Mobify secures $8.5M growth capital

Mobify has closed a growth capital round of financing with three new investors including Vistara Capital Partners of Vancouver, Impulse International, a subsidiary of Kuwait Investment Authority, and Dallas, Texas based Comerica Bank.

Mobify did not disclose financing amount. The company the follow-on financing builds on previously announced recent investments from Acton Capital, BDC Capital and Plaza Ventures, for a total of $15 million. The company previously raised $6.5 million from the three investors.

Vcounber based Mobify has become a key player in powering high-converting ecommerce websites with innovative mobile technology just as mobile revenue has shifted to exceed desktop. Mobify customers are among ecommerce’s most innovative: Lancôme, the world’s leading luxury beauty brand, was the Mobile Commerce winner in the 2017 Internet Retailer Excellence Awards for its Progressive Web App (PWA) created by Mobify. The funding will be used to further expand Mobify’s key partnerships and accelerate innovation of PWAs and other solutions to improve the customer experience, increase engagement and likelihood of a purchase.

“Mobify’s products are truly amazing and are making an outstanding contribution to online commerce in two important ways. First, it provides a high-value shopping experience that serves customers more effectively and helps retailers and brands grow revenue. Second, it contributes to a major technology shift to the mobile web as the platform with the widest reach in today’s globally connected environment. We are pleased to support Mobify’s growth in the GCC region as it goes through rapid ecommerce expansion,” said Mohammad Alhajeri, Chief Investment Officer at Impulse International.

“Every brand and every retailer needs to focus on improving the online shopping experience in order to survive in today’s world. 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. With Progressive Web Apps now fundamentally altering how websites are being built, Mobify, through its growing network of partners, is rapidly becoming a platform of choice as evidenced by its impressive global customer base. We’re thrilled to be part of their continued success and expansion,” added Noah Shipman, Vice President at Vistara Capital Partners,

“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 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.”

photo credit: Mobify

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.