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ShareRoot raises $2.8 million due to strong demand

Published: 23:17 22 Jan 2018 GMT

highway sign reading 'funding, next exit'
The funding positions the company well for its growth objectives in 2018

ShareRoot Ltd (ASX:SRO) has raised a total of $2.8 million from its now completed rights issue and placement.

Significantly, this total exceeded the company’s initial target of $2 million due to support from shareholders and new investors.

Funding provides ShareRoot with significant financial flexibility to pursue key objectives in 2018.

New strategic partners and MediaConsent rollout in 2018

Objectives in 2018 include:

• Increasing the number of strategic partnerships and growing the use of ShareRoot’s user-generated content (UGC) platform, with rapid escalation of user growth expected in 2018;
• The roll-out of MediaConsent, expanding ShareRoot’s UGC platform into the multi-billion dollar customer identity management (CIM) market; and
• The acquisition of The Social Science (TSS), a profitable revenue-generating social media and digital marketing agency that builds on ShareRoot’s existing client offerings across social and digital marketing segments.

READ: ShareRoot to acquire profitable digital content agency

Noah Abelson, chief executive, said: “The completion of this capital raising is a significant step forward as we look to transform the business in 2018.

“Following the close of this settlement, we now have spectacular optionality at our disposal to progress a number of our key growth objectives.

“With a strong pipeline of partnership and client opportunities building for the ShareRoot Group, we are in a robust financial position to make strong strides in 2018.”

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