Tech company Intelicare has announced a successful $2.99 million raise with cornerstone fund.

SaaS aged care technology company Intelicare (ASX:ICR) has announced the successful completion of its Entitlement Offer, raising $2.99 million with the addition of a new cornerstone backer.

The Offer was strongly supported by shareholders, raising approximately $1.3 million, or a 44% take up. Advisory firm Westar Capital was allocated the shortfall.


Welcoming a new cornerstone investor

Following the announcement, Intelicare CEO Jason Waller said he was delighted to welcome a new cornerstone investor in Merchant Biotech Fund.

Merchant Biotech Fund has a significant background with early-stage med tech, health tech, biotech and life sciences companies and will hold 6% of the expanded share capital.

The raise follows a strong period of momentum for the business to end the year, with several new partnerships including with renowned care providers MercyCare and St John of God Healthcare.

Waller said the pick-up shows confidence from existing shareholders.

“We are very happy with the results of this raise and the continuing loyal support of our existing shareholders,” he said.

“Additionally, the quality of our new shareholders is impressive and will greatly assist in shaping our way forward as we continue to build on our record growth.”


Wrapping up a strong 2021

Following announcement of the partnership with MercyCare earlier this year, Intelicare’s stock price shot up 35%.

In October, the tech company reported 120% growth, with an increase in B2B partnerships.

The funds raised during this round will be used for growth opportunities to continue InteliCare’s success into 2022 and beyond.

This article was developed in collaboration with InteliCare, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.