Private investor network Envestors announced today that they have closed a round of equity funding for mobile commerce firm Mobank, raising a total of £626,000.
The investment comprises £470,000 from the Government-backed Business Angel Co fund and £156,000 from other members of the Envestors network. The sum is part of a wider investment of £2.25m raised by Mobank to invest in recruitment, infrastructure and partner management programmes.
Mobank’s main offering, MoPowered, was launched in March of this year and offers a platform for retailers, especially SMEs, to integrate mobile commerce into their offering. Experts predict that the mobile commerce sector will be worth $1 trillion by 2015, and MoBank has been accredited as a mobile technology provider on Google’s GetMo initiative which aims to integrate more mobile sites into UK businesses.
Dominic Keen, CEO of MoBank, said: “While most large retailers already have a mobile presence, our research shows that 76% of smaller retailers trading online don’t have a mobile site, whilst 89% believe that mobile commerce is important. Retailers of all sizes should make the most of the mobile channel and we are helping them achieve that.”
Oliver Woolley, Founder Director of Envestors, added: “It’s great to be closely involved with what we are sure will be a major player in the fast-growing mobile commerce service provider market.”