With A Reverse ASX Listing On The Way Spring.me Is Hoping To Raise More Cash

Australian social network Spring.me expects to officially list onto the Australian Stock Exchange next month, but is hoping to raise $3-$5 million before the bell rings.

The company is backing onto the ASX through a reverse takeover of Sping.me’s parent Helpa Inc by listed financial firm GRP Corporation, which it hopes will be completed before December.

The latest raise of up to $5 million, targeting institutional investors, follows its previous $1.8 million round and is being jointly managed by DJ Carmichael and BBY.

Founded by executive chairman Colin Fabig, Spring.me was launched in July 2013 with the idea you can make new friends online through Q&A. It has since grown to about 5 million regular users.

“Just like travel sites are now the place to book holidays and dating sites the first place to start a new romance – we expect in the future, people will see Spring Networks as the first place to go to make friends from all over the world,” Fabig said.

Once the deal is done the company will be known as Spring Networks.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.