Mobio Technologies Snapped Up

A recently monetized social-media platform connecting musicians with their fans has been acquired by an incubator

Vancouver tech startup Mobio Technologies Inc. has been acquired by LX Ventures Inc., a publicly traded tech incubator, also based in Vancouver.

LX Ventures issued two million shares in the all-stock deal that will see Mobio become a wholly-owned subsidiary under the name Mobio 2.0. It will continue to operate as a stand-alone company and its management team will continue on under LX Ventures’ ownership.

At the time of the acquisition, the principal owners of Mobio were Naavon and Rho Canada, two venture capital firms that led a $3-million investment in the company in March 2012.

Mobio develops online media platforms that connect musical artists and their marketers with fans. MobioINsider, the company’s flagship product, is a marketing platform that engages music fans through incentives for providing feedback on their favourite artists. Fans can vote on content and access exclusive pictures and videos, while advertisers get metrics on their artists’ social media presence,.

According to LX Ventures, Mobio’s platform, which was only recently monetized, has “a clear revenue model that leverages mobile devices.”

LX Ventures has made a string of acquisitions of local startups in the past few months. Earlier in May, it acquired Sosido Networks, an online community for healthcare professionals, for an estimated $300,000. Sosido’s closed, association-affiliated social networks are intended to foster the exchange of research and practice knowledge, according to the company. In February, LX Ventures acquired Weeve Ventures Inc., the six-month old startup behind, a crowd-funding platform for nonprofit organizations.