Ad-funded, youth-oriented mobile virtual network operator Blyk has raised a massive €40 million (£33.7 million) round from its existing investors - Europe’s second biggest media/tech investment this year, according to LibraryHouse. The funding is a real boost for the company, both in terms of money as well as belief in its business model, which some advertisers weren’t always convinced of. It also has a new partnership with operators in place, though the brief statement did not go into detail as to what this new strategy entails.

SEE ALSO: Blyk Gets New Funding Round, Expanding To Netherlands

Rather ominously, though, CEO Pekka Ala-Pietilä (pictured) also 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.” It’s unclear whether this means layoffs. It plans, however, to continue its international expansion.

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 (NYSE: NOK) exec 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 (which said at the time it was willing to commit €30 million, now £25.2 million) and another this January known to involve Goldman Sachs and Industrial & Financial Investments Company. More to come…