NZ-based workforce management company, GeoOp, has raised $10 million in a private share offering that was oversubscribed by more than three times.
“We aimed to raise $8 million and are tremendously pleased to have been able to close the offer at the full amount sought of $10 million,” said GeoOp’s CEO Leanne Graham.
“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. GeoOp is part of the disruptive mobility shift and the focus for our sales growth efforts will be on international markets, in particular Australia and the US.”
GeoOp sought funding under a private offer from habitual investors and eligible persons. With the round closing, the company now has 280 shareholders including four NZ institutional investors, trades and services market investors and channel partners such as accounting networks, as well as a number of high net worth investors.
Mark Weldon, GeoOp chairman said, “We have had a great capital raising outcome. 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 by investment bank Cameron Partners and law firm, Bell Gully. The company's solution, which is available through the Apple App Store, Google Play and the company website, currently has over 4000 paying users across several countries.