Sydney startup Newzulu will continue its global expansion after successfully raising $11.5 million in capital, the crowd-sourced media company announced.
Newzulu has developed a platform that allows anyone with a smartphone to share news, get published and get paid.
The recent fundraising, which capitalises Newzulu at about $57.5 million, was completed with investments by a range of media-related investors, institutional investors, high net worth individuals, directors and existing shareholders of the company, NewZulu said.
The capital will help the company complete acquisition and integration of Filemobile, a Canadian software company. Newzulu purchased Filemobile in October last year for about $5 million.
In addition, the capital will help fuel Newzulu’s international expansion in the US and Europe, global launches of its live video streaming news and advertising platforms, and ongoing research and development, it said.
“We believe Newzulu has the ability over the next two years to build significant revenues through selling software platforms, editorial services like Newzulu Live and brand creative services globally,” said Newzulu executive chairman, Alexander Hartman.
Wentworth Global Capital Partners was lead manager to the capital raising. Newzulu has engaged Fosters Stockbroking to provide equity capital markets services.