Yojee raises $20m

Cloud-based software provider Yojee has raised $20 million to help fast track service deployment and develop additional features for its platform.

Singapore-based and Perth-registered, Yojee provides software to help ease processes across the logistics supply chain by using AI and block chain technologies.

Euroz Securities and Blue Ocean Equities led the placement with 100 million shares being issued at $0.20 apiece.

Yojee managing director Edward Clarke said the company had made robust progress in developing a strong base of multi-year commercial agreements.

“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,” Mr Clarke said.

“We were delighted with the level of support shown from new and existing investors for the capital rising, whereby the company received bids well in excess of what was being offered under the placement.

“The funds raised from the placement provide us with the opportunity to fast track our growth and scale-up our projects within existing clients.

“Funds from the placement will give us a strong runway to achieve our next phase of growth and scale our technology platform efficiently.”

Shares in Yojee were trading at $0.24 at 12:30pm AEST.