Published on: March 31, 2021
£7.4m fundraising to provide growth capital
ZOO Digital has successfully raised £7.4m ($10.3m) gross proceeds through an oversubscribed issue of 7.45m shares at 100p per share, a 6% discount to the 106.5p last closing price. The net proceeds are intended to bolster ZOO’s commercial position by supporting further scaling of the business, through growing the R&D team, including establishing a longer-range research function; establishing regional hubs for media services (India, South East Asia); expanding international business development and service delivery teams; increasing capital expenditure; and providing general working capital. CEO Stuart Green emphasises ZOO’s medium-term target to achieve $100m in sales and confirms the company’s plan to continue to invest for growth and win market share to become one of the largest end-to-end localisation and media service providers in an expanding global market.