MobiCart Secures $500,000 Funding Round

M-commerce pioneer MobiCart has just received investment from the Finance for Business North East Angel Fund as part of its $500,000 seed funding round.

NEWCASTLE UPON TYNE, England and SAN FRANCISCO, March 29, 2011 - MobiCart (www.mobi-cart.com), after making its debut at the
world-renowned DEMO conference in Silicon Valley, California, MobiCart has
gone from strength to strength, helping to fuel growth in this
rapidly-expanding market.

Last year, MobiCart became one of the first m-commerce app builders,
making it easy for online retailers to tap into the growing mobile industry.

And after securing investment from the Finance for Business North East
Angel Fund as part of its funding round, work is set to start on a series of
exciting new projects.

The iPhone platform launched last year and is already proving a hit.
Support for Android and iPad are due to be released in the next eight weeks,
with Blackberry and Windows Mobile unveiled later on in the year.

MobiCart is also developing its own platform and extension marketplace
and is working on a web app version of its native app builder, making it
accessible to an even wider audience.

CEO and founder Wladimir Baranoff-Rossine said: "We're delighted with the
investment, which will enable us to pave the way with our vision for the
future of mobile commerce."

"Within the next decade the whole industry will move to mobile. MobiCart
will be at the forefront with a product that can't be beaten on price, value
or service."

The investment will also enable MobiCart to introduce innovative features
to its app builder, including a bar code scanner, virtual coupons, loyalty
schemes and much more.

John White, CEO of Rivers Capital Partners - managers of the Finance for
Business North East Angel Fund (www.riverscap.com), said: "This is a
very exciting investment opportunity for us. Since having the idea and
launching MobiCart at DEMO, Wladimir has achieved considerable success.
MobiCart provides an exciting glimpse of the future of mobile commerce and we
are confident that with our investment the growth traction MobiCart has shown
will be accelerated."

Editors note:

MobiCart logos, screenshots and other materials are available from the
company digital press kit: www.mobi-cart.com/press.

For more information about the North East Angel Fund visit
www.riverscap.com.

Finance for Business North East is a 125m pounds Sterling publicly-backed
venture capital fund created by regional development agency One North East.
It will support up to 850 small and medium sized companies in North East
England over the next five years, with the aim of creating more than 5,000
jobs.

The European Investment Bank is committing 62.5m pounds into the fund,
with 44.25m pounds coming from the European Regional Development Fund
2007-2013 and 18.25m pounds from One North East. North East Finance, based in
Newcastle, manages the fund on a day-to-day basis.

A summary of each of the funds, and the contact details of the fund
managers, can be found at: www.northeastfinance.org.

About MobiCart:

MobiCart (www.mobi-cart.com) is a startup that is taking
m-commerce to a new level of personalization by enabling anyone to quickly
deploy a native storefront application on iOS and Android devices. MobiCart
is a completely free solution that combines a customized application
development platform with an online ecosystem for sharing extensions.

Wladimir Baranoff-Rossine, +44-(0)-792-107-0479, wladimir at mobi-cart.com