Estonia, Funds, Internet, Investments, Technology

According to Estonian business registry, the new investors behind the project are Regio – the well-known mapping, mobile positioning and GIS software developer, Estonian Development Fund ("Arengufond") and its Chairman of the Supervisory Board, entrepreneur Raivo Vare.

Inner Circle aims to establish a new social network, much like Facebook, but much more private, crap-free and easier to use.

Martinson says that 95% of all the communication currently takes place in smaller groups: among family, colleagues, friends, hobby groups, training mates etc. Facebook is extremely popular, with hundreds of millions of users (over 200,000 in Estonia already), it has a plentitude of functionality, but Facebook is not the best communication tool for smaller groups.

"Facebook has lists and groups, but they are inconvenient to use. Everyone is your 'friend', irrespective of how they became your fiends," Martinson says.

In the new soon-to-be revealed environment of Inner Circle, currently in rough beta phase, the users will be able to switch in between different groups with ease, share content, information, multimedia separately in each of their group.