Family Zone has raised $5.5 million via a placement to shareholders issuing 35,483,872 shares at $0.155 per share.
Family Zone operates a cloud-based platform which monitors child use of the internet. Funds will go towards further development, inventory, sustaining growth for active users and engineering costs.
The application allows parents to restrict certain applications and websites. At home, a specialised Family Zone router filters the Wi-Fi connection at home with the parent’s controls.
Outside of the house, the application on the device continues to enforce those restrictions. The company expects a revenue cash-flow breakeven in the first half of 2020.
Family Zone director Tim Levy says the raise welcomed a number of new institutional investors and outlined a number of achievements.
“Key milestones include rapid school update in the USA (now over 270 schools), remarkable parent uptake in Australian schools (at around 45 per cent) and continued doubling of our recurring income.
“We are projecting top-line revenues at the high end of $8 million to $9 million in FY19,” Levy also said.
Family Zone can filter specific applications, websites, and keywords searched on devices.
Levy also mentioned the hope to expand from Australia and New Zealand to the American Market and eventually the global market.