IQ Partners Takes Significant Minority Stakes in SocialPhoto, GoWorld

IQ Partners, one of Poland’s leading technology-centric VC companies has recently closed seed funding on two key companies – GoWorld and SocialPhoto. The investment firm has taken on a significant minority stake of 49.99% in both companies through one of its three major investment vehicles – Ventures Hub. The target companies are now 55th and 56th in their list of portfolio companies. GoWorld is a financial services portal that will allow foreign exchange transfers any time of the day or night, and at attractive exchange rates. It is designed to target the Polish diaspora around the world, as well as the growing number of companies that need to pay their overseas contractors in a timely manner. SocialPhoto is a photo-sharing application that will run on multiple mobile platforms. Integrating a huge number of photo editing and management features, this application is expected to tap existing markets that are currently being serviced by companies such as Picasa, Instagram, Facebook and others that offer similar services. The application will facilitate image sharing with specific circles chosen by the users, such as friends, family, acquaintances, etc. The funds for the stake purchases in both companies comes through the Ventures Hub investment vehicle of IQ Partners, which is provisioned in the Innovative Economy Operational Programme, Measure 3.1.