Family Zone secures $5m investment

06/07/2018 - 11:16

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Tech company Family Zone Cyber Safety has raised $5 million via an equity investment from UK-based advisory firm Tellus Matrix.

Family Zone secures $5m investment
Tim Levy says the investment is a significant step for the company. Photo: Attila Csaszar

Tech company Family Zone Cyber Safety has raised $5 million via an equity investment from UK-based advisory firm Tellus Matrix.

Tellus has agreed to invest and underwrite a placement of 10 million shares at 50 cents each, with the proceeds set to be spent on improving Family Zone’s service delivery.

Family Zone said Tellus would use its global network to build commercial relationships for the tech company.

The company also announced the appointment of British diplomat Sir Peter Westmacott to its board as a non-executive director.

He was appointed companion of the order of St Michael and St George in 2000, promoted to knight commander in 2003 and knight grand cross in 2016.

“We are delighted that Tellus Matrix has agreed to this investment and to support our company moving forward,” managing director Tim Levy said.

“We are also honored that a gentleman of the calibre, wealth of knowledge and global networks of Sir Peter Westmacott has agreed to join our board.

“This moment marks a turning point for the company as Family Zone transitions to a global focus and attracts strategic investors in the key markets of US and U.K.”

Family Zone has also issued Tellus 500,000 options with a two-year term and an exercise price of 60 cents each for services provided in managing and underwriting the placement.

Shares in Family Zone were up 2.11 per cent at 48 cents each at 1240pm AEDT.

 

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