Praxonomy, the “go-to” collaboration platform for boards of pre-IPO, small-cap and mid-cap listed firms as well as regulated private businesses, has raised 91% (£459,930) of its £500,000 target from 235 investors via Crowdcube (at the time of writing) with 9 days left in the firm’s crowdfunding campaign.
With over US$5.5M raised so far, Praxonomy’s “easy to use and secure technology has been designed to transform how modern boards work and make decisions,” the company explains.
The firm is reporting a £6,807,235 pre-money valuation, EIS, 6.84% Equity, and a £0.50 share price.
Here are the key business highlights shared by Praxonomy:
- US$5.5M raised so far with a ready-to-scale and highly secure platform
- $3.3bn market growing at 17% per year
- COVID has accelerated digital adoption for boards of directors
- Same team founded AIM-listed NetDimensions and exited for almost £54M
The update clarified that £30,000 of funds on the progress bar “represent funds raised by the Company.” These funds have “already been received and shares have been issued.” Completion of the Crowdcube raise “will occur on the same material terms and share price,” the update confirmed.
As explained by the firm, Praxonomy aims to “modernize the way boards work.” Boardlogic, their cloud portal, is an encrypted collaboration platform “purpose-built for boards and governing bodies.” With a focus on “ease of use, practicality, privacy and data security, Boardlogic is designed to take the sting out of digital transitions and help cut meeting-related time and costs,” the announcement noted.
Their client list reportedly “includes the FT Board Director Programme, ACOLIN, St George’s University of London and Habitat for Humanity HK.” The firm further revealed that they’ve “established high-value channels with, among others, the London Stock Exchange Group Issuer Services Marketplace and the Crown Commercial Service G-Cloud.”
The company added that the “estimated $3bn board portal market is expected to grow at 17% per year and reach $12bn by 2029.” Given that EY recently reported that 81% of boards cite increasing cyber threats as highly relevant, they “expect that strengthening cybersecurity will be a key growth driver for Praxonomy.”
The update also noted that with over US$5.5M already invested, in large part for product development, Praxonomy has “positioned Boardlogic as an enterprise-grade, production-proven product for a growing market sector.”
Praxonomy itself “is VeraSafe Privacy Seal certified, GDPR compliant and ISO27001 security audit certified.”
The update further noted that the funds they raise on Crowdcube will help them “grow the company, invest in product innovations and expand our sales and marketing capabilities, especially in the UK and EU.”
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