MEDL Mobile, a US-based mobile applications incubator, has closed a $2m series A investment in its subsidiary Hang w/, a live-streaming, video broadcast platform for mobile phones. The investment, which values Hang w/ at $20m, was led by Mishaal Alireza, co-founder of Saudi Arabian trading group Alireza Holding Co. Alizera owns and operates an Apple Reseller chain and a video game retailer franchise in Saudi Arabia, amongst other businesses.
Andrew Maltin, founder and chief executive officer of MEDL Mobile, said: “This investment and the valuation is a testament to the phenomenal early organic success of Hang With. It provides the capital needed to fine tune the technology, increase usage, and help establish Hang With as the dominant live streaming video technology.”