Late stage startup mobile payments company raises $11.75 million

Mobile payments and marketing company Mobile Embrace Limited has raised $11.75 million from local and international institutional investors.

The ASX-listed company received demand beyond the excess of the new shares offered. The company posted $1.62 million profit posted in the last six months of 2013.

Chief executive Chris Thorpe said this latest round was an important milestone for the company that would enable it to keep growing both in Australia and beyond.

“We were extremely pleased with the strong level of interest in the capital raising, which was very well supported by an outstanding list of local and international institutional investors,” Thorpe said.

Mobile Embrace generates revenue from clipping sales tickets of items sold through the platform and campaigns ran on the software.

Wentworth Global Capital Finance Pty Limited acted as equity capital markets adviser to the Company while BBY Limited and Blue Ocean Equities Pty Limited were joint lead managers.

“We are in the fortunate position of having built a strong share register that now includes numerous prestigious Australian and international institutional investors,” said Thorpe.