There are over two million apps in the world – yet only .01% of apps go on to become financially successful. Scottish software company Kumulos seeks to solve this problem with its platform for the development, management, and optimisation of mobile apps. The startup has just raised a €750k funding round backed by Mercia Fund Managers, the Scottish Investment Bank and angel investors.
The Kumulos platform incorporates multiple tools to help companies and developers improve the performance of their mobile apps. The platform provides data on user engagement, allows apps to optimise their ranking on the App Store, and lets apps send notifications to customers.
Based in Dundee, the startup was founded in 2015 as a spinout from Waracle, one of the UK’s largest mobile app development agencies, and now has customers in 23 countries. Kumulos previously received investment of €566k from a number of private investors to help develop its product. This latest funding round will allow it to expand its technical and sales and marketing teams, and invest in marketing activities to drive its growth.
Dr. Alistair Forbes, Investment Director at Mercia, said: “Kumulos incorporates multiple tools in a single platform and offers a compelling combination of tools for developers. Mark and Bob bring their strong technical and commercial leadership skills to the business and, having built out the product to its current highly functional status, the company is now ready to scale. This investment will enable the team to deliver their growth plans.”
Mark Petrie, the CEO of Kumulos, added: “Kumulos is entering its next, exciting phase of growth. It was essential to pick the right investment partner at this important time and Mercia is the perfect fit. We have built a great product and are building a strong market position. Mercia brings more than just investment capital to drive our international market expansion, it also brings good insight and understanding of our space and a strong technology credentials. Together we will do great things.”
