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Kazakhstan entrepreneur invested $20 million in startup competitor of Instagram

20 september 2012, 18:50
0
Screenshot of mobli.com
Screenshot of mobli.com
Kenges Rakishev. Photo courtesy of kursiv.kz
Kenges Rakishev. Photo courtesy of kursiv.kz
Kazakhstan entrepreneur Kenes Rakishev invested $20 million in a startup competitor of Instagram called Mobli, Israeli business-resource Globus writes.

The application developed by an Israeli company lets its users share their photos and videos. Celebrities Leonardo DiCaprio, Tobey Maguire, Serena Williams and Lance Armstrong also invested into this project earlier. The company raised the total of $22 million in the second financing round. Previous investors provided $2 million.

“We are excited to complete our second round of fundraising with the investment from such a well-respected and visionary investor as Kenes Rakishev. This once again confirms that our business model is correct,” founder of Mobli LTD Moshe Hogeg said.

Rakishev himself believes that Mobli has a huge potential. “It (Mobli) enables people to do something very powerful to see the world through other people’s eyes in a simple, easy to use, and highly engaging format,” the businessman said.

Techcrunch writes that Rakishev already invested $32 million in Net Element mobile publisher and $5 million into TriPlay cloud media service earlier. According to the magazine, Mobli’s decision to cooperate with a Kazakhstan businessman is surprising, because besides funding investors usually provide a startup an expertise, contacts and advertisement. For example, famous actors and sportsmen share their project with their fans. But in case of Rakishev, experts believe that funding is the only thing he can give to the project.

Mobli currently has 5 million registered users, while Instagram is used by around 100 million people.

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