Online mall begins capital raising

Perth-based online department store has experienced a 212 per cent increase in sales to $154,500 for the quarter ending September 30, according to co-founder and CEO Andreas Adamides.

“This was achieved with less than $15,000 spent on marketing,” Mr Adamides said.

The company has launched its first capital raising round and hopes to achieve revenue of $18.9 million for the 12 months following capital raising.

The company remains internally funded.

This is its third year of operation.

“We believe that by raising the necessary capital, we can become profitable within 9 months and achieve revenue of $18.9 million within 12 months,” Mr Adamides said.

“We’ve survived when other online department stores have burnt through millions of dollars because we’ve been conservative with our spending and didn’t lose money while we were learning the ropes.”

He said capital raised would be used to strengthen the company’s internal mechanics, hire additional staff, purchase equipment and slightly increase the level of marketing spending.

He said the company had a lot to offer investors.

“BuyQuick is not a start-up – we have the credentials to prove a lucrative investment for an astute investor,” he said.

Mr Adamides said the website would gain seven new departments over the next three months.

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