Mobincube has raised 700,000 euros (approximately $946,000) in seed funding. Inveready led the round with participation from Bankinter and The Crowd Angel. Based in Valencia, Spain, Mobincube is a maker of software that allows users to create apps.
Inveready leads a € 700K investment round in Mobincube. Inveready lead Mobincube´s seed round of financing. Other investors include Bankinter (through Bankinter Innovation Foundation) and The Crowd Angel.
Mobincube (www.mobincube.com), based in Valencia, Spain, develops mobile software that allows users without programming skills to easily create apps based on simple templates and a variety of functionalities.
The flexibility of the software, also allows app developers to use Mobincube’s platform to create apps for their customers reducing their development time and, consequently increasing their efficiency.
Mobincube’s users do not need to create an app for each marketplace in which they want to publish it as the software automatically generates the code to adapt to each platform. Mobincube is currently available to create native apps in iOS, Android, Blackberry and Windows Phone, plus a HTML5 Web App version.
The company’s revenues come mostly from advertising and publishing services paid by premium customers.
The company has more than 115,000 users, more than 18,000 published apps and a monthly growth rate of 30% and is generating more than 1 million new downloads every month.
Fernando Marzal, CEO and founder of Mobincube declared: “This investment will allow us to accelerate our development in the U.S. and to compete in the global marketplace”. Mobincube will open an office in Silicon Valley during 2013.
Carlos Iborra, founding partner of Mobincube manifested that he was doubly pleased as the announcement coincides with Mobincube’s recent signing of commercial agreements with Orange in Spain and Europe, NEC and several web hosting companies that will help Mobincube reach new user communities.
According to Ignacio Fonts, Managing Partner of Inveready, “Mobincube fits perfectly our strategy of investing in companies with growth plans based on fast internationalization”. Currently, 65% of Mobincube published apps are developed in English and only 30 % of their customers are based in Spain.
Ramon Saltor, Director of investment network The Crowd Angel (www.thecrowdangel.com), is extremely satisfied with the response that this investment opportunity has generated among the Business Angels subscribed to the network and expects to close the round in late September.
The Inveready Group (www.inveready.com) is the first Spanish investment group focused on early-stage innovative companies seeking seed capital between € 1M and € 4M. Inveready has offices in Barcelona, Madrid and San Francisco, which is really helpful for portfolio companies to address the internationalization of their solutions.
Currently, Inveready has four investment vehicles with more than € 40M assets under management, 120 shareholders and more than 40 portfolio companies such as MasMovil, Lucierna, VS Anywhere, Agile Contents, My Star Autograph, PaloBiofarma, Adman Media or Yunait. Inveready recently announced the divestment of its portfolio companies PasswordBank, 3Scale and Indisys.
The co-investment of Bankinter Venture Capital is part of an Entrepreneurs program of the Bankinter Foundation of Innovation. A project aligned with its mission to promote and strengthen innovation and entrepreneurship in Spain, which aims to facilitate and promote entrepreneurship as a source of sustainable wealth and job creation in the short term. This is an initiative aimed mainly at supporting startups seeking both funding and expertise.
To evaluate the pre-selected projects, the Bankinter Foundation of Innovation has a group of investor’s contributors, in this case Inveready. Having made the investment decision, Bankinter Venture Capital coinvests in projects that are in their area of interest, and the bank’s investment will never exceed Leader Investor participation and will be structured as a participation in the equity of the startup.