MediaValet, which offers digital asset management software, has closed $3.5 million in a private placement.
MediaValet allows marketers to easily find, use, and share digital assets. The Toronto Stock Exchange-listed company, which used to be a digital production studio, launched in 2010 after finding that customers were asking how to store data on the cloud—an emerging technology set to replace on-premise storage.
This is MediaValet’s second private placement this year, after the company raised $1.5 million in February.
Today, the MediaValet platform is built exclusively on Microsoft Azure, and is available in 140 countries and across 54 Microsoft data centre regions.
David MacLaren, CEO of MediaValet, participated in the recent private placement, acquiring 92,500 units of the 6,666,666 units sold at $0.525 apiece.
This is MediaValet’s second private placement this year. In February 2019, the company raised $1.5 million from key executives, including board chairman Rob Chase, MacLaren, and former director Robert Garnett. The three collectively subscribed for $760,000, while new investors subscribed for $265,080 of the offering. The company plans to use the funding for working capital to meet its growth objectives.
“[Last year] was a tremendous year for MediaValet,” MacLaren said at the time. “We released several major product milestones … delivered a record level of billings in Q3, and in Q4 we signed a $150,000 USD per year AI-driven DAM customer. 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.”
As part of the $3.5 million placement, the company announced that Francis Shen would join the board of directors. Shen is the president of Shen Capital, a private investment company that invested $1.5 million in the private placement. Before founding Shen Capital, he was the former chairman, co-CEO and founder of Aastra Technologies, an enterprise communications platform that merged with Mitel in 2014 after 30 years operating under Shen.