Vogogo raised $12.5 million in new financingbr>
Vogogo announced it has raised $12.5m as part of a bought deal financing round led by prior investors Beacon Securities, Clarus Securities and Salmon Partners.
The funding brings the public company’s total fundraising to $21m since the start of 2014. Vogogo raised $8.5m in venture funding in August of last year, prior to its debut on the Toronto Stock Exchange in September.
Vogogo CEO Geoff Gordon indicated that the funds will be used by the company for key acquisitions, security deposits with banking partners and in furthering its first-mover advantage as a compliance-focused firm in the cryptocurrency space.
Gordon added that the funds will help “settle down” the company’s stock, which has declined from a three-month high of $3.50 per share on 10th April to a press-time total of $1.93.
Vogogo is an online payments service provider.