75m to around €140m. Ibercom's existing majority shareholders, José Poza and Luis Villar, will jointly own 32% of the firm. The MásMóvil founders will take a 7% stake.

According to the VC, at the current share price the exit represents a 10x money multiple. Inveready has already returned 100% of its Seed Capital Fund, with 75% of the portfolio still to be divested.

Previous funding
In March 2010, Inveready participated in a €2m funding round for the firm alongside Northzone Ventures and other investors. The VC committed €1.15m to the firm via Inveready Seed Capital Fund.

Company
Established in 2008, MásMóvil is a mobile virtual network operator in Spain. Based in Madrid, the firm offers the same services as traditional operators but uses a non-proprietary network, which allows users to make savings of up to 50% on calls. The firm has around 125,000 users. Turnover reached €17m in 2013, with EBITDA totalling €2.2m.

People
The company will be headed up by MásMóvil managing director Meinrad Spenger. Josep Ma Echarri, managing director of Inveready, will join the firm's board of directors.

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• Topics
• Southern Europe
• Technology
• Exits
• Spain
• Inveready First Capital