Gophr Appoints Chairman and Mandates for Capital Raising
Sydney, Mar 10, 2016 AEST (ABN Newswire) - Yonder and Beyond (
ASX:YNB) ("Yonder" or "the Company") is pleased to announce two significant milestones in relation to its on demand courier application Gophr (YNB 75% interest), both of which will position that company for significant and sustained future growth.
Highlights:
- Mr Eric McClean, former Chairman of Saffron Digital until its sale to HTC for $US50m, appointed as Chairman of Gophr,
- Gophr appoints prominent investment management and financial advisory firm Genii Capital UK, Ltd who are mandated to raise a Series Around of up to $AUD5m at least 9x Y & B's book value after just one year.
Firstly, Gophr has confirmed the appointment of Mr Eric McCLean as non-executive Chairman, effective immediately. Mr McClean was Chairman of Saffron Digital, which was led by YNB CEO Shashi Fernando from 2007 until its sale to HTC in 2011 for $US50m He has led numerous early stage companies through capital raising and currently serves as Non-Executive Director for Kirk Originals Limited in the UK, The Protein Ice Cream Company Limited in the UK and Selling Simplified Group in the USA.
Mr McClean, a chartered accountant, has extensive experience in providing advice at board level to companies in various industries. He has a deep understanding of business operations and strategy and has previously applied this experience in a dynamic technology startup environment.
Commenting on the appointment of Mr McCLean to the Gophr board, YNB CEO, Mr Shashi Fernando, said, "Yonder & Beyond and Gophr believe Eric, in his position as Gophr Chairman, will share his wealth of knowledge and experience as Gophr continues its evolution to expand new offerings and grow. We are confident his years of leadership experience will allow him to seamlessly take on the responsibilities of Chairman and we look forward to benefiting from his contributions to the company."
In addition of the appointment of a new Chairman, Gophr has also signed a mandate with prominent investment management and financial advisory firm Genii Capital UK, LTD to raise up to $AUD5m, at a substantial premium to the current carry value of Y & B's initial investment, reflecting the significant opportunity to scale the business following Gophr's post launch successes.
The completion of the capital raising will signify a significant value uplift for YNB, who invested a total of $AUD1m in cash and services in Gophr in March 2015, at a valuation of $AUD1.3m to earn a 75% interest.
Commenting on the appointment of Genii Capital UK, Ltd to raise funds for Gophr, Mr Fernando said, "significant investor interest has been generated in Gophr in recent months and we are delighted that the team from Genii Capital UK, Ltd have been appointed to maximise investor interests and conclude the Series A funding for Gophr.
"Should the raising be successful it will not only create a new valuation for Gophr and in turn our original investment, but also reduce the financial reliance of Gophr on the YNB business."
Gophr experienced a 69% increase in revenue in Q4 of 2015. The uplift is attributed to high sales over the quarter and the introduction of motorcycles and vans to its product offering. The expansion to the Gophr the business.
Gophr has seen its sales and revenue continue to increase throughout 2016, expecting to surpass its growth from previous quarters. It has done over 8k deliveries since official launch in August 2015.
About Gophr
Gophr is an on demand courier application, which allows users to order a courier, watch its delivery in real time and pay with a single tap. The company is currently experiencing rapid growth in the UK and recently partnered with Beats by Dr Dre.
Gophr was also featured as number 1 in The Daily Telegraph's '10 Best Apps for a Stress Free Christmas.'
Website: http://www.gophr.com
About Genii Capital
Genii Capital is a Luxembourg-based investment management and financial advisory firm, operating within the Finance division of The Genii Group. Genii Capital provides an unparalleled global network aiming to bring together highly experienced and talented people with an entrepreneurial investment philosophy. Genii Capital's investment management services do not follow traditional industrial segmentation but offer services in those markets where they are most relevant and where its expertise and network of partners will be of most value, including real estate, technology, automotive and energy. The firm offers independent financial advice to companies and governments in mergers and acquisitions, capital markets, as well as business development and strategic partnerships. Genii Capital's unique structure makes it the partner of choice for those seeking international, long-term progress, alongside a commitment to social responsibility and sustainable development. Website: www.genii-capital.com
About Yonder & Beyond Group Ltd
Yonder & Beyond Group Ltd (Y&B) (ASX:YNB) is a portfolio of synergistic technology assets with a focus on mobile businesses. These include Gophr, Boppl, Prism Digital, PlayMeet and MeU Mobile. Yonder & Beyond's strategy is to identify and develop disruptive applications with high commercialisation and scalability potential.
Yonder & Beyond equip startups with vital capabilities beyond capital. Our philosophy is to invest in people, as well as invest in their business, so they can both grow and succeed. We are dedicated to contributing to the development of businesses through our resources, experience and relationships.
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