Metro One Telecommunications, Inc. Raises $1.98 Million in PIPE to further advance its transition to a SaaS based mCommerce Platform
Metro One Telecommunications, Inc. announced that it has raised $1.98 million in gross proceeds resulting from the sale of its common stock and warrants to purchase common stock to certain institutional investors and family offices in a private investment in public equity (“PIPE”).
This financing comes 6 months after Metro One raised $3.25 million of financing in a SAFE round for the purpose of acquiring assets of Royal App Ltd. (“Royal App“) out of insolvency proceedings through its wholly-owned Israeli subsidiary, Stratford Ltd. The additional funds will enable the company to transition its existing platform to a modular SaaS solution capitalizing on emerging opportunities driven by unprecedented demand and growth within the mobile commerce space.
“We plan to use the funding to transition our technology to a scalable global mCommerce as a service platform, strengthening our network integration capabilities with existing eCommerce platforms, expanding our presence across high-growth markets in the US and Europe as well as providing an intuitive out of the box solution for small, medium retailers,” said Bianca Meger, CEO of Metro One.
Metro One is changing the way retailers integrate mobile commerce solutions within their businesses. Utilizing a combination of mobile tech, AI and machine learning, the company enables retailers to quickly and easily put their businesses online and significantly increase customer retention, basket size and lifetime value.
Metro One Chairman, Nani Maoz said “In 2021, mobile will make up approximately 73% of all e-commerce sales, this translates to three out of every four dollars spent on online. As we complete a private placement of approximately $2M, with Bianca Meger, our newly appointed CEO, participating with a personal investment, we look forward to speeding up the integration of Shelfy’s new SaaS product with leading platforms for online retailers.”
The shares of the Company’s common stock and the warrants to purchase common stock sold in the PIPE have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state or other jurisdiction’s securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws.