Proactive Investors - Blackbird PLC (LON:BIRD) has raised £1.05 million through the placement of 17.5 million new ordinary shares at 6p each, with the funds primarily directed towards the growth of the company's innovative elevate.io platform.
Elevate.io is a cutting-edge browser-based content creation tool tailored for the rapidly expanding creator economy.
Powered by Blackbird's proprietary technology, elevate.io is designed to simplify content creation, enhance collaboration, and provide a scalable plug-in architecture, aiming to address the current challenges faced by creators.
Ian McDonough, chief executive of Blackbird plc, commented on the placing: "As general access of elevate.io approaches, we have had a number of engaged high-net-worth individuals show interest in investing directly in our story.
“Together with some existing shareholders, we have raised additional funding to assist in the early months of elevate.io's growth."
The Creator Economy, valued at approximately $250 billion as of April 2023, is anticipated to double by 2027, with the tools and services segment, directly relevant to elevate.io, expected to surge to $180 billion by 2032.
Blackbird's entry into this market with elevate.io, developed through partnerships with AWS and other cloud service providers, is strategically positioned to leverage this growth, offering high performance and availability to its global user base.
Sold at a 16.5% discount to Wednesday’s closing price, the placing shares will constitute approximately 4.5% of the enlarged share capital once in circulation.
Allenby Capital served as the sole broker in the placing.