Since launching on Shadow Foundr, JMango360 has delivered an innovative mobile infrastructure for a South African client, effectively connecting 26,000 SMEs to a mobile-only ordering solution in Nigeria.
This contract alone is now worth £540,000 in yearly recurring revenue for JMango360.
The demand in emerging markets is much higher than management initially anticipated, with JMango360’s solution to now be rolled out to 19 other African countries, following this hugely successful demo in Nigeria.
As a result of this demand, Chief Product Officer Maarten Schuiling is currently on a roadshow in India and South East Asia showcasing the company’s technology to management teams and boards of companies facing similar challenges.
From this, the company expects to onboard at least 2 more clients, which would result in annual recurring revenue in excess of £500k from each.
This is a massive commercial tipping point for the business and has been attributed to the company’s rigorous focus on product development.
The developed technology provides SMEs with mobile-only solutions that significantly increase their revenue generating capabilities and reduce internal costs.
To watch the video demonstrating this solution, please click here (password: jmango).
On the B2B side, JMango has progressed its partnership with BigCommerce – a global SaaS e-commerce platform with more than 600 employees.
This program is anticipated to launch in Q4 of 2019 and will help JMango360 to gain a strong foothold in the UK market. Currently the company serves two clients in the UK – Zuppe Clothing and Leica Store Manchester – targeting to increase this number to at least 15 clients by Q3 next year.
The pre-money valuation for this round is £6.45m. £860k has already been confirmed by existing shareholders, indicating their satisfaction with the business. Just £430k is available for Shadow Foundr investors.
Management believes this a great opportunity to buy into a company with excellent commercial traction, and recurring revenue at levels that pique the interests of institutional investors, which the company is looking to attract sometime next year.
Before embarking on next year’s Series A institutional funding round though, management expects to increase the pre-money valuation to £35m.
If you are interested to find out more, please click here to watch the investor presentation and download the full Information Memorandum.
Alternatively, if you would like to speak with Tom in Investor Relations, to learn more about the opportunity or be introduced directly to the management team of JMango360, please email email@example.com and let us know.