Insider News, October 2012
Newcastle-based MobiCart has secured £300,000 of new funding in 2012 and is adding to its board as the mobile commerce app builder celebrates winning its 11,000th customer.
The investment comes from the Finance for Business North East Proof of Concept Fund, managed by Northstar Ventures, alongside investment from the Yorkshire Association of Business Angels.
Since launching at the DEMO conference in Silicon Valley in September 2010, MobiCart has grown to become one of the world’s largest developers of applications that allow companies to sell goods and services to smartphone and tablet users.
Founder Wladimir Baranoff-Rossine said: “The seemingly insatiable demand for m-commerce solutions mirrors the phenomenal growth of e-commerce a decade ago. We enable savvy shoppers to buy where and when it suits them, rather than struggling to use websites not designed to be accessed by smartphones.
“This new round of finance comes just as we have signed our 11,000th customer, and coincides with a major strengthening of our management team.”
Joining MobiCart’s board is SECPay founder Mark Feingold, who brings expertise in the online payment sector. In 1998, Feingold jointly launched SECPay, which processes real-time card payments for goods and services bought over the internet. In 2007, SECPay was bought by PayPoint for a reported £12.5m.
He will join serial technology entrepreneur and investor Stephen Lusty, a former senior executive at Nortel, Flextronics and Google, as well as Freeserve and Orange technology innovator, Ian Pringle, who was recently recruited as chief technology officer.
Michelle Cooper, of Newcastle-based Northstar Ventures, added: “We are delighted to be investing in this follow-on round and, with the additional support of Andrew Burton at the Yorkshire Association of Business Angels, look forward to helping MobiCart’s continuing development and expansion.”