« Backers of Spain's Fon Deliver 10M More Euros | Main | Scotland's iomart Acquires Ezee Data Centers For £11M »
March 07, 2007
Estonian Photo Site Nagi.ee Seed Funded To Grow
Jüri Kaljundi, one of the four co-founders of Nagi.ee, an Estonian online photo community, wrote in to say that the Baltic Internet media group Moonfish Media (owned by an investment and advisory firm Gild Bankers as well as the owners of jobsite CV Keskus) provided seed capital of €100k in exchange for a 20% stake in the company.
The investment will be used for product development, growing the team and increasing sales and marketing.
Nagi.ee pulls about 20 thousand weekly visitors to its Estonian language site and they have uploaded half a million photos. It's targeted at 18-35 years, and its tagline is "The Home of a Good Photo", a segment that has yet to be developed, according to Kaljundi.
Nagi is also looking to license the photo site software to companies in other countries as a white-label solution or form joint ventures for running photo communities there.
"We invested mostly into the team of Nagi, who over the years have proved themselves in developing and starting popular web solutions and Internet services," said Raivo Hein, CEO of Moonfish Media in a statment.
"We believe that Nagi team will be successful also with other services, not just the photo community. We also see many cooperation opportunities with other Moonfish Media websites."
Moonfish Media owns real estate portals Kv.ee in Estonia, Edomus.lt and Aruodas.lt in Lithuania, auction site Osta.ee and classifieds aggregator Hydra.ee.
View nagi.ee
Posted on March 7, 2007 11:02 PM | Posted to News And Updates | Permalink
Trackback Pings
TrackBack URL for this entry:
http://www.thealarmclock.com/mt/mt-tb.cgi/3585
