M-commerce startup MobiCart secures $500,000 funding round
Friday March 25, 2011 , 3 min Read
We’ve now learnt that MobiCart has managed to raise $500,000 in funding from the Finance for Business North East Angel Fund, a £ 7.5million fund which invests in growth businesses with strong management teams across most sectors and predominantly, at the early stage.
YourStory spoke to Wladimir Baranoff-Rossine, the CEO & founder of MobiCart to find out how it all happened and here’s what he had to say:
“We applied to launch at DEMO Fall 2010 in Silicon Valley in July last year. It was a simple process of completing an online form which was then followed up by an interview. Around one month later, the team at DEMO got in touch saying that we had been accepted to launch at the next event which happened to be their 20th anniversary in Silicon Valley.
The investment process was relatively easy for us, partly because of the high profile we had built up at DEMO. We already had a business plan. So, it was simply a case of making connections and then, sending it out to various interested parties.
Rivers Capital Partners, who manage the Finance for Business North East Angel fund, is a local VC firm. So, as a first seed round, we thought it would be a good idea to stay local and build from there. Finance for Business North East is a £125m publicly-backed venture capital fund created by regional development agency One North East.
This investment will enable us to build a whole array of new features and carry building traction.”
John White, CEO of Rivers Capital Partners – managers of the Finance for Business North East Angel Fund 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.”
We at YourStory wish Wladimir and the entire team at MobiCart all the very best. To know more, check out http://www.mobi-cart.com. Also, do let us know what you think of this story. You can write to us at [email protected].
Sriram Mohan | YourStory | 25th March 2011 | Bangalore
