NZ Funds, Bhatnagar support $6m capital raise by GEO

NZX-lised GEO has raised $6m from a share placement. Photo / File

NZX-listed GEO, which provides software platforms for tradies, said it had raised $6 million from a share placement at 13c a share.

The company plans a subsequent capital raise to enable the shareholder base to participate at the same price.

GEO said the placement was strongly supported by existing shareholders and introduced prominent New Zealand investors, NZ Funds and Bhatnagar Securities, to the share register.

The proceeds of the capital raise were intended to be used for general working capital purposes as the company continued to accelerate its growth strategy.

Chief executive Tim Molloy said the company had established strong momentum in 2021.

"Our focus market of 'tradies' and 'home services' remains early in its transformation to digital and this substantial funding round puts GEO in a strong position to address and capture that large market opportunity," he said in a notice to the NZX.

Funding from this round would be applied to accelerating the development of GEO's platform and supporting increased go-to-market investment and activities in both Australia and New Zealand and international markets.

GEO is a "software as a service" (or SaaS) provider specialising in software platforms for tradies, field and home service businesses.

The company said demand for its products is growing quickly as the global mobile workforce expands.

GEO shares last traded at 17c, up 1.2c or 7.6 per cent.