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Mobli obtains USD60 million investment from Slim, other investors to expand visual search engine capabilities

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November 6
8:09 AM 2013

According to a TechCrunch report, Instagram competitor Mobli announced a USD60 million investment round. The round was led by Latin American telco giant América Móvil, which is owned by billionaire investor Carlos Slim. The round also led to a partnership with Slim's company for the mobile picture and video sharing platform to be distributed across the telco company's millions of customers.

The Israeli startup had received a lot of attention and backing particularly in Hollywood. USD6.5 million of the investment it received came from Tobey Maguire, Serena Williams and Leonardo DiCaprio. Mobli also received support from private investor Kenges Rakishev, who had committed a whopping USD22 million.

Slim said about Movil's investment in a statement, "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."

Proceeds from the funding round would go towards the development of its visual search engine, of which users could be able to scroll previous images seamlessly.

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