London-based venture capital fund Doughty Hanson Technology Ventures invested Euros 2 million in mobile phone services start-up Mobango Ltd’s first round funding.
Mobango, formed in 2004, operates an online and mobile service that allows users to create, store and share user-generated content, including ringtones, photos, wallpapers, video clips and other applications, both over the web and via mobile phones.
The company launched an internet and WAP service in May 2005 and now has over one million registered users. “We wanted to create a service which gives power back to the mobile users, as has happened on the Web. The service is entertaining, completely free, and can be enjoyed regardless of the cellular provider, phone manufacturer, or the country you live in,” says Fabio Pezzotti, founder of Mobango.
“Free user-generated content sites like YouTube, Myspace and Flickr have proven efficient and valuable channels to reach a lot of passionate and active consumers,” said Ivan Farneti of Doughty. “In the near future, there will be much more content created and consumed via mobile phone.”
Receive the Funding Newswire each Tuesday, our Policy Bulletin each Thursday, and news about bridging Europe’s east-west innovation gap twice a month in The Widening. 
A unique international forum for public research organisations and companies to connect their external engagement with strategic interests around their R&D system.
