VMob looking to raise $5 million

Auckland-based smartphone voucher application firm VMob is seeking to raise $5 million after completing a back door listing on the Stock Exchange's NZAX junior board.

A function at the stock exchange in Wellington earlier this week was attended by brokers and a contingent from Indonesia, including that country's ambassador to NZ. VMob is expected to make a significant announcement shortly in connection with Indonesia.

Shareholders in a shell company, Velo Capital, recently approved a reverse takeover. The tech start up expects to grow its revenue base to $16.6 million by 2014-15, by clipping the advertising tickets on its discount voucher offerings.

Chairman Phil Norman says VMob has secured memorandums of understanding with two APAC-based telecommunications providers.

After Asia, the company will target the Middle East and Latin America.

VMob is a cloud-based technology platform that can be integrated with mobile operators' existing technology and can quickly scale to service any number of subscribers.

VMob's first platform launch was in 2010, as a proof of concept. VMob subsequently won the NZ Hi Tech Award.