Member Article

Salford mobile app firm announce £3.1m share placing

Mobile app developer, 2ergo, raised £3.1m through a share placing on Monday, at the price of 1 pence per share.

The Salford Quays-based business conditionally raised the cash by placing 256m ordinary shares alongside the subscription by certain directors for 54m new ordinary shares, also at 1 pence each.

Investment and advisory group, MXC Capital, will be the cornerstone investor in the placing, which 2ergo’s proposed executive chairman, Ian Smith, founded in 2009.

Mr Smith commented: “2ergo has developed what we believe is the best mobile solution for coupon and loyalty programmes with strong technology that is cost effective to deploy.

“There is a great opportunity to commercialise this further and monetise the new business wins that have already come through.With the funding in place, we have the people, capabilities and track record to deliver on the pipeline of podifi business.

“The significant investment in 2ergo’s technology means that it is now well positioned to facilitate broader adoption of the Group’s technology. We very much look forward to working with the team to build on the progress they have already made.”

This was posted in Bdaily's Members' News section by Miranda Dobson .