JMango360 enables consumer-facing businesses to create and manage powerful native Android & iOS shopping apps, without the use of programming languages. The plug-in ensures that apps are seamlessly integrated and synched real-time with clients’ webstores.
The company currently serves 200 customers across the globe and operates a monthly SaaS business model with minimal upfront fees. Generating €600k in revenue last year, and on track to reach €1.355m turnover in 2020, customer feedback has been overwhelmingly positive, with an average apps rating of 4.8 out of 5.
Since its launch, the company has become a powerful one-stop shop for affordable mobile commerce and fulfilment. On average, JMango apps make new customers return 2x faster and spend 36% more per visit. This allows companies to drive customer engagement, lift customer loyalty, and overall, considerably increase their sales utilising mobile commerce.
As an example, Cruyff Classics, a lifestyle sports brand, since adopting JMango’s technology has had 3x more mobile revenue, 187% increase in repeat purchases, and 150% higher conversion per user. The management confirmed that with a small investment, Cruyff Classics created an incredible mobile shopping experience for their customers and boosted key business metrics.
Furthermore the company pioneered emerging markets with its B2B ordering solutions. Helping some of the largest FMCG companies in the world create efficient and effective supply chains in Africa & India.
The commercial traction is not surprising given the award winning technology and the great team behind it. CEO Berry de Kort was previously a finance director of LM Wind Power, a world leading manufacturer of wind power turbines with revenue of $1b+ and has experience of managing complex organisations.
This success cannot be easily replicated by incumbent app developers or new entrants, as JMango has patented the proprietary technology in US, China, Hong Kong, China and Australia.
With an ever increasing smartphone penetration and the growth of mobile commerce, the addressable market that JMango tapped into is increasing exponentially. Research and Markets estimates m-commerce’s share of global online retail will exceed 50% by 2021. This will prompt more and more businesses to adapt to their clients’ growing needs to shop online using mobile.
To exploit this market opportunity and fuel customer acquisition globally, JMango is raising a minimum £1.935m (€2.25m) in both equity and debt at £6.45m (€7.5m) pre-money valuation.
The company envisions an exit via a trade sale to a strategic buyer, which is the most common exit route for software companies like JMango360. Recent transaction show that companies are valued at 4-6 times the revenue they generate.
The management has incorporated a legal entity in the UK and has advanced EIS assurance from HMRC for its UK based investors.