MOKO raises $8m

Perth-founded technology business MOKO Social Media has announced it has raised $8 million through a share placement to further developments in the US.

The company has allocated 38.1 million shares to institutional and sophisticated investors at an issue price of 21 cents per share - slightly lower than the current price of 23 cents per share.

The placement was managed by Euroz Securities with Foster Stockbroking acting as the lead broker.

MOKO specialises in building mobile platforms to facilitate social communities for specific groups.

It recently signed deals to develop such platforms for running and political communities in the US and is heading towards rolling out its sports-focused REC.IT.

Chairman Greg McCann said the funds raised would help MOKO continue to develop those projects as well as allowing it to assess new opportunities.