Mobango Raises $5.7 Million

Mobango Ltd., a London-based mobile social network, has raised $5.7 million in second-round funding. Innogest Capital led the round, and was joined by Innogest SGR and return backer Doughty Hanson Technology Ventures.

 

PRESS RELEASE 

Mobango Ltd (www.mobango.com), the leading mobile social network, closed its second institutional equity round of $5.7 million. The financing was lead by Italian fund Innogest Capital, managed by Innogest SGR, specialized in seed and early-stage investments in high-growth companies. Doughty Hanson Technology Ventures, already an investor in Mobango, also contributed to the round.

Mobango will use the new funds to further accelerate product development, strengthen its service infrastructure, and increase penetration in key markets. In connection with the new financing round, Gianluca Dettori, founder and ex CEO of Vitaminic, one of Europe's leading digital music distribution companies (merged with Buongiorno SpA) joined Mobango's Board of Directors.

Mobango operates an innovative on-line service addressing the large and growing community of mobile phone enthusiasts. The service lets users create, upload, store, convert, share and play all sort of content for mobile devices. The service can be accessed both by PC and by mobile phone. Photos, music tunes, wallpapers, videos and other user generated content is automatically converted and optimized by Mobango to fit with the technical requirements of most cell phones. In addition the site offers tools for social networking and content sharing through the community and with other social networks.

The company's success is already measured by the nearly 3 million registered users coming from countries such as UK, USA, India and South Africa. In mid February 2008 Mobango launched a German and Spanish version of its service targeting two of the potentially most attractive and large mobile markets in Europe.

Fabio Pezzotti, CEO and founder of Mobango said: “Mobango's tangible growth in the mobile internet market was a key factor in obtaining the trust of two leading venture capital funds, such as Doughty Hanson and Innogest. With these additional funds we believe we have the necessary financial strength to support the businesses' growth on a global scale.”

“We believe Mobango has all the potential to become the next leader in the mobile content market. The Company is naturally expanding on a global scale already and the increasing penetration of mobile phones and flat data tariffs around the World will make its international expansion even faster in the coming months,” said Claudio Giuliano, Managing Partner at Innogest.

“We expect the worldwide market of mobile data services to expand significantly within the next 3-4 years. Mobango will keep consolidating its leading position thought a highly innovative service and a very efficient business model”, commented Ivan Farneti, Partner at Dougthy Hanson Technology Ventures and member of Mobango's Board of Directors.

About Mobango:
Mobango Ltd operates in the innovative field of online and mobile services addressed to that large and growing community of mobile enthusiastic and fans. The service lets the users create, store, share, play original and self-produced content, both via Web and via mobile phones.

Mobango has offices in London, Munich and Milan. For further information: www.mobango.com.

About Innogest Capital:
Italy-based Innogest Capital is an