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Spanish Mobile Social Net Tooio Raises €1.5 Million VC Funding

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This passed us by when it was announced on the company’s blog in November, but Spanish mobile social network Tooio will be starting 2009 in good spirits after raising €1.5 million ($2 million) of investment from VC vehicle INICAP I FCR, run by Spanish PE management firm Mobius Corporate Venture Capital. Founded last April, The Madrid-based company uses geo-tagging technology to allow users to send and receive recommendations for services like shops and restaurants and neatly sums up the site as: “amigos + móvil + mapas”. The company plans to use the money to develop an iPhone app, developer APIs and integration with existing soc nets. Mobius has history of investing in location-based businesses and is one of several backers of San Jose-based location technology provider deCarta.  Release.

Jan 5, 2009 5:55 AM ET

Posted In: Money, M&A & Venture Capital, Venture Capital, Social Media, Countries, Europe, inicap i fcr, tooio

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