Updater Inc
(ASX:UPD) is US tech company that aims to take the stress out of moving houses, through its online platform (by automating a lot of mundane tasks such as forwarding mail and transferring utilities accounts).
The company has announced that it has received commitments to raise $30 million via a private placement of 60 million CHESS Depository Interests.
Updater says the proceeds will be used to expand its Sales, Client Support, Product and Engineering teams, and accelerate market share growth.
Updater says it will hold around $46 million in cash after this placement is complete.
Updater reported a net loss of $3.5 million at 30 June 2016.
