Nearmap in $70m raising

06/09/2018 - 15:40

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Aerial imagery company Nearmap has boosted its coffers with a $70 million capital raising, with the proceeds set to be spent on sales and marketing.

Nearmap in $70m raising
Nearmap chief executive Rob Newman. Photo: Attila Csaszar

Aerial imagery company Nearmap has boosted its coffers with a $70 million capital raising, with the proceeds set to be spent on sales and marketing.

The company issued shares $1.60 each under the institutional placement, which was underwritten by Macquarie Capital and Canaccord Genuity.

NSW-based Nearmap, which previously ran its operations in Perth, said it would use the proceeds across sales and marketing, international partnerships and technology.

The company said it planned to increase its sales offering in the US, while also expanding beyond its current customer base in Australia, New Zealand and America.

It is also targeting improvements in its technology to enhance the quality of data provided by the company.

Shares in Nearmap last changed hands at $1.80 each.

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