ASX-listed guest WiFi, analytics and marketing tools provider Skyfii has completed a successful funding round of more than $4 million, primarily to fund continued expansion in new markets including North America and EMEA.
Wayne Arthur, Chief Executive Officer, Skyfii (ASX:SKF) said the money, raised from new and existing shareholders will help Skyfii target the fast-growing WiFi as a Service market, predicted to be worth $7.92 billion by 2021, up from $1.57 billion in 2016.
The majority of the funding came from existing shareholders, including Jan Cameron, founder of the Kathmandu clothing and outdoor equipment company, and the White family of the Ray White real estate group. New investors include Peter Gammell, chairman of Octet Finance and former chief executive officer of Seven Group and Richard Freudenstein, former chief executive officer of Foxtel.
Arthur said that since its last capital raise 12 months ago, Skyfii has gained significant momentum, with cash receipts in the previous quarter more than $1.1 million, double the$545,000 in the corresponding quarter last year.
{loadposition peter}“Our investors see the potential in Skyfii and the wider market and are committed to the long-term future of the company.
“The funding will allow us to act on new opportunities we’ve identified in the market, particularly in North America and EMEA.
“I’d like to thank our shareholders for their confidence in Skyfii’s business, strategy and the continued development of our world-leading technology platform.”
Arthur said research firm MarketsandMarkets tipped analytics services – such as those provided by Skyfii – to be the fastest-growing component of the WiFi as a Service market.