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Funding boost for Mobango
Online and mobile services operator Mobango has received €2 million (£1.3 million) in funding from London-based Doughty Hanson Technology Ventures. Mobango wants to create the equivalent of social networking sites like MySpace and YouTube for mobile phone users.
Doughty Hanson has appointed Jerry Ennis and Ivan Farneti to join the board of directors of Mobango. The Company, which has offices in Milan and London, formed in September 2004, launching both an internet and WAP service in May 2005. It now has over one million registered users, allowing them to create, store and share user-generated content both over the web and via mobile phones.
Ennis sees a huge amount of potential in this field, noting that the ringtone and wallpaper industry is worth $10 billion (£5 billion). ‘Mobango’s free business model could be highly disruptive,’ he says.
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