DateTix Raises $1.3m In Private Placement

DateTix has just raised A$1.75m ($1.3m) through a recent private placement.

The private placement was at a fixed price of A$0.34 per share, and received strong support from new and existing investors from Asia and Australia.

Hong Kong-based DateTix, which earlier this year acquired premium UK brand Lovestruck, said the funding will be used to fund marketing initiatives and product development.

The business also said it will help accelerate revenue growth, as it looks to push its dating platforms into new markets.

DateTix founder & CEO Michael Ye said: “We are pleased with the continued support from our key existing investors and also welcome a group of new investors to our shareholder base.

“The funds raised will provide DateTix Group with greater financial flexibility to execute our strategic growth plans.

“We are now well positioned to scale our business in existing markets of Hong Kong, China, Singapore and the United Kingdom, and look forward to expanding our product portfolio into new markets in the next few quarters, with key focus areas being Southeast Asia and Great China, two of the fastest growing regions in the world for dating services.”

In July, the Hong Kong-based company bought UK premium dating brand Lovestruck, which was named the fifth fastest-growing UK tech company by Deloitte in 2013.

The deal, for 2m shares and an earn-out of over £154,000, was said to boost DateTix’s active user base by over 259%.

The company then followed this acquisition by purchasing Thai dating startup Noonswoon for 700,000 shares, worth around $212,000 at the time.

Noonswoon is a Tinder-style dating app with over 180,000 registered users, 85% of whom are based in Thailand.

Read more about the acquisition here.