Funding for Dundee developer
App platform Kumulos raises £750k for expansion
Kumulos, a Scottish software company which has developed a platform for managing mobile apps, has completed a £750,000 funding round backed by Mercia Fund Managers, the Scottish Investment Bank and angel investors.
Dundee-based Kumulos was set up in 2015 as a spinout from Waracle, one of the UK’s largest mobile app development agencies, and now has customers in 23 countries. It previously received investment of £500,000 from a number of private investors to help develop its product.
The latest funding round will allow it to expand its technical and sales and marketing teams, and invest in marketing activities to drive its growth.
Kumulos is led by Mark Petrie (pictured) and Bob Lawson, who were previously part of the management team at GFI MAX, a software platform business that was scaled up and sold to a major US infrastructure software company. GFI MAX was led by their former colleague Dr Alistair Forbes, who is now head of software & the internet at Mercia and led the investment into Kumulos.
Dr Forbes 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.”
Mr 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.”