To further scale its online travel platform, Jayride underwent a AU$3.5 million placement at AU$0.30 per share.
Jayride Group (ASX:JAY), a travel platform focused on transfer comparisons announced that it has completed a AU$3.5 million placement from new and existing institutional investors. The Sydney-based company received funding from Thorney Investment Group, among others, for working capital purposes. Currently, Jayride offers services across several continents including Europe, Africa, Asia and South America.
As quoted in the press release:
● Jayride undertakes a Placement and SPP to raise an estimated $5 million
● Placement has raised $3.2 million and was heavily subscribed with strong
support from new and existing institutional and sophisticated investors
● Placement supported by high-quality institutional investors including Thorney
Investment Group which will hold over 5% of the Company
● Share Purchase Plan at the Placement price with $0.3 million in commitments
from the Chairman, Managing Director, Non-Executive Directors and senior
managers to raise an additional estimated $1.5 million
● Jayride now well funded on a high-growth path to profitability, with funds raised
through the Placement and SPP to improve Jayride traveller experience at scale,
and to provide necessary working capital required to further grow the Company
● Jayride seeks to expand its board with new skills in scaling global travel platforms