PrimaryBid, an online funding platform that enables investors to gain access to placings of AIM-listed companies, announced on Friday users of its platform contributed to an oversubscribed fundraising for Mobile Streams.
According to PrimaryBid, Mobile Streams has conditionally raised gross proceeds of £2.2 million through the placing and offer of shares at 4 pence per share, which included subscriptions from individual investors applying yesterday exclusively through the PrimaryBid platform.
Sharing details about the investment opportunity, Dave Mutton, COO of PrimaryBid, stated:
“We are delighted to have facilitated another successful fundraising on AIM using technology to make AIM share placings accessible to all types of investors on equal terms. After the launch of our new app this week, it is especially pleasing to note that 43% of the applications to invest in Mobile Streams yesterday came via a mobile device. This shows great potential for our innovative fintech solution, which is delivering a seamless process for issuers and brokers wanting to access individual investors. With total funds sourced through PrimaryBid now standing at almost £31 million, it is encouraging to see a growing number of AIM companies recognising the benefits of democratising access to their equity funding strategies.”
The news of Mobile Streams’ success comes just days after PrimaryBid announced UK-based energy company, Sound Energy, secured £26.9 million through its funding portal. PrimaryBid reportedly arranged £24.1 million fully underwritten fundraising for Sound Energy and then made a deal that was accessible to other investors on the same terms through its platform. To keep up with high investor demand, Sound Energy decided to increase the deal’s size and accepted an additional £2.8 million. Investors were able to invest between 1,000 and 80,000 through the website.
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