One of the Richest Men in the World Just Invested in an Instagram Competitor

One of the Richest Men in the World Just Invested in an Instagram Competitor
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Instagram competitor Mobli just got a whole lot of ammo to take on the Facebook-owned company.

The Israeli-based company just nabbed $60 million in a round led by América Móvil, the Latin America telecom run by one of the richest men on the planet, Carlos Slim.

Part of the deal involves a strategic partnership introducing Mobli's platform to América Móvil customers.

Related: The Secret to Israel's Startup Success 

"Mobli has developed a remarkable technology and this strategic alliance will allow América Móvil to bring value added experiences for its users throughout the Americas," Slim said in a statement. "The Mobli team has shown extraordinary skills in creating a powerful and innovative product for its users."

Part of the funds will be used to expand its search engine of images and providing an archive feature, along with scaling the market. 

Related: 6 Reasons Why Vine and Instagram Videos Are Great for Your Business 

"Our new strategic partnership with America Movil will allow us to reach a massive community of millions of users in Latin America," said Moshe Hogeg, founder and CEO of Mobli.

Launched in 2011, the photo and video-sharing platform allows users to connect based on interests, locations and hashtags. It also displays the three newest images added to a gallery and provides filters, a direct-messaging system and social media integration. 

Past investments include a $28 million round, with $22 million from investor Kenges Rakishev and approximately $6.5 million from Serena Williams, Leonardo DiCaprio and Tobey Maguire. 

"I've always been excited by Mobli's mission to connect people around the world through shared visual images. Today's announcement means that a massive new community of users will be introduced to an incredible experience of discovery and sharing," said DiCaprio.
 

Edition: July 2017

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