Mobli, the mobile photo and video platform that competes with Instagram, said it will be signing up for the Nasdaq Private Market, TechCrunch reported.

The recently-launched Nasdaq Private Market is the new marketplace of the US stock exchange that seeks to provide a platform for private firms who desire a wider investor pool than just venture capitalists where they can either hold their fundraising or give their current backers the liquidity they need, the report said.

Greg Brogger of Nasdaq told Kim-Mai Cutler of TechCrunch that on the Private Market, the ideal company could try to raise anywhere from $20 million to $50 million. When the market was unveiled this week, there were15 to 20 companies that signified their interest to join the platform but Nasdaq did not identify who they were. With this announcement, Mobli is potentially the first to make its plans known, the report said.

Mobli is joining the platform not because it needs funds. It is doing so to gives its current backers, who have supported them with an $86 million investment, liquidity. Mobli Chief Executive Officer Moshe Hegog told TechCrunch, "At Mobli we have a lot of private investors who are approaching us and it's a great place for existing shareholders to trade. The company doesn't need more financing."

Mobli's illustrious list of investors include Mexican billionaire Carlos Slim, private investor Kenges Rakishey who now serves as Mobli Chairma and celebrity backers that include Leonardo DiCaprio, Tobey Maguirre, Lance Armstrong and Serena Williams, the report said.

Secondary markets provide an avenue for startups to provide increased liquidity to their backers and raise funding from more investors since the Private Market allows any broker who can legally trade on the Nasdaq to participate. However, firms who want to do so will still need to follow certain disclosure requirements. They should already have received at least $30 million in funding in the past two years or at least have an enterprise value of $50 million. Their net income should be at least $750,000, the report said.