LiveTiles (ASX:LVT) has successfully raised $11 million via a share placement to sophisticated and professional investors, at $0.18 per share.
The placement closed heavily oversubscribed, with strong demand from new and existing international and domestic institutional and high net worth investors.
LiveTiles offers digital workplace software for the commercial and education markets, and is an award-winning Microsoft Partner.
The funds raised will be used to drive further customer and revenue growth as LiveTiles continues to aggressively grow its global footprint.
It is worth noting than the strong demand for LiveTiles’ offering has seen it grow annualised subscription revenue by 293% in FY17 to $4 million.
The new capital will allow the company to accelerate investments in sales and marketing across all regions to take advantage of its large addressable market and strong sales pipeline.
Following the capital raise, LiveTiles’ gross cash operating expenses for the September 2017 quarter are expected to be circa $3.4 million.
The company will invest circa $400,000 in a major global Microsoft marketing event in September 2017 to further grow the LiveTiles brand and generate additional customer opportunities.
In addition, a share purchase plan to raise up to $1 million will be launched by the company to all existing eligible shareholders, at $0.18 per share.