Robo 3D attracts $3.15 million to accelerate 3D printer sales

2017-12-07 08:07:00
The new capital will allow the company to pursue opportunities in the education sector.
Robo R2 is an easy to use 3D printer launched earlier this year

Robo 3D Ltd (ASX:RBO) has received firm commitments to raise $3.15 million via a placement of shares to leading institutional investors at $0.045 each.

The company has established itself in the desktop segment of the 3D printing industry, gaining significant traction online and through retail partners including Amazon and Best Buy.

Robo 3D’s R2 is an easy to use printer launched earlier this year with a robust set of features that will enable professionals, designers, entrepreneurs and educators to bring their ideas to life in 3D.

The new capital will allow the company to accelerate sales and marketing activities particularly into education opportunities and investigate new product development opportunities.

The funds will also help in further developing its software and content assets to provide an ecosystem that protects its hardware business.

Robo 3D recorded its highest ever monthly revenue of $1.3 million in the month of October.

Significantly, the company is expected to surpass its full year revenue of $3.2 million in FY17 within the first half of the FY18 financial year.

Robo 3D is well funded to execute its ambitious growth strategy following the capital raising and record-breaking last three months.