Cloud-based mobile workforce management company GeoOp got a bigger cash pile than it was hunting under the private share offer it announced in August, raising $2 million more than the $8 million it hoped for.
It's now got 280 shareholders, a mix of well-established instutional investors; trades and services market players and channel partners from networks like the accounting sector; and high net worth funders.
“This funding provides GeoOp with the ability to further reach small and micro trades and services businesses, to make a material impact on how they operate," says CEO Leanne Graham.
The company's sales growth efforts will be focused internationally, especially in Australia and the US.
The company's chairman is Mark Weldon, the former NZX CEO who now owns a South Island winemaking enterprise.
“We have had a great capital raising outcome," he says. "We are now in the fortunate position of having a strong share register, including a number of value-add investors from our target customer segments in the trades and services sectors, as well as some leading technology and capital market players. Other investors will have an opportunity to invest further in GeoOp after we list the company on the NZAX.”
GeoOp was advised on the offer by investment bank Cameron Partners and law firm Bell Gully.
“A forthcoming listing on the NZAX has provided GeoOp with an opportunity to raise capital to scale offshore and should also assist in raising its profile to support the company’s growth aspirations,” says Cameron Partners partner Ross Christie.
Prior to the share offer, the company had already raised about $3 million capital since it started in 2009 and had more than 4000 paying users. Most of its users are offshore, with 56% in Australia and 19% in the US and Canada. Graham is co-founder of business management software company Enprise and the former country manager for Xero.