MoPowered raises £2.5m in second close of funding round backed by series of investors
Oversubscribed deal in the mobile commerce provider to support stock market launch
Mobile commerce specialist MoPowered, part of the MoBank Group, has secured £1.8m in the second close of an oversubscribed funding round led by new and existing institutional and private investors in return for shareholdings in the business.
It brings the total finance raised by the mobile enabler to £2.5m following an investment of £0.7m at first close, over-funding its original target of £1.5m-£2m.
MoPowered, MoBank’s main offering, launched in March 2012 and offers a Software as a Service (SaaS) platform to its client base of over 80 small and medium-sized businesses, enabling users to integrate mobile commerce into their retail offerings.
It intends to utilise the investment to increase its sales and marketing activities in order to ramp up growth prior to its planned stock market launch on AIM within the next 12 months.
Dominic Keen, CEO of MoPowered, commented: “We are delighted to have completed our fundraising ahead of our original target.
“It is particularly pleasing that we have attracted investment from both new and existing shareholders – this is testament to the exciting growth opportunities available to MoPowered.”