The share placement at 1.5 cents per share was well supported by sophisticated and professional investors, including a number of new key institutional investors.
The second tranche of shares is expected to be issued on or around March 2 2020, subject to shareholders approval at a Special Meeting of Shareholders, to be held on or around February 26 2020.
Funds to accelerate growth opportunities
Funds raised will be used to accelerate the growth of new channel partners worldwide, accelerate product, software and infrastructure development, and provide 9 Spoke with additional working capital.
9 Spokes chief executive Adrian Grant recently said: “Our new V2 platform is now launched and we are well-positioned to deepen existing partnerships to further grow ARR.
“The visibility we have on that pipeline, if successfully executed, gives me confidence that we can further enhance our capabilities to achieve scale and profitability in the near term.”
Tool for business
9 Spokes is a business tracking and insights tool that enables small and mid-size businesses to harness the power of their data to improve performance.
SMBs can connect their cloud software to the 9 Spokes platform and use the Tracker tool to get a comprehensive, near real-time picture of how they are performing.