Updater Inc (ASX:UPD) has received commitments to raise $30 million via a private placement of CHESS Depositary Interests (CDI) at $0.50 per CDI.
The company received the support of Fidelity International, one of the world’s preeminent investors, along with Thorney Investment Group and other existing institutional shareholders.
The proceeds from the placement will be used to accelerate growth, as Updater plans to expand its sales, client support, product and engineering teams.
Founded in 2010 and seeded by Australian investors, Updater is headquartered in New York City and has developed a technology to improve the consumer relocation process in the U.S.
Over the past nine months since listing on the ASX, the company has more than doubled its market share in the U.S.
Notably, Updater processed 79,781 unique household moves in July, equating to an estimated market share of 5.35% of all household moves in the U.S.
Prior to listing on the ASX, the company received investments from U.S. venture capital investors, including SoftBank Capital and IA Ventures, who remain supportive shareholders.
Updater will hold circa $46 million in cash at the completion of the placement.
The company’s share price has increased by 167% during the past six months, last trading at $0.56.
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