ZOO Digital, a Sheffield-based provider of end-to-end cloud-based localisation and media services to the global entertainment industry, has raised £7.4 million through a share placing.
The directors intend to use the net proceeds to accelerate the listed businesses’ commercial position by building balance sheet strength.
Specifically, they will grow the R&D team, establish regional hubs for media services in India and South East Asian, expand international business development, expand the service delivery teams, and provide general working capital.
Moreover, the company forecasts that the proceeds will provide sufficient working capital to the Company in the current macroeconomic environment for at least the next 12 months.
CEO Stuart Green said: “The structural shift to remote working within our sector has gathered pace over the last 12 months alongside the accelerated adoption of streaming services and demand for back catalogue programming.
“As a leading innovator in the sector, ZOO is well placed to address the significant and growing requirements of the global entertainment industry for our cloud-based market-leading services.
“The proceeds from this fundraise will enable ZOO to boost our R&D capabilities and expand our international business to further build on our position within the market.
“With a medium-term target to achieve $100 million in sales, we plan to continue to invest for growth and win market share to become one of the largest end-to-end vendors in an expanding global market.”