Felix have announced a capital raise of up to approximately A$7.4m, most (A$6.4m) coming from a placement, and another A$1M via a SPP for the plebs amongst us.

The placement is at 36c, or about 10c higher than the current share price. There is some math about deciding the issue price, being a 2% discount in the volume weighted average price of shares traded during the five days up to issue.

The raise is to be used for sales and marketing and to boost contractor conversion opps, as well as dev works. Run of mill stuff and not unexpected.

An accompanying slide deck shows the company continues to make progress, albeit probbaly not as fast as I'd like to see.

This is a small holding for me and I will contibute simply to avoid dilution.

This is one I’ve got a tiny holding in. And since I’ve held it (IPO) I’ve watched it decline. Actually, since the initial listing spike it has about halved. Thankfully the holding is tiny. 

If you’ve never heard of them, Brisbane based Felix is an online construction marketplace for people to list, find, and hire equipment and subcontractors. Solutions include Vendor Management, Sourcing, Contracts and a Vendor Marketplace.

So today I saw this update which is more like it. 

-        44% growth in total vendors

-        23% growth in enterprise users

Use of the solutions is increasing:

-        15% growth in RFQ distributed

-        74% growth in stored documents

-        - 78% growth in vendor tags

The business achieved ISO27001 for information security and had 99.99% uptime. 

Still, they have big competitors in the marketplace. There are other risks for this SaaS microcap, the primary one is growing revenue to stay viable.