MoBank closes £2.25 million round with help from Envestors

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.'