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MobiCart secures $500,000 funding round
M-commerce pioneer MobiCart has just received investment from the Finance for Business North East Angel Fund as part of its $500,000 seed funding round
Last year, MobiCart became one of the first m-commerce app builders, making it easy for online retailers to tap into the growing mobile industry.
And after securing investment from the Finance for Business North East Angel Fund as part of its funding round, work is set to start on a series of exciting new projects.
The iPhone platform launched last year and is already proving a hit. Support for Android and iPad are due to be released in the next eight weeks, with Blackberry and Windows Mobile unveiled later on in the year.
MobiCart is also developing its own platform and extension marketplace and is working on a web app version of its native app builder, making it accessible to an even wider audience.
CEO and founder Wladimir Baranoff-Rossine said: “We’re delighted with the investment, which will enable us to pave the way with our vision for the future of mobile commerce.”
“Within the next decade the whole industry will move to mobile. MobiCart will be at the forefront with a product that can’t be beaten on price, value or service.”
The investment will also enable MobiCart to introduce innovative features to its app builder, including a bar code scanner, virtual coupons, loyalty schemes and much more.
John White, CEO of Rivers Capital Partners – managers of the Finance for Business North East Angel Fund (http://www.riverscap.com), said: “This is a very exciting investment opportunity for us. Since having the idea and launching MobiCart at DEMO, Wladimir has achieved considerable success. MobiCart provides an exciting glimpse of the future of mobile commerce and we are confident that with our investment the growth traction MobiCart has shown will be accelerated.”
For more information about the North East Angel Fund visit http://www.riverscap.com.
Finance for Business North East is a £125m publicly-backed venture capital fund created by regional development agency One North East. It will support up to 850 small and medium sized companies in North East England over the next five years, with the aim of creating more than 5,000 jobs.
The European Investment Bank is committing £62.5m into the fund, with £44.25m coming from the European Regional Development Fund 2007-2013 and £18.25m from One North East. North East Finance, based in Newcastle, manages the fund on a day-to-day basis.
A summary of each of the funds, and the contact details of the fund managers, can be found at: http://www.northeastfinance.org.
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