Thursday, April 22, 2021

Sheffield cloud service specialist raises £7m in share placing

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.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

University of Sheffield spinout company raises £10m to advance stem cell therapy for hearing loss

University of Sheffield spinout company, Rinri Therapeutics, has raised a total of £10 million from investors and the UK Future Fund to advance its...

Progeny extends reach into Scotland with Affinity expansion

Progeny Group is continuing to extend its multi-disciplinary professional services into Scotland with the acquisition of Affinity financial planning practice. A five-strong team, Affinity was...

Bank of England to open to northern hub in Leeds

The Bank of England is set to open a new northern hub in Leeds as part of plans to bolster staff presence across the...

Rising distress for Yorkshire businesses despite gov support

Despite Government support measures designed to avoid mass insolvencies, businesses in Yorkshire and across the UK are experiencing rapidly escalating levels of distress. According to...

Business Revival Grant Fund to open for COVID-hit Lincolnshire businesses

Next week, City of Lincoln Council and West Lindsey District Council will launch a new Business Revival Grant Fund. The grant is aimed at supporting...

German ag machinery manufacturer relocates into £3m East Yorks premises

Grimme, a German manufacturer and supplier of agricultural machinery, has relocated into a £3 million purpose-built premises in East Yorkshire. The £45 million UK turnover...

Related news

University of Sheffield spinout company raises £10m to advance stem cell therapy for hearing loss

University of Sheffield spinout company, Rinri Therapeutics, has raised a total of £10 million from investors and the UK Future Fund to advance its...

Progeny extends reach into Scotland with Affinity expansion

Progeny Group is continuing to extend its multi-disciplinary professional services into Scotland with the acquisition of Affinity financial planning practice. A five-strong team, Affinity was...

Bank of England to open to northern hub in Leeds

The Bank of England is set to open a new northern hub in Leeds as part of plans to bolster staff presence across the...

Rising distress for Yorkshire businesses despite gov support

Despite Government support measures designed to avoid mass insolvencies, businesses in Yorkshire and across the UK are experiencing rapidly escalating levels of distress. According to...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close