MediaValet, a publicly traded, digital asset management (DAM) software provider, has announced a fully subscribed, non-brokered private placement, raising $1,551,350 from its key executives and other investors.
Investors in this private funding round include, the current board chairman Rob Chase, current CEO David MacLaren, and former director Robert Garnett, who have collectively subscribed for $760,000, while new investors have subscribed for $265,080 of the offering.
“We’re entering 2019 with unprecedented momentum and opportunity, setting the stage for an exciting growth year.”
The private placement was comprised of 10 percent unsecured convertible debentures at an issue price of $1,000 per debenture. Each $1,000 debenture includes warrants to purchase 20,000 common shares in MediaValet, at an exercise price of $0.05 per share. The purchase warrants also expire three years after the date of issue.
MediaValet’s cloud-based enterprise DAM software is built exclusively on Microsoft Azure and is available in 140 countries and across 54 Microsoft data centre regions. As well as offering DAM capabilities and local cloud support to creative teams, the Vancouver-based company offers a variety of integrations, including ones with Slack, Adobe Creative Suite, Microsoft Office 365, WordPress, and Hootsuite. MediaValet said it intends to use the net proceeds of the offering to fund its “growth objectives” and to continue with its strategic plan. The offering’s completion has yet to be approved by the TSX Venture Exchange.
MediaValet has been a finalist of the BC Tech Associations’ Technology Impact Award for adoption of technology, and has placed on the Canadian Innovation Exchange’s top 20 most innovative public technology companies list.
The company also announced that Thomas Kenny and Jake Sorofman have joined MediaValet’s board of directors. Barry Jinks, who is co-founder, CEO and President of Colligo, has resigned from the board.
“We welcome the addition of Thomas and Jake to our board of directors,” said MediaValet founder and CEO, David MacLaren. “As our business accelerates into 2019, their extensive leadership, sales and marketing, and high growth tech experience will be invaluable to our team. On behalf of everyone at MediaValet and all of our investors, I want to thank Barry for his valued support and guidance over the years.”
Since 2017, Thomas Kenny has acted as VP of sales for GRC, a tech startup providing immersion cooling solutions for large data centers, where he has helped grow revenues by over 400 percent. He served as Senior VP and GM of Sales and Marketing for Absolute Software, a SaaS in endpoint security. Prior to Absolute, he spent 16 years at HP, where he helped grow its revenues from $350 million to nearly $3.8 billion. Thomas has also held sales management and account management roles at Compaq Computer Corp, Digital Equipment Corp, US Robotics and Zenith Data Systems.
Jake Sorofman is the chief marketing officer of Pendo, an American-based SaaS company that provides insights, guidance, and communication for digital product teams. Before Pendo, Sorofman was Vice President and Chief of Research at Gartner, a global research and advisory firm, where he advised clients on CMO topics, including DAM. He spent 16 years in marketing leadership roles with venture-backed software companies like rPath, Systinet, and eRoom.
“[Last year] was a tremendous year for MediaValet, we released several major product milestones, including V4 and Creative Spaces, delivered a record level of billings in Q3, and in Q4 we signed a $150,000 USD per year AI-driven DAM customer,” said MacLaren. “We’re entering 2019 with unprecedented momentum and opportunity, setting the stage for an exciting growth year and one that will benefit from the guidance and support of Mr. Sorofman, Mr. Kenny and our entire board.”
Image courtesy MediaValet.