MobileX Labs snags $1.5 mln

MobileX Labs, a Chicago-based app solutions provider, has received $1.5 million in funding. Gary Holdren of The Garland Funds led the round.

PRESS RELEASE

CHICAGO, IL (July 15, 2014) – With almost two-thirds of all Americans owning smartphones and the popularity of mobile usage surging, MobileX Labs is empowering the masses by reinventing the app creation process. Founded by two twenty-somethings, Dan Novaes and Kiran Panesar, MobileX Labs boasts the ability to quickly create a free mobile app with its new app builder, MXL Build. 22,000 users have already signed up for its services despite it being in a private beta phase until mid-July.

The recent funding of $1.5M led by Gary Holdren of The Garland Funds adds to the already prestigious board of advisors that includes Mark Cuban, who took in MobileX Labs as one of his portfolio companies in 2013. Novaes bootstrapped MobileX until it was profitable and did nearly $1.5M in revenue before officially taking in any outside funding.

“I chose to work with the MobileX team because it was clear from the beginning that they were a smart group of entrepreneurs who were more than driven to succeed in their mission to democratize the app store,” said Mark Cuban.

In the current tech space, app creation can cost thousands of dollars and the submission process can be incredibly difficult due to content restrictions and lengthy approval periods.

MobileX Labs provides step-by-step assistance to assure that each app meets the app store’s criteria and is published quickly and painlessly. Build also has the unique characteristic of being the only 100% free, native app builder on the market (native apps have a distinct performance advantage over comparable non-native apps).

This allows anyone to create their own mobile app in minutes, no coding required. This is especially beneficial to small businesses, musicians, content creators, blog owners, and educational institutions who don’t have the resources, time, or funds to build an app. Additional benefits of choosing Build include the ability to sell an app, various third party integration, loyalty/payment processing capabilities, e-commerce modules, gamification, targeted push notifications, user analytics, and increased brand exposure through the MobileX network.

“The mobile app market is simultaneously fickle and flourishing. Unquestionably, the team at MobileX came up with a seamless solution to the rapidly changing market,” said Gary Holdren, founder of The Garland Funds and former CEO of Huron Consulting Group. “However, the reason we invested in them is not because of the problems they’re solving today, but the problems they are solving with their forthcoming suite of products.”

ABOUT MOBILEX LABS
MobileX Labs (MXL) is a fast growing app solutions company based in Chicago, IL that currently operates three divisions: MXL Build, MXL Games, and MXL Apps. MXL accrued over 5 million downloads and various chart topping hits during the past year alone.

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