Internet of Things (IoT) data management platform Buddy Platform
(ASX:BUD) has successfully raised $23 million via an oversubscribed placement.
Funds will be utilised for international expansion, including a potential global distribution arrangement which, if successful, will span over 100 new markets.
The proceeds will also be used to advance the company’s research and development efforts to stay ahead of a globally competitive market.
The placement received strong support from new and existing Australian and Asian institutional investors.
The company will issue 115 million shares at 20 cents a share, representing a 10.9 per cent discount, which will be settled on Thursday this week.
Shares in Buddy Platform
(ASX:BUD) are trading 4.17 per cent lower to 23 cents a share.
