TrafficGuard, an omnichannel ad verification platform, has today announced a capital raise of $9 million with $6.5m cornered via a strongly supported share placement to existing long-term investor shareholders and new institutional shareholders. The firm claims that the Placement will aid in issuing a total of 135,416,666 new fully paid ordinary shares in two tranches.
Highlighting the importance of the fresh capital, Mathew Ratty, CEO and co-founder, TrafficGuard said, “We, at TrafficGuard, have grown exponentially on the back of our customer-centric approach and meticulous efforts to raise awareness among marketers pertaining to ad fraud and best practices to negate it. And, the latest funding is a testament to the hard work of our dedicated team of engineers and data scientists in creating award-winning products. With over 4,500 sign-ups on our freemium version, we look forward to rolling out our new reporting suite to the mass markets.”
Additionally, the company said that it will also be rolling out an optional Share Purchase Plan (SPP) which will exclusively allow eligible shareholders to purchase up to $30,000 worth of shares at the same issue price as the Placement regardless of the size of their shareholding, sans any brokerage or transaction costs.
The SPP will be integral in the company’s vision to raise up to $2.5 million, the company said in a statement.
TrafficGuard, with the proceeds from the Placement and the SPP, aims to fund processes to streamline the company’s pipeline of enterprise customers, vital enhancements to its products, development of new product features and capabilities; and sales and marketing initiatives to further grow its customer base.