Booktopia to crowdfund $10 million from its own customers
Australia’s largest online book retailer has launched a crowd-funding initiative to raise $10 million.
With house-saving ratios at their lowest level in almost 11 years, retailers are being forced to think outside the box to raise funds.
Two years ago, the company thought to raise up $30 million through a stock market listing, but due to a negative sentiment towards retailers, they shelved the idea.
Now, Chief Executive Tony Nash tells Ross Greenwood the company has launched Australia’s largest-ever equity crowd-fundraiser, to raise $10 million.
The retailer will offer 8.1 per cent of the business for investment at $1 per share.
He says the money will go into “three core areas” of the business.
“More automation… more stock… and the third is into operation liquidity.”
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