Scooter company Vmoto Limited
(ASX:VMT) has raised $8.9 million in capital to drive growth.
The company says its focus is on establishing an online sales platform, expanding distribution channels in China and boosting R&D.
The placement was oversubscribed by institutional and sophisticated investors and was priced at $0.45 per share.
The company says it increased sales by 37 per cent in the first quarter of 2015 on the year previous led by an expansion into new markets and acquisitions.
Vmoto reported a net profit of $884,000 in the 2014 calendar year.
