9 Spokes (ASX:9SP) has successfully raised $12 million in a heavily oversubscribed share placement priced at $0.13.
The two-tranche placement will see the company’s cash balance increase to NZ$21.0 million.
9 Spokes builds dashboards for its clients, this means it collects all of a business’s data so it is in one place (known as the dashboard) in order to be analysed.
Proceeds from the placement will be used to fund the continued expansion into North America, accelerate product roadmap and grow channel partners.
Mark Estall, CEO, commented
“We are delighted with the vote of confidence received from Australian, New Zealand and offshore investors in this capital raising.
“We are now in an extremely strong position to execute significant business development opportunities, such as Royal Bank of Canada and one of New Zealand’s leading banks, and we are looking forward to delivering on more material milestones.
“We have grown our business development pipeline substantially this year and look forward to converting these high calibre opportunities over coming months.
“We now have a proven platform with more than 10,000 users and most importantly channels, such as Barclays Bank, that will deliver highly efficient user growth.”
Recently, 9 Spokes has signed a letter of intent (LOI) to provide a white-label version of its platform to a leading New Zealand bank.
It also signed an LOI with Royal Bank of Canada (TSE:RY).