Business
Posted: 2 weeks ago

One of the Main Developers and Stakeholders of WhatsApp Make Investments in Georgian Startup Phubber

One of the key developers and stakeholders of WhatsApp has made investments in Phubber, the Georgian online platform of clothes and footwear.

“Phubber was launched in 2019 and today this is Georgia’s biggest online platform of clothes and footwear. In this period, we have attracted more than GEL 1 million. The starting capital was shaped through a Bank of Georgia investment, obtained as part of the 500 Startup Accelerators. And now, Eugene Fuchsmann, one of the main developers and stakeholders of WhatsApp has made investments in Phubber. The investor was interested in the startup when the startup co-founder Giorgi Chugoshvili was visiting Silicon Valley”.

Phubber has very strong positions on the Georgian market, but the objective of the startup is to get transformed as an international company and penetrate the countries in our region and Eastern Europe to attract approximately 25 million registered users.

“The new investor’s experience is particularly valuable in this process in terms of technical and business management aspects, as well as his contacts in Silicon Valley.

Bank of Georgia plans to expand its investment portfolio in Phubber. In October 2020 we will know whether Phubber will visit Silicon Valley for the second time in 2021.