Ad-funded, youth-oriented mobile virtual network operator Blyk has raised a massive $50.4 million (40 million euros) round from its existing investors - one of Europe’s biggest media/tech investments of the year.  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.

Rather ominously, CEO Pekka Ala-Pietilä also warned that “like everyone else [we] are feeling the impact of the world’s financial situation,” and had “taken decisive steps to cut costs and streamline our organization.” It’s unclear whether this means layoffs. It plans, however, to continue its international expansion.

Since its launch last year in September, Blyk UK has amassed 200,000 members and claims that the average response rate is over 25 percent for the 2000+ campaigns it has run. The company, which was started by ex-Nokia (NYSE: NOK) exec Ala-Pietila, has not disclosed who all of its investors are, but has scored two previous VC rounds - one in 2006 known to include Paris’ Sofinnova Partners (which said at the time it was willing to commit 30 million euros, now $38 million) and another this January known to involve Goldman Sachs and Industrial & Financial Investments Company. More to come…

• Ad-Funded MVNO Blyk To Roll Out In Germany, Spain And Belgium
• Blyk Advertisers, Skeptical On Subscriber Numbers, Just ‘Don’t Get It’
• Blyk Gets New Funding Round, Expanding To Netherlands