App software developer MobiCart has secured £500,000 in seed funding from the Finance for Business North East Angel Fund.
App software developer MobiCart has secured £500,000 in seed funding from the Finance for Business North East Angel Fund.
MobiCart, which launched its mobile e-commerce product at the DEMO conference in Silicon Valley in September last year, plans to use the funding to start work on a series of cross platform products. The Newcastle business has developed an application that claims to make commerce easier for online retailers and users of mobile hardware such as smartphones and tablets.
An application platform for the iPhone was launched last year, and technology for Google’s Android phones and the tables are scheduled for release mid-this year. Other mobile software is planned for later this year.
MobiCart chief executive and founder Wladimir Baranoff-Rossine says the investment will enable the business to introduce new features such as a bar code scanner, virtual coupons and loyalty schemes.
The North East Angel Fund is part of the £125 million publicly-backed Finance for Business North East venture capital fund created by regional development agency One North East. It plans to support up to 850 small and medium sized companies in North East England. Rivers Capital Partners manages the angel fund.
