Cloud video editing platform Blackbird plc intends to raise over £1 million through a share placing, according to reports. Allenby Capital is brokering the sale of 17,500,002 new shares at a price of 6.0 pence each, equating to 4.53% of the company’s issued share capital. The funds raised will be used for the growth of elevate.io, a new browser-based content creation tool for the creator economy, built natively with the help of AWS and other cloud service providers. Blackbird CEO Ian McDonough explained that the new funding will help with the early months of elevate.io’s growth as it advances toward general access. Some members of the board are also contributing, with approximately £70,000 being invested by Blackbird’s board and an additional £50,000 contributed by McDonough and his family.
Cloud video editing platform Blackbird plc intends to raise over £1 million through a share placing, according to reports. Allenby Capital is brokering the sale of 17,500,002 new shares at a price of 6.0 pence each, equating to 4.53% of the company’s issued share capital. The funds raised will be used for the growth of elevate.io, a new browser-based content creation tool for the creator economy, built natively with the help of AWS and other cloud service providers. Blackbird CEO Ian McDonough explained that the new funding will help with the early months of elevate.io’s growth as it advances toward general access. Some members of the board are also contributing, with approximately £70,000 being invested by Blackbird’s board and an additional £50,000 contributed by McDonough and his family.