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Motopia secures $15m funding facility

Motopia secures $15m funding facility

Mobile marketing and content company Motopia (ASX:MOT) has secured a $15 million long-term funding facility with US-based Dutchess Capital.

The agreement allows Motopia to access the funding at up to $300,000 per drawdown – increasing to $500,000 if both parties agree – in exchange for holdings in the company.

Under the terms of the deal, Dutchess Capital's stake in Motopia will at no time exceed 19.99%.

Motopia will apply the funds towards several projects it has in the pipeline, with plans to “accelerate the rollout of these projects in the months ahead,” CEO Matthew Gerard said.

He said the investment agreement “demonstrates that Motopia is on the world stage and that our suite of full service mobile marketing solutions is being noticed.”

Motopia, formerly known as MedicVision, changed its focus to the mobile content market last year after acquiring the mConnect group.

In the past five months, the company has also purchased an AFL app developer holding contracts with professional players, as well as another mobile app developer, 2morro Mobile.

MOT shares grew 5.97% in Friday's trading to $0.071.

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Tags ASX:MOTmobile applicationsfundingmobile advertisingDutchessMotopia

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