Invesdor, an online capital formation platform empowering retail investors to participate in private securities offerings, is reporting its largest crowdfunding round ever.
According to an email, Singa, a karaoke startup, has raised over €2.75 Million. The securities offering is still live and open to investors on the Invesdor platform.
The offering page indicates that the convertible bond offering is aiming to raise up to €5 million. The security holds a 10% coupon rate with a price per bond set at €100. The issue date is 11.26.2021 with a maturity date of 9.30.24. If the conversion kicks in, bondholders will receive a 20% discount on the reference share price at the moment of conversion. If no conversion event happens until maturity, bondholders, as well as lead investors, may receive an extra premium at the moment of repayment resulting in a 100% return.
Singa notes that anchor investors including Tesi (Finnish Industry Investment Ltd.) as well as lead investor Maki.vc have already invested € 1.4 million on equal economic terms via a separate convertible loan agreement. Of note is that professional investors tend to prefer convertible securities when they back an early-stage firm.
Ilkka Kivimäki, founder of Maki.vc, recently stated:
“The global karaoke market is an untapped $15 billion business opportunity, and ready for a big change. Laser discs and ancient technology are outdated. The Corona era has been a brake, but the market fundamentals are strong. As restaurants suffer from the pandemic, Singa has sought momentum from the consumer market, and licensing is well underway in Europe and North America – we are now ready to sell. We have a strong belief that Singa is one of the winners as the change sweeps into the karaoke market. These are the major reasons why we decided to invest in Singa.”
Since 2015, Singa states that it has expanded into 10 countries and grown into a 30-strong team aiming to do for karaoke what Netflix has done for movies and Spotify for music. A full commercial launch is scheduled for the US in Q1 of 2022.
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