$7.2 million was raised by Addvocate following the successful placement and issuance of its unregistered equity securities. A total of twenty-three investors participated to the non-brokered placement which started on November 24th. The equity offering’s estimated net proceeds amount to $6.93 million excluding $263,000 earmarked for the payment of officers’ salaries. No offering was previously initiated by the company under a registration exemption with the SEC.
Addvocate develops and markets a single platform that provides a complete workflow for the discovery, curation, delivery, amplification, and analysis of unique content, eliminating the massive time and dollar investment required to create all original brand content. The company which merged with Trapit, is now backed by Rogers Venture Partners and Astro Digital.
Piers Cooper (President) leads the San Francisco CA based company which was registered in 2012. Addvocate elected to keep its revenues undisclosed.
The executive team includes Gary Griffiths, Henry Nothhaft, John Flynn, Jonathan Moore, Michael Rudolph, Patricia Hume and Thomas Ziemer.
The board of directors includes Brian Lenz and Will Stewart.
In a concurrent filing, the company disclosed issuing $7.69 million worth of securities as part of the merger with Trapit.