Spoke is raising $US$4.5M on US$8M pre-money.
Over 80% committed, closing on Friday 15th November 2019.
In August of this year Spoke raised a convertible note to provide bridging capital ahead of the current Series A capital raise. The convertible note of NZ$500,000 was fully subscribed by Marbruck Investments, a Venture Capital firm. Along with signing the convertible note, Spoke also signed a Series A term sheet on a pre-money valuation of US$8 million with Marbruck. Their investment was to be US$2,000,000, with an additional US$1,000,000 available for existing and new investors. The term sheet was conditional on the company reaching a “market validation event”, such as a resale agreement with a telco or receiving investment from a company in the telecommunications sector.
Spoke successfully demonstrated this market validation event when they signed a resale agreement with Twilio, a US$16 billion US listed company that provides a telephony infrastructure platform. Subsequently Marbruck decided to take the whole US$3m and allow an additional US$1.5m for oversubscription, bringing the total in the round to US$4.5m. On this basis, Spoke is opening an oversubscription on the original capital raise of US$1.5m, with half of the oversubscription already accounted for by existing investors.
With a number of significant partnerships and channels signed, the most important of which being the Twilio resale agreement, I will be doubling down on my previous investment and investing a further $100,000 in this round. I hope after reading through the DD update below, you will join me. Should you have any questions, please feel free to contact me.
Best regards from Phil Southward, FKA Champion for Spoke ◇ November 2019
Small PRINT: Minimum investment level. $5,000 for FKAngels, $1,000 for U35, $10,000 for general co-investors via FKA Nominees Limited, ZERO COMMISSION charged to founders and investors. The Commitment Sheet also takes commitments at a $5,000 minimum for investments via the nominees vehicles of other Angel Groups for which their normal conditions and fees will apply, limited to 3% commission for combined fees on investors and/or founders in accordance with AANZ syndication practice.