Adveritas raised $2.5 million through a strongly supported share placement to existing long-term shareholders and new investors.
Funds will be used to target global growth, focusing on the US gaming and betting market, to develop client-driven features, for key product enhancements, and to streamline the onboarding process to shorten the sales cycle for its significant pipeline of enterprise clients.
The placement includes the issuance of 50,000,000 new fully paid ordinary shares at 5 cents per share in two tranches, with the first tranche raising $2.2 million and the second tranche raising $275,000, to be approved by shareholders.