- Capital raise completed - Gooroo raised $2.11 million via a placement, with substantial support from Directors.
- Introducing our new Chairman Tom Brown - over 20 years board level experience and one of Australia's most senior HR executives with previous leaderships roles at BHP, Rolls Royce, Brambles and EnergyAustralia.
- Sales update - Building pipeline momentum, highlighting the newly signed paid pilot with Randstad.
Transcript of the monthly update
Please note that this transcript has been edited slightly for readability.
Welcome shareholders to the Gooroo Ventures monthly business update. It's been a big month at Gooroo, and there's four things I want to cover off with you today.
1. Capital raise.
2. Our new chairman Tom Brown.
3. A sales update.
4. Some recent presentations I've been doing in market.
1. Capital raise
Number one, our capital raise that we announced last week. We raised 2.11 million at $0.10 via a placement. The placement was led by Taylor Collison and supported by Shaw and Partners.
I also wanted to mention that our Directors have contributed over $200,000 additionally to the raise, bringing the total amount to over $2.3 million.
So why did we raise this amount of money? The board thought very carefully about how much money to raise to get us through to cash flow breakeven, whilst minimising dilution to existing shareholders. On the back of this raise (in conjunction with the R&D Tax Incentive that's now in the bank account, which we receipted for $726,000 just this last week), we are now comfortable that we have what it takes to achieve these levels.
I've spoken to a few shareholders over the last few days, and I want to assure you that the board considered all options considering the amount that we wanted to raise, and the timeframe. We are confident that this approach is going to deliver the best long-term outcome for all shareholders.
2. Our new Chairman
Secondly, I'd now like to talk about the appointment of our new chairman Tom Brown.
Tom is an internationally regarded and respected leader in the human resources (HR) sector. He has led large transformations and human resources departments for some of the world’s biggest organisations including BHP, Rolls-Royce and more recently EnergyAustralia.
Tom's direct sector experience is going to help us strategically as we chart our next steps. But also his relationships within the clients that we are trying to target are going to be incredibly valuable.
In addition as part of the capital raise that I was just talking about a few moments ago, Tom is making a substantial investment into the company.
We are really excited to welcome Tom into our business as our new chairman, but I'd like to also take this opportunity to sincerely thank Simon O'Loughlin for his contribution to the business over this past year.
3. Sales update
Thirdly, a quick sales update. Over this last month, we're continuing to have many conversations, the pipeline continues to build, and contracts continue to move through the pipeline.
There is one particular contract that we announced a couple of weeks ago that I just wanted to reflect on, and that is the new deal we have with Randstad. Randstad is one of the largest HR services and recruitment businesses in the world.
We have entered a three-month pilot where Randstad is considering the use of our products across various aspects of their business. They are looking at strategic opportunities for the use of Gooroo into their client portfolio and for driving competitive advantage across their business.
I will keep you updated on this and a number of other transactions we have coming through.
4. Recent presentations and events
Number four, I'd love to share with you just some of the recent events and presentations that I've been delivering over the last four weeks.
The first one is the TechKnow Invest Roadshow held between Melbourne and Sydney just this last couple of weeks. There were 600 investors and media in attendance where I had the pleasure of presenting the Gooroo story and sharing with them our plans for the future.
Second I had the honour of being invited by Accenture, the global consulting leader to address an audience of 80 industry executives in the oil and gas, mining and logistics sector. I sat on a panel and also demonstrated the Gooroo platform to these executives.
And thirdly we welcomed about 60 industry leaders, executives and media to our offices last week. And we were thrilled to have The Hon. Minister Philip Dalidakis, Victorian Minister for Innovation and Trade to kick-start the event.
Thank you, shareholders, that's it for this month, but I'd also like to remind you that our Annual General Meeting is coming up on 29th of November here in our offices at 11 AM. I hope to see you there.
A selection of photos taken from our launch event at our office in Melbourne on Wednesday 26 October 2017: