GETSWIFT CLOSES MASSIVE $75 MILLION RAISE

GETSWIFT CLOSES MASSIVE $75 MILLION RAISE

AUSTRALIAN logistics company GetSwift (ASX: GSW) has closed one of the biggest tech raises in 2017, securing an oversubscribed placement of $75 million.

The latest capital raise includes strong support from existing investors, as well as new Australian and American institutional investors.

The $75 million of funds will be used to execute on existing deals, expand GetSwift's global reach, and continue its growth into 2018.

Executive Chairman Bane Hunter says the deal solidifies 2017 as an incredible year for the listed tech logistics group.

"This round of funding caps off an incredible year for GetSwift," says Hunter.

"We've sealed agreements with some of the world's largest companies, and shown that having the right product, people and commercial outcomes are the key drivers for growth."

This cash injection follows the group's strategic deal with online marketplace Amazon announced last week, and a full year of important deals for the company. 

A highlight for the group in 2017 was when it secured a multi-year agreement with Yum! Brands, the fortune 500 parent company behind KFC, Pizza Hut, Taco Bell and Wing Street.

In Australia, the company signed an exclusive multi-year agreement with Commonwealth Bank to integrate GetSwift technology into the bank's systems.

Following a raft of major deals announced in the late half of 2017, the company has not yet provided an announcement on the group's revenue.

"To disclose our revenue before [our next reporting interval] would be pinning down a rapidly moving figure and would ultimately be a disservice to the company and to our shareholders," says Hunter.

"For a rough indication, we would ask onlookers to consider our business model, the global scale of our deals and the total number of deliveries we expect each one will yield."

Following today's announcement, shares in GetSwift are down 2.5 per cent to $3.90 per share at 12.20pm AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 
Finexia acquires stockbroking and advisory team from Everblu Capital in a new milestone for future growth
Partner Content
Private credit specialist Finexia Financial Group (ASX: FNX) has acquired the Sydney-ba...
Finexia
Advertisement

Related Stories

Soul Patts offers $3 billion deal for Perpetual amidst asset management spin-off

Soul Patts offers $3 billion deal for Perpetual amidst asset management spin-off

Diversified investment house Washington H. Soul Pattinson and ...

Qualitas raising $50m to capitalise on fast-growing private credit portfolio

Qualitas raising $50m to capitalise on fast-growing private credit portfolio

Qualitas Real Estate Income Fund (ASX: QRI) is raising $50 million ...

The 7 charts that show Australians struggling as saving falls to near zero

The 7 charts that show Australians struggling as saving falls to near zero

The national accounts released by the Australian Bureau of Statisti...

Telstra forks out $24m as its history of wrongful billing finally bites

Telstra forks out $24m as its history of wrongful billing finally bites

Wrongfully charging customers for inactive internet services over m...