Queensland mobile marketing startup OtherLevels today revealed it’s looking to list on the ASX before the end of the financial year.
Company founder Brendan O’Kane told Business Insider he’s hoping to raise $5-to-$10 million.
“We’re looking at listing in Australia on the Australian market,” he said.
O’Kane said the other funding alternatives were to either list in the US or search for venture capital money but with a head office in San Francisco and a number of international customers already on the books he considers the company global as it is and doesn’t need an international listing or foreign money to prove it.
“We don’t need to look at America to become global, we’ve got that,” he said. “The biggest thing is to make sure from day one you look at the worldwide audience.
“We have to measure ourselves against companies in the US and Europe.”
The listing will be a clean one, with backdoor and reverse takeover options already struck off the company’s option list.
When asked why the venture capital option had been cast aside O’Kane said the value wasn’t there.
“There’s an identical opportunity in the public money,” he said. “We don’t think we’re going to lose by being in the public space. The ASX is a large, mature stock exchange.”
OtherLevels has grown to 30 employees and managed to attract investment from Shark Tank judge Steve Baxter.
Baxter holds an 8% stake in the company. He told Business Insider he invested because it had a “great set of founders” and it was an “awesome piece of Australian ingenuity”.
“Mobile is growing, there’s a changing way that people are communicating with their customers,” he said, adding OtherLevels was a good business opportunity.
“We had some exposure to the mobile space and we knew people weren’t doing it well, we knew it could be done better.”