Mobile app SDK developer, Sapho, filed for first close after raising 64% of its financing round

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XDATA – May 7th 2015
$8.25 million worth of mezzanine securities started to be placed by Sapho almost two weeks ago. Based on the information disclosed, a total of eighteen investors bought 64% of the $12.91 million security offering. $4.66 million in additional funding can be raised before April 2016 based on the placement’s structure. Sapho is offering unregistered securities for the first time under regulation D of the Securities Act of 1933.
Sapho markets and develops a software development kit that easily enables developers to build and deploy secure mobile applications (apps) that seamlessly integrate with existing on-premise and cloud-based IT infrastructure. Enterprises can build custom mobile apps that extend infrastructure, software, and services to mobile in a way that is valuable to management and delightful for end users. The company is backed by Great Oaks Venture Capital, SoftTech, Bloomberg Beta, and angel investors Andy Rankin, Brad Jones, and Raymond Tonsing.
Fouad Einaggar (CEO) leads the San Francisco CA based company which was registered in 2013. Sapho kept its revenues undisclosed.
The executive team includes Fouad Elnaggar and Peter Yared.
The board of directors includes Bill Coleman.
Offering recap
Status: First close
Company: Sapho
Industry: Other
Amount offered: $12.91 million
Amount placed: $8.25 million
SEC filing: Source
First sale: 04-24-2015
Data as of: 05-07-2015

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