Wednesday, April 2, 2008

Mobango Ltd , the leading mobile social network, closed its second institutional equity round of $5.7 million

What Company Is Offering:
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.

How Much They Got From VCs:

Mobango Ltd , 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.

About VCs:
Italy-based Innogest Capital is an ?80 million seed and early stage venture capital fund, managed by Claudio Giuliano, formerly with Carlyle in London, and Marco Pinciroli, formerly with BC Partners in Milan. Innogest aims to supply capital to young and high-growth Italian companies in key focus sectors including New Media and Telecoms, Information Technology, Renewable Energy, Biomedical and Advanced Mechanics.
2.The London-based venture capital fund manages $272 million for investments in technological companies throughout Europe. Doughty Hanson Technology Ventures specialises in early stage investments in technological start-ups across Europe. The established team of partners bring a strong experience in venture capital and deep operational competences, both in Europe and in the US, to all of their portfolio companies.

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