In addition, the company will be launching a share purchase plan offering up to $15,000 worth of shares to each eligible shareholder at the same price.
Tinybeans will use the new funds to continue investing in its technology, user growth marketing and revenue generating activities.
Tinybeans is a mobile and web-based technology platform that provides parents with a safe space to capture and share their children’s life stories with family.
The platform’s daily active users hit a record 389,488 in the March 2018 quarter, representing a growth of 40% compared to the previous quarter
Tinybeans chief executive officer Eddie Geller said: “I am excited with the strong demand from new investors for the placement.
“This enables Tinybeans’ to continue to grow the company with the prospect of delivering future returns to its shareholders.”
Bigger technology investments for further innovations
Geller added: “Since listing in April 2017, Tinybeans’ has grown its registered and monthly active users by more than 50%.
“Excitingly also, revenue has increased over 57%. This new funding will allow the company to make the bigger technology investments to further innovate our product and increase our market share even more.”