Lance Armstrong Invests in Social Networking Firm Mobli

NEW YORK - Seven-time Tour de France winner Lance Armstrong has bought a stake in social networking firm Mobli, which focuses on mobile photos and video and is looking to use his fame to drive growth, the New York Post reported.

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Last year, Leonardo DiCaprio also bought a stake in Mobli as part of a $4 million financing round. He is expected to contribute to the content it features.

The size of Armstrong's investment was not immediately clear, according to the paper. But the company told the paper that it was small and not as much as DiCaprio’s capital injection.

The Post said that Mobli founder Moshiko Hogeg went after Armstrong because of the cycling star's social media prowess. Armstrong was among the first to reach 1 million Twitter followers. He is expected to start posting content to the Mobli site as soon as Monday, the Post said.

Mobli's Web site has a range of subject-based channels and uses the tagline "See the world through other people's eyes."

Hogeg said the firm is eyeing to close the next round of financing later this quarter. Asked why his firm has so far stayed away from major venture capital investments in favor of smaller investments from celebrities, Hogeg said: “It doesn’t mean we won’t go with one VC in the end. Right now we just can’t justify it, and so far we are getting along great with investors whose added value is not in the tech world.”

Mobli has fewer than a million early adopters, while Facebook has more than 800 million users.

Email: Georg.Szalai@thr.com

Twitter: @georgszalai