Change: offered +67% / raised +221% / placed 90%
Oladas’ $750,000 equity financing round increased by 67% to cap at $1.25 million. An additional $780,000 worth of securities was placed by the company with three investors since the company last released data last June. This brings to $1.13 million the amount raised from the seven backers who subscribed to the offering. The subscription is structured to close once the 10% left is fully subscribed or in a few months at the latest. This is the first time the company is offering securities under regulation D of the Securities Act of 1933.
The company is behind the myLINGO smartphone application (app) which collects high-quality movie studios’ audio tracks in multiple different languages (up to 25) and make them available for live streaming in movie theaters worldwide. The app lets users download movie audio-tracks for 99 cents which are then synced to precise moments of an in-theater film, allowing non-English speakers or expatriates abroad to enjoy a movie in their native language.
The company, headquartered in Riverside CT, was registered in 2012. Oladas kept its revenues undisclosed.
The executive team includes Olenka Polak and Adam Polak (Co-founders). The board of directors includes Barclay Knapp (ProCapital).
Status: Intermediary close
Industry: Other Technology
Amount offered: $1.25 million
Amount placed: $1.13 million
First sale: 06-03-2013