Yesterday LX Ventures announced it will be changing its corporate name to Mobio Technologies, concurrently trading as "MBO" on the TSX Venture Exchange.
This means that LX Ventures will no longer being investing in Canadian startups, instead becoming one itself: Mobio, a social media platform that became the flagship of its investment portfolio.
"Changing the company's name to Mobio Technologies is a practical step given that the Mobio social media platform is our primary focus," said Mike Edwards, CEO of LX Ventures. "Making the Mobio brand synonymous with our corporate identity provides the market clarity on what we're all about."
Late last week LX Ventures announced it had arranged a non-brokered private placement to raise up to $1,275,000 with the proceeds used to further advance its Mobio social media platform with product enhancements such as video capabilities, improved usability, and integration with Strutta's social promotions platform.
LX Ventures launched in 2012 and had acquired such companies as Copper.io, Strutta, and Sosido Networks.