A capital raising by real estate software developer AssetOwl (ASX: AO1) has added $1.5 million to the company’s efforts to rollout its new Inspector360 property management platform.
The non-renounceable pro-rata entitlement offer launched last month allowed eligible shareholders to purchase three new shares for every eight shares held.
New shares were offered at a price of $0.008 per share for a total issue of 112,957,805 shares to raise $903,662 before costs. This is in addition to the overbid placement of $600,000 completed on 7 May 2020.
Following an overbid placement, AssetOwl received applications for 78,950,708 new shares, including applications for 29,034,367 above shareholder entitlements, to raise $631,606 before costs.
The total included applications from company directors and their related parties for 22,523,214 new shares to raise $180,186.
Significant shareholder Ogee Australia Pty Ltd applied for $55,000 of its entitlements under the offer.
Next generation platform
AssetOwl’s Inspector360 has been marketed as a next generation photo-centric property management platform, designed to benefit property owners, tenants, agents and managers. It incorporates 360-degree imagery, video, voice-to-text and hot-spot mapping of floor plans to accurately document property condition reports and improve inspection process efficiency.
The app provides tenants, property managers and landlords with an exact record of the condition of their properties during a tenancy and when tenants move in and out.
Inspector360 builds on AssetOwl’s residential inspection software InspectorAsset, which uses virtual reality technology to create an internal view of a property to assist tenancy stakeholders.
AssetOwl chairman Simon Trevisan said funds raised from the capital raising would be used for the rollout of Inspector360, which is “stimulating great interest” throughout the property management and real estate agency markets.
It would also provide working capital for the company’s to grow its customer base.
Earlier this month, AssetOwl launched a targeted marketing campaign of Inspector360 platform in conjunction with keynote client PPM Group.
At midday, shares in AssetOwl were steady at $0.008.