Xooker LLC successfully offered 59% of its $300,000 non-brokered equity offering. Nine investors subscribed to a total of $170,000. The company expects to raise an additional $130,000 to close the offering within a year. This is the first known offering initiated by the company on the US private placement market. The equity offering’s expected net proceeds will amount to $270,000 which excludes $30,000 to be paid toward officers’ salaries.
The company is developing a real-time location-based marketing application (app) for cell phones. The app is centered around a 3D cube designed for users to navigate between local merchants’ offers and loyalty program as well as mini-games. The company expects to release the user’s app for free. A monthly subscription would cost merchants’ between $70 to $400 per month depending on the campaign’s size. Companies offering similar apps were in the market raising money over the past few months, these were Yillio, Postelio, FOMO Media and ROXIMITY.
The company, headquartered in Lexington KY, is led by Tom Nickell (Founder and CEO). The executive team includes Greg Hammond (Game Design & Technical Lead) and Conrad R. Carney II (Founder). Mr. Carney is the CEO of CMSText a mobile marketing company for restaurants in the US & Canada which is endorsed by the National Restaurant Association. The company expects to initiate fundraising for a $1 million Series B preferred round in 2014 to complete development and beta testing and will seek around $25 million for the deployment phase.
Status: First close
Company: Xooker LLC
Industry: Other Technology
Amount offered: $300,000
Amount placed: $170,000