Applabs raises $3.8M to fast track global app product launches
Applabs Technologies Ltd (ASX: ALA) has raised $3.8M from investors with an oversubscribed equity raising aimed at accelerating the development of its mobile apps.
ALA issued 16.8M shares at $0.23 each to institutional and sophisticated investors, bringing its cash reserves up to more than $6M. In addition to the equity raising, ALA has also announced it will offer loyalty options to shareholders who hold stock, up until the 29th of April 2014.
More money to perfect and launch Home Open app
The tech developer says this fundraising will fast track the launch of its tech projects with a focus on its exclusive real estate app Home Open. This digital tool connects home seekers with real estate agents through online property listings and viewing schedules.
Online real estate in Australia is a multi-billion dollar industry and ALA wants to capture a significant market share. The app is free to download by users and real estate agents, while advertisers will be charged for space.
Using the new investor funds, ALA says it will expand the development team for Home Open to accelerate its final phase before launch later this year.
The budget for sales and marketing will also be expanded to build a larger user base and sign up more real estate agents and advertisers. ALA is finalising Home Open’s features with the help of a focus group and finishing a supporting website and version for Android smart phones.
Stuart Kidd, Managing Director of ALA, says the new capital raised from shareholders has come at a crucial time for the company. “We believe this is an opportune time to broaden our sales, design, marketing and in-house development teams given recent increased activity in the technology sector,” he says. “This is an exciting time to be an Applabs shareholder, with our upcoming loyalty options entitlement issue, acceleration of Home Open and our continual evaluation of opportunities in the technology sector.”
Roster Elf app set for global launch
Another app ALA is involved with, Roster Elf, has just announced it’s ramping up for a global launch in May 2014. ALA has a 25% stake in the online work schedule app and says its developers are in the final phase of testing, with a sales team in place and a supporting messaging centre ready to go.
Work to build a payment gateway for customers is underway and a marketing campaign is being put together to support the coming product launch to the global business market.
Kidd says Roster Elf’s management is working around the clock to perfect its product. ‘This is a very exciting time to be a shareholder in Roster Elf given the quality of the product that they have developed.’