Andrey Andreev Backs Audio-Only Social App ‘Stereo’
More details have emerged about Andrey Andreev’s latest venture, as he looks to get back into the social networking space.
The entrepreneur has been named as one the main investors in ‘Stereo’, a brand new audio app that will allow users to broadcast their live conversations and discussions to a listening audience.
It is currently in the beta testing stage, and is being developed by a number of former Badoo staff members in the UK. Founder Arthur Nugumanov previously worked in the mobile product division at MagicLab.
The official website claims that there are no other apps that make it easy to meet new people by having real-time audio conversations.
However, Stereo’s main competitor will likely be ‘Clubhouse’, a very similar app that has taken Silicon Valley executives by storm over the past few months. The exclusive platform is currently invite-only and is believed to be worth $100 million.
A spokesperson told The Telegraph that the app will be formally launching in the next few weeks, but were unable to share any further details.
Andreev has been fairly quiet since he sold his stake in MagicLab 12 months ago, in a deal that valued it at $3 billion. Blackstone Group acquired control of the online dating company and appointed Whitney Wolfe Herd as the new CEO.
A non-compete clause was added to the takeover agreement so Andreev is unable to enter the online dating industry for the foreseeable future. Earlier this year he told the Financial Times that he was working on a new venture to make the process of donating to charitable causes much easier.
Read more here.