A digital company has been awarded a £475,000 investment of Finance from Business North East Technology Fund and a group of private angel investors.
MymCart helps small businesses to create a mobile- optimised branded website which allows businesses to accept payment from customers for goods and services via a mobile phone.
Thanks to the investments, £350,000 from the Finance for Business North East Technology Fund and £125,000 from the private angel investors, the Manchester-based form is now looking to expand into the North East.
Mark Kuhillow, managing director of MymCart, said his company offers a means for small businesses to create a mobile commerce facility at a fraction of the time and price of building a solution from scratch.
“It’s making m-commerce simple and accessible to any business already trading online but wanting to open up a new revenue stream,” he said.
Mobile commerce
“We’re bringing affordable mobile commerce to the masses that can’t necessarily afford to pay large sums for a mobile optimised website or buy an expensive off-the-shelf solution.
“Our core market is small retailers and businesses that want to give their customers the convenience of mobile browsing and shopping.”
The company is backed by several high-profile digital and retail figures, including Chairman Philip Hunt, former CEO of Wheel, one of the UK’s largest digital agencies and Ross Sleight, co-founder of Virgin Games, and Richard Gregory.
A further £500k investment has been earmarked for MymCart by the Finance for Business North East Technology Fund, subject to it meeting initial business targets.
Ian Wilson, investment manager at IP Group plc, said: “MymCart has addressed the major cost issue faced by many small businesses in being able to offer mobile commerce, and has come up with a cost-effective solution.
“The fact it is endorsed by so many leading figures in the digital sector is testament to the strength of the business and its product.
“We are pleased to be able to support MymCart in its growth, and look forward to welcoming them to the North East.”