Live TV and on-demand paid video content provider SyQic has raised £3.2 million through an oversubscribed fundraising ahead of joining London’s junior exchange.
The London-headquartered business is engaged with the mobile market through its Yoonic platform, which allows for high definition streaming. Yoonic can stream live media content as well as video-on-demand content with over 20,000 titles, and access to over 70 live channels.
Jamal Hassim, CEO of SyQic, comments, ‘SyQic is operating in a fast growth market and the company is at a pivotal stage in its development with the international roll out of our OTT mobile video streaming platform.
‘We are delighted with the high levels of institutional demand for our fundraising and the board is confident that the group’s proposed admission to AIM will support the company in the next phase of its growth.’
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- Reverse takeover for AIM-listed Trakm8
SyQic has outlined 4 December as the date it will join AIM, when it will then look to build on its footprint in the Philippines, Indonesia and Malaysia. The business is also hoping to launch in the UK before the end of 2013, them moving into Europe and other Asian nations.
Revenue growth in the last three years has seen the business move from £987,000 in 2010 to £3.9 million in 2012, and bring in a profit before tax of £625,000 in 2012.
According to a statement, SyQic believes that the roll out of 3G and 4G services is leading to increasing demand for mobile video content.
‘We look forward to working alongside our existing and new shareholders as we make further progress in this rapidly growing and exciting market,’ Hassim adds.