Envestors closes equity funding round for MoBank
Braveheart Investment Group plc ('Braveheart', the 'Group' or the 'Company') (BRH), the AIM-listed investment management group specialising in venture capital investments and investment services to business angels, high net worth individuals, family offices and public sector organisations, announces that Envestors Limited, its wholly owned subsidiary, has closed an equity fundraising for MoBank, the fast-growing mobile commerce company.
Envestors, an award-winning private investor network helping source dynamic companies seeking growth capital, closed a £626,000 fundraising for MoBank, comprising £470,000 from the Business Angel Co Investment Fund, led by Helen Fowler, a private investor introduced by Envestors, and £156,000 from other members of the Envestors network. The amount is part of a total £2.25 million raised by MoBank to invest in recruitment, IT infrastructure and partner management programmes.
MoBank launched its MoPowered mCommerce platform in March 2012 to enable all retailers, particularly SMEs, to use mCommerce rapidly and affordably. Experts predict the mobile commerce channel will be worth $1 trillion by 2015. MoBank is one of the few mobile technology providers selected as a chosen vendor on the Google GetMo scheme, an initiative aimed at getting m-sites integrated into more UK businesses.
The £50m Business Angel Co Investment Fund was created with a grant from the Regional Growth Fund and invests alongside business angel syndicates from across England. Many co-investing angels take active roles to support and mentor businesses, providing valuable industry and financial knowledge.
Oliver Woolley, Founder Director of Envestors, said: “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.”
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.”