Vividthree has raised S$2.2 million after placing 37.5 million new shares to high-net worth individuals and institutional funds, including Evolve Capital Management, Asdew Acquisitions, Jin Xin Wealth Management and Cheong Wei Xiong, the company said in a filing to SGX Friday.
The placement shares were issued at S$0.05832 each, a discount of 10 percent to the volume weighted average price of S$0.0648 for trades on 16 November, the filing said.
Proceeds will be used for acquisitions and to fund new projects, such as digital non-fungible tokens (NFT) gaming, Vividthree said.
Charles Yeo, managing director of Vividthree, pointed to the company’s ability to attract new institutional and high-net-worth investors to its acquisition and growth strategies.
“The capital contribution provides us with an improved agility to capitalise on the numerous growth opportunities in front of us, such as the NFTs market, as well as to help strengthen the investments in the organic development of the company,” Yeo said in the statement. “We have a few exciting projects and acquisitions which will allow us to further develop our monetisation strategies.”
Vividthree noted it is in preliminary talks with several parties, including GammaR, which is a platform assisting NFT game developers with bringing their innovations to the market. NFT games have become popular, partially due to a play-to-earn model, Vividthree said.
Andy Chi, partner/CEO of Evolve Capital Management, said the investment aligns with his firm’s mandate.
“We are excited to partner with Vividthree to help accelerate the execution of their growth strategies across several compelling organic and inorganic opportunities. The evolving and robust growth dynamics of the overall NFT ecosystem presents a number of tangible, synergistic
opportunities which Vividthree will be well-positioned to capitalize on,” Chi said in the statement.