Dundee-based platform developer nets funding injection worth £750,000

0 Mark Petrie: entering ‘next, exciting phase of growth’ A Scottish software company that has developed a platform for managing mobile apps has completed a £750,000 funding round.

The Kumulos platform is said to incorporate “multiple tools to help companies and developers improve the performance of their mobile apps”. It provides data on user engagement and allows developers to optimise their ranking on an app store and send notifications to customers.

The tech business, which is based in Dundee, was set up in 2015 as a spin-out from Waracle, one of the UK’S largest mobile app development agencies. Kumulos previously received investment of £500,000 from a number of private investors to help develop its product.

The latest funding round – backed by Mercia Fund Managers, the Scottish Investment Bank and angel investors – will allow it to expand its technical and sales and marketing teams, in addition to investing in marketing activities to boost its growth.

Kumulos is led by Mark Petrie 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, Alistair Forbes, who is now head of software and the internet at Mercia and led the investment into Kumulos.

Petrie said: “Kumulos is entering its next, exciting phase of growth. It was essential to pick the right investment partner at this important time.

“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.”