Mobikats Enterprise, a UK based developer of iBeacons hardware and app solutions, is looking to raise up to £3m via a minority stake sale to beef its sales and development team, CEO Phillip Hunt said.
Mobikats Enterprise recently hired Whoosh PR and is considering appointing a financial adviser for the fundraising, which is expected to start in midFebruary once it finalises its business plan.
CFO and 15% stake shareholder, Peter Morgan, will meantime oversee the fundraising process. Hunt and CTO John Haselden own a 42.5% stake each, the CEO said.
The company plans to invest the proceeds into recruiting 10 salespeople to cover the UK and EU market as well as adding six people to the development team.
Last year, Mobikats Enterprise launched the Beura iBeacon platform, which enables brands to track audiences in real time and deliver proximity based services such as rewards points, advertising or other content. It provides clients with a software development kit a set of software development tools that allows developer to build iBeacons into their applications.
Mobikats Enterprise is a sister company of Mobikats Ltd, a mobile app developer and consultant established by Hunt in 2008. Mobikats Ltd has built and developed apps for the likes of looking to raise up to £3m via a minority stake sale to beef its sales and development team, but the company is a consultancybased business that is difficult to scale, the CEO said.
A video has been produced about the Guildhall Galleries installation
Mobikats Enterprise is instead based on creating a service platform expected to generate a steady stream of revenues. Mobikats Enterprise aims to generate revenues of GBP 5m within three years.
The company is also examining opportunities to cooperate with Transport for London (TfL) and Londonbased airports to roll out its own iBeacon network on those sites, Hunt said. It is also looking to establish partnerships with companies such as Criteo [NASDAQ:CRTO], he added.
Last month, Mobikats Enterprise announced the rollout of its Beura iBeacon Platform at Guildhall Galleries in London to deliver information about art exhibitions to visitors.
Pushmote and Proximity Sense are among its competitors, Hunt said. The company will mostly focus on the UK market and it plans to expand to mainland Europe next. However, it is also considering potential business opportunities in India.
Guildhall Galleries first to roll out Mobikats Beura iBeacon Platform