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Bright Things

  • BY: Andrew Hore |
  • POSTED: 02/09/2009 |

Bright Things has raised a further £940,000 gross at 1.25p a share to finance the further development of its SocialGO social networks business.

This is the same share price as the previous two fundraisings in the past 12 months. This takes the amount raised by Bright Things in the past year to just short of £2.5m before expenses.

Chief executive Dominic Wheatley has increased his stake to 25.5% following the latest fundraising – the first to be undertaken by new broker Astaire. Chairman Ian Livingstone has increased his stake to 4.4%.

Bright Things reported revenues of £30,000 in the year to March 2009. This represents revenues from discontinued activities plus an initial contribution from Social GO from February 2009 onwards. SocialGO’s revenues have been increasing month by month. These are predominantly subscription-based recurring revenues.

The US is likely to be the main market for SocialGO and marketing is being stepped up. Wheatley will be spending more of his time in Silicon Valley.

At 1.375p a share, Bright Things is currently valued at £2.69m – before the new shares are admitted to trading.

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