Thanks to Pie Funds and existing institutional investor Milford Asset Management, Ecoya has snapped up an additional $2 million in funds.
The investment will be through a new share issue of $1.7 million to Pie Funds and $300,000 to Milford at a share price of 90 cents.
Ecoya last month signed a deal to bring its products into Japan.
Ecoya chairman and chief executive Geoff Ross said there were
opportunities for both the Ecoya and Trilogy brands coming up and the
cash injection would be initially used to reduce debt.
“Whilst we are happy with Ecoya’s capital structure and current level of debt funding we thought it useful to have Pie Funds on our register."
Pie Funds is a boutique investment manager based in Takapuna, Auckland.
“We think the company has a bright future with a lot of upside potential," said managing director Mike Taylor.
"We like to invest in small companies that have the ability to grow revenue and profits significantly. We also like companies with dynamic CEOs such as Geoff Ross and good industry trends. Above all Pie Funds must be able to foresee substantial share price appreciation in the future. ECOYA definitely fits the bill and on top of that both Trilogy and ECOYA are fantastic products.”