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Summary
- REFFIND has received funding commitments from sophisticated investors for around $880,000.
- Proceeds from the capital raising program are planned to be directed towards funding product development as well as accelerating sales growth.
- RFN has seen significant growth in new customer signups, with the average number of new accounts reaching 72 per month since May.
- REFFIND remains focused on its strategic approach towards new customer acquisition and is committed to operational support.
SaaS solutions company, REFFIND Limited (ASX:RFN) has announced to have secured funding commitments from sophisticated investors to raise a sum of almost $880,000. The Company is primarily focused on identifying commercial opportunities to fast-track the commercial rollout of an enhanced version of its employee experience technology platform, WooBoard.
Interesting: Introducing REFFIND Limited (ASX:RFN)
RFN’s Capital Raising Worth $880,000
RFN is undertaking the capital raising program to finance its product development and speed up sales growth. The proceeds are also planned to meet working capital requirements and the costs of the offer.
The capital raising program is planned to be undertaken in two components, including the following:
The Company intends to issue shares at a price of $0.002 per share, which was the closing price on 17 July 2020.
Notably, the convertible notes intended to be issued will comprise a $0.002 conversion price and will be redeemable within 12 months with capitalised interest equivalent to 6% per annum paid on maturity.
Did you read: REFFIND Positioning WooBoard for Opportunities with Changing Work Practices
179% Increase in Number of New Accounts for RFN
REFFIND has been witnessing a growing interest in its intelligent employee recognition platform, WooBoard over the last three months. There has been a significant uplift in new customer signups with the average number of new accounts per month, reaching 72, which indicates a 179% increase from the previous three months.
RFN has been proactively in touch with the new accounts to offer support and identify ways through which it can serve to assist them in effectively integrating WooBoard into their organisation. The Company believes that this is in line with its strategic objectives to increase its overall subscriber base for WooBoard and channel fresh user acquisitions towards paid subscription-based accounts for persistent revenue generation.
Related: REFFIND’s WooBoard to Gain from Deployment as Essential Service in Fast-Growing Industries
In its strategic approach towards new customer acquisition, the ongoing operational support remains a critical pillar for RFN, which is committed to operational support.
WooBoard is an employee experience technology platform using a gamified, social cloud-based platform that allows employees to send recognition and share updates promptly. WooBoard is a modern way to appreciate employees, connect teams, and keep employees happy and engaged by creating a positive culture of recognition in the workplace.
More about WooBoard at: Understanding SaaS and REFFIND’s Employee Experience Technology Platform, WooBoard
Overall, RFN has been making continued efforts to enhance WooBoard’s platform functionality to offer optimal customer experience for users. Importantly, the Company has successfully finalised several activities to ensure that WooBoard complies with ISO 27001, with a focus on solidifying the platform’s security settings.
Stock Performance - On 22 July 2020 (AEST 03:21 PM), RFN was trading at $0.002. The stock has delivered a return of 100% to its shareholders in the last three months.
(Note: All currency in AUD unless specified otherwise)
