Pires continues to back Low6 with additional investment
Low6 has received a further £35,000 investment from Pires Investment which will form part of the extension of the former’s pre-IPO funding round.
Back in December 2020, Pires purchased 6,667 shares in Low6 for a total consideration of £200,010. This was followed by Low6’s closure of a pre-IPO round, which subsequently raised £3.3 million in convertible notes.
“We are very pleased to announce this further investment in Low6, as part of an extension of the company’s recent pre-IPO funding round,” commented Peter Redmond, Chairman of Pires.
“As the platform’s users continue to rapidly increase, this additional funding should provide Low6 with the capital to scale the business at an even quicker pace ahead of its IPO, intended for Q2 2021. We look forward to providing further updates on this investment in due course.”
Funds from the extension to the pre-IPO round will be used to provide the company with additional working capital as it continues to grow its user base.
Low6 has attributed part of its growth to its partnerships with influencers including Arsenal Fan TV, The United Stand TV and True Geordie. These agreements, it said, have helped drive growth among its millennial and GenZ fanbase.
Earlier this month, Pires revealed that Low6 remains ‘on track’ for its IPO, with plans for listing expected in Q2 of this year.
Source: SBC News
