Spanish Social Network Wamba is Acquired for €4 Million.

Spanish Social Network Wamba is Acquired for €4 Million.

wambaSpanish social network Wamba has been acquired by New York based Latino entertainment community Mio.tv.

According to Techcrunch the company was acquired for approximately €4 Million, however other sources claim it’s closer to the €5million mark.

Wamba initially raised €3 million from Skype investor and recently bankrupt entrepreneur Morten Lund in 2007, however the acquisition should come as good news to Lund who retained 40% of Wamba shares.

With 8.4 million users, Wamba is in the third most popular social network in Spain, however it lies far behind the likes of Facebook and Tuenti who are in first and second respectively.

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