Another Australian tech company is about to list on the stock exchange through the back door.
Retail startup SkyFii is looking to raise $3.5 million at the minimum issue price of 20 cents a share as it lists through RKS Consolidated later next month.
“SkyFii was actually approached by the shell as a means of taking the company public. It conducted its own due diligence on the shell and also the other options available to it to raise growth capital at the time,” a company spokesperson said.
The majority of the funds will be used for business growth and development. A company spokesperson told Business Insider the purpose of the raise was not to build or validate the business model and technology, but to advance R&D, hire more staff and expand internationally.
The company uses data to drive sales and customer loyalty in retail spaces. It captures and analyses customer behaviour and feeds the insights back to retailers enabling them to deliver real-time, targeted content and offers.
SkyFii is looking to roll out its hyper-local advertising tech across shopping centres, and major venues including sporting arenas and transport hubs. It’s already working with some big companies to deliver guest Wi-Fi and analytics at a couple of Australian shopping centres.
The company said it has a strong pipeline of both existing and potential clients. Its business model is based around a land grab to secure contracts with all major retail property groups and then progressively roll-out their data capturing and analysing platform centre-by-centre.
SkyFii also has a presence in Indonesia, South Africa and Brazil.
Its investor list also includes WIN television owner Bruce Gordon and the White Family Office which is involved in the Ray White real estate franchise.