MoBank closes £2.25 million round with help from Envestors

AIM-listed investment management group Braveheart Investment has closed an equity fundraising into MoBank.

Braveheart Investment’s subsidiary Envestors has backed mobile commerce company MoBank as part of a £2.25 million round.

Envestors, which is an investor network, has overseen a £470,000 commitment from the Business Angel Co Investment Fund, a private investor introduced by Envestors and £156,000 from the other members of Envestors network.

MoBank launched its MoPowered mCommerce platform in March 2010 and has been chosen as a vendor for the Google GetMo scheme, an initiative aimed at getting m-sites integrated into more UK businesses.

MoBank CEO Dominic Keen comments, ‘While most large retailers already have a mobile presence, our research shows that 76 per cent of smaller retailers trading online don’t have a mobile site, whilst 89 per cent believe that mobile commerce is important.

The £50 million Business Angel Co Investment Fund was created with a grant from the Regional Growth Fund and it currently invests alongside business angel syndicates from across England with many co-investing angels taking active roles as mentors.

In May 2012 the Angel CoFund made its first five investments when it handed out £7.2 million to the successful companies.

Oliver Woolley, founder director of Envestors, ‘Retailers of all sizes should make the most of the mobile channel and we are helping them achieve that.’

Hunter Ruthven

Bernard Williamson

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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Venture capital funding