Mobli Media has purchased Pheed, the fledgling social media network, the companies announced Tuesday.
The companies didn't disclose a price for the cash and stock deal, though a source close to the transaction says Pheed went for around $20 million. Mobli also said it plans to invest $10 million in the reintroduction of Pheed, which will remain a standalone platform.
Pheed, which launched in late 2012, now claims 5 million users. The teen-focused platform lets users share text, photos, videos and audio. The app gained notoriety last year when it topped Apple's App Store.
Mobli, an Israel-based Instagram rival, is backed by an eclectic group of investors including Leonardo DiCaprio, Tobey Maguire, Lance Armstrong and Serena Williams.
Tags: BUSINESS, MOBILE, MOBLI, PHEED, STARTUPS