RapidCloud raises £1.7m in share subscription

5th Jun 2015 12:24

Shares in RapidCloud rose nearly 24% on Friday after the company said it has raised £1.74m through a share subscription of 3.2m shares at 54p each with Corston-Smith Asset Management.The company said it plans to use the proceeds to enhance the product suite, continue to invest in the sales and marketing functions, and complete select strategic acquisitions.Raymond Chee, managing director of RapidCloud, said: "We are delighted to welcome Corston-Smith Asset Management as a cornerstone investor. The backing of us by one of Southeast Asia's prominent fund managers is a significant vote of confidence in our business and strategy.""We very much look forward to delivering shareholder value with the backing and support of such a quality investor," he added.