Booktopia Plans to Raise $10 Million through Equity Crowdfunding
Post by Sameena Farooq | Dec 06, 2018
Booktopia, an online bookstore is giving Australians a chance to purchase shares in the company with further plan to raise capital $10 Million.
First time in its history of nearly 15-years, Booktopia is planning to take investment from the outside public at a rate of $1 per share.
The online book retailer was popularly bootstrapped from a shoestring budget of $10 a day in 2004 which is now estimated an annual turnover of $120 million in 2018. Now, the owners are planning to raise the money from $10 million through investment platform Equitise.
According to Booktopia’s CEO, Tony Nash, the company always had the aim to view its customers as the most important investors.
He said, “We always believed that our customers are the major investors of our brand as they purchase books from us and we further use those funds for business growth”. He added, “ It’s quite satisfying and exciting that our customers will now get the chance to actually own their own piece of our future”.
The retailer said that it plans to use the collected capital to expand warehouse automation, grip more stock and persist to fund for the liquidity of the business.
This is the biggest equity crowdfunded capital ever raised through Equitise, and it’s the first time too that Booktopia has opened themselves up to external investors since its inauguration in 2004.
Booktopia is contributing 8.1 per cent of their business to the external investors Australians at $1 a share.
Christ Gilbert, Equitise founder said, “The investment platform is delightful to be working with Booktopia and we further look forward to a solid roadmap for future growth after funding”.
Earlier this year, Booktopia has evolved as Booktopia Publisher Services business and presenting itself as the wholesale distributor for both local as well as international publishers.
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