KiwiTech disclosed a first close of $750,000 on its $1 million equity offering. Nine investors subscribed to the offering which was initiated in August 2012. Until now the company had raised an estimated $1.5 million via two offerings which took place over the last three years.
The company develops mobile applications (apps) targeting the publishing, entertainment, healthcare, and financial sectors among others. KiwiTech has developed over 750 apps for iPhone, Android, Windows 8 and HTML5 platforms. The company recently announced a strategic investment in Loopster a video editing software.
The company was founded in 2009 by Rakesh Gupta (CEO), Anita Gupta (President, Gurvinder Batra (CTO) and Neal Gupta (Managing Director). KiwiTech is headquartered in Washington DC and reported revenues on or below $5 million for the latest available reporting period.
Status: First close
First sale: 07/27/12