Wamba launched this past March as a Pan-European social network but has recently focused on Latin America where it will compete with hi5, MySpace, and Orkut (although apparently with the intention of capturing the Spanish-speaking, not the Portuguese-speaking, market). The company plans to launch an IPTV called Wamba.TV and a radio music service called Wamba.FM.
Funding for Wamba previously came from Matias de Tezanos, who contributed $500,000 as an angel investor. The company was founded by Spanish entrepreneur Enrique Dubois.
Skype was acquired by eBay in 2005 for $2.6 billion. Wamba is presently valued at 7.5M euros.