MymCart looks north after cash boost
Manchester digital business MymCart, founded by entrepreneur Mark Kuhilow, is expanding into the North East after securing a cash injection.
The company has obtained £350,000 from the Finance for Business North East Technology Fund, managed by IP Group, and £125,000 from a group of private angel investors.
A further £500,000 investment has been earmarked for MymCart by the Finance for Business North East Technology Fund, subject to it meeting initial business targets.
MymCart's products allow companies to create their own mobile websites or mobile apps.
The company's backers include chairman Philip Hunt, the former chief executive of digital agency Wheel which was sold to LBi in 2005, and Peter Robinson, who headed Marksandspencer.com from launch in 1999 to 2007 and was multi-channel director at Selfridges.
Ross Sleight, co-founder of Virgin Games, and Richard Gregory, chief operating officer of search marketing agency Latitude, also sit on the advisory board.
Ian Wilson, investment manager at IP Group, 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."
