Family Zone taps investors for $5m

Local tech company Family Zone Cyber Safety has raised $5.2 million from investors to fund growth opportunities in new markets and bolster its balance sheet.

ASX-listed Family Zone raised the funds through the placement of 13 million shares at 40 cents each to new and existing institutional investors from Sydney, Melbourne, Hong Kong and Singapore.

“We are delighted with the level and quality of interest received in this placement,” Family Zone managing director Tim Levy said.

“This is clearly a recognition of our execution and our progress plus the immense opportunities opening up to us.

“This capital raising leaves the company well-funded to deliver into our rapidly expanding presence in education and to push harder into the enormous global opportunities in consumer, education and telco partnerships.”

Last month, the company announced it would launch a suite of family-safe online digital products into the Indonesian market, through a deal with Indonesia’s largest mobile carrier Telkomsel, which is part-owned by SingTel.

BW Equities acted as lead manager to the raising.

Shares in Family Zone were 12.1 per cent higher to 46 cents each at 11:45am.