Footfalls & Heartbeats Raises New Capital From Existing Investors

-New external capital raising launched with 2/3 of target already committed by eager investors-

Smart textile business Footfalls & Heartbeats has launched a new round of external capital raising, after securing 2/3 of its $1 million initial target capital from existing investors.

Footfalls & Heartbeats Managing Director, Dr Roland Toder, says securing 2/3 of the initial NZD$1m target from existing investors is a clear validation that Footfalls’ initial investors remain confident in the direction of the business and are eager to see – and fund – more growth:

“To have over two thirds of our initial $1m target already secured from our existing seed investors puts Footfalls in a strong position to go out and seek new investors in this external raise. Our internal raise took place over just one month, and our investors were keen to put additional capital into the business because the results speak for themselves. We can accept up to $2 million of new investment in total through over-subscriptions so there is plenty of opportunity for new investors to participate.”

Footfalls & Heartbeats’ directors, including the Managing Director, are also investing in the business in the current capital raising round 2.

Toder says; “After securing our first global licensing agreement earlier this year, we are now in negotiations about numerous additional licensing deals, and we are also building our internal leadership team. All of these activities and tangible results send very favourable messages to the investor market.

“With two thirds of our initial target committed, we are now looking to engage with new investors, many of whom will be interested in having a stake in a business that is leading the way in the rapidly growing smart textile industry. The industry is worth over $1b globally, and Footfalls is a powerful platform that provides the underpinning technology for many applications of smart fabrics. “From wearable technology, to medical uses, to high performance sportswear and even public transport, there are many diverse applications of Footfalls & Heartbeats’ IP and technology, so we are excited about the next phase of growth for this world-leading company.”

With three new letters of intent signed in recent weeks from global operators, building on the exclusive licensing agreement Footfalls signed with medical compression company Medi earlier in the year, Footfalls & Heartbeats will use the new capital to propel its growth and expansion into new licensing markets and applications.

www.footfallsandheartbeats.com