Cloud-based software as a service (SaaS) provider Yojee Limited (ASX: YOJ), a cloud-based software as a service (SaaS) logistics platform has received binding commitments of $20 million for a strongly supported share placement to new and existing institutional and sophisticated investors of 100 million shares at AU$0.20 per share.
The new shares to be issued under the Placement will rank equally with existing Yojee fully paid ordinary shares on issue. The Placement is being managed by Blue Ocean Equities Pty Limited and Euroz Securities Limited who acted as Joint Lead Managers.
Yojee Managing Director Ed Clarke said the funds raised from the Placement provide the company with the opportunity to fast track its growth and scale-up its projects within existing clients.
We have made robust progress in developing a very strong base of multi-year commercial agreements with three leading global freight forwarders and shippers operating in the region over the last 18 months,” Mr Clarke said.
“This has created a sales base that we can progressively grow across their regional operations and beyond over time and has importantly created very strong inbound interest from other leading freight forwarders.
“We were delighted with the level of support shown from new and existing investors for the capital raising, whereby the company received bids well in excess of what was being offered under the Placement.
“Funds from the Placement will give us a strong runway to achieve our next phase of growth and scale our technology platform efficiently.”
Mr Clarke said digitisation of the logistics industry is the solution to meeting the demands of customers and challenges faced by supply chains.
“The Yojee platform meets these demands through its digital solution resulting in visibility, accountability, and control of goods movements, which are especially complex in the APAC region where Yojee is primarily positioned. Leading global freight forwarders are seeking to grow their presence in APAC and broaden their service offering beyond traditional freight forwarding activities to include contract logistics, express services and to serve the burgeoning eCommerce industry.
“This presents an enormous addressable market for Yojee to deploy its platform across Enterprise and SME clients in the APAC region at a time when digitisation is the key conversation taking place across the logistics industry.”
Funds raised in this capital raise will be deployed into the following areas of the business:
- Building a team to support and fast track committed country deployments for large multinational groups along with any additional countries added;
- Fast tracking additional revenue generating features and functionality that forms part of Yojee’s strategy; and
- General working Capital.