- SportsHero (SHO) has received binding commitments to raise $1.5 million to fund its next stage of growth in Indonesia
- The company intends to issue 50 million fully paid ordinary shares at 3 cents each, along with 25 million free attaching options
- The proceeds will fund product and feature enhancements for the company’s Olahbola app, marketing and user acquisition and the expansion of content and sales teams
- Earlier this week, the Olahbola app reached more than 2.7 million unique users following a month of record growth
- SportsHero is up 2.94 per cent to 3.5 cents per share
SportsHero (SHO) has received binding commitments to raise $1.5 million to fund its next stage of growth in Indonesia.
Under the terms of the offering, the Singapore-based company will issue 50 million fully paid ordinary shares to sophisticated and institutional investors at 3 cents each, along with 25 million free attaching options.
Each option will be exercisable at five cents per share until December 16, 2022.
The proceeds will support product and feature enhancements for SportsHero’s Olahbola app, expand the company’s Indonesia-based sales team, bolster marketing and user acquisitions efforts — focusing on user retention and engagement — and expand its existing content team.
Tom Lapping, CEO of SportsHero, said the additional funding will allow the company to capitalise on the “enormous momentum” that has been generated since the launch of the Ohlabola app in early July last year, which in itself is generating a number of commercial opportunities.
“Our goal is to utilise our premium white label digital technologies, in conjunction with official sporting associations and partners, to generate meaningful revenue flows from multiple sports and sporting groups across our platforms globally,” he added.
Earlier this week, the Ohlabola app surpassed 2.7 million unique users following record growth in January.
SportsHero is up 2.94 per cent to 3.5 cents per share at 2:09 pm AEDT.