New Follow-On Investment Brings Mobify’s Funding to $15 Million
Mobify has announced a follow-on round of funding that tacks on roughly $5 million to their original $10 million investment.
This new funding comes from Vistara Capital Partners, Impulse International, Comerica Bank and others. The original funding round of $10 million came from Acton Capital and a few others. This newly topped-up round is not the only funding for Mobify, as they saw BDC Capital Corporation and others invest $5.5 million in a Series A round in November 2016.
The Vancouver-based Mobify launched in 2007 and creates web apps for retailers looking to increase conversion rates between mobile and desktop customers. They create fast and engaging experiences to help retailers shift to a mobile ecosystem.
As mobile revenue exceeded desktop, Mobify found that many e-commerce websites were not able to keep up with innovation and conversion. Some of Mobify’s customers include Lancôme, a beauty brand that won an award in mobile commerce this year from the Internet Retailer Excellence Awards.
“With mobile being the undisputed prime point of customer interaction, Mobify has been out in front in solving this enormous problem of converting mobile-first consumers into revenue,” said Noah Shipman, VP at Vistara Capital Partners.”Mobify, through its growing network of partners, is rapidly becoming a platform of choice as evidenced by its impressive global customer base.”
This new funding will be used to expand Mobify’s key partnerships and continually accelerate innovation of progressive web apps among other solutions designed to increase engagement and purchase likelihood. A progressive web app runs inside a browser and enhances your online presence, creating a purposeful and dynamic mobile experience accessible by the more than five billion connected devices worldwide.
According to a Gartner study published earlier this year, progressive web apps will replace 50 per cent of general-purpose consumer-facing apps by 2020.
“It’s been amazingly exciting to watch our customers drive mobile revenue using the Mobify approach to creating engaging progressive web experiences,” said Mobify’s CEO Igor Faletski. “While we have a significant advantage in being able to create award-winning mobile solutions that shine today, we want to bring even more innovations to market that enhance the shopping experience by leveraging mobile. This new funding will allow us to further our mission to power experiences that shoppers love, companies need, and we can be proud of.”
Since receiving their original funding, Mobify has been busy, acquiring machine learning company Pathful and pledging money to enable more student-led projects at Vancouver’s Simon Fraser University.
