Ensogo raises additional US$7.6mil from HK-based Ward Ferry

• Ward Ferry gets a 10.6% stake, China’s Vipshop has 12.2%
• Brings total funds raised this month to US$12.5mil

ASX-listed Ensogo Ltd said it has entered into an agreement with WF Asian Reconnaissance Fund Limited (Ward Ferry, a fund managed by Ward Ferry Management) for the placement of 58,823,530 new Ensogo shares to Ward Ferry at a price of 17 Australian cents (US 13 cents) per share.
 
The placement is subject to shareholder approval and will raise A$10 million (US$7.6 million) in new capital for Ensogo, the latter said in a statement.
 
Hong Kong-based Ward Ferry Management is an independent investment firm founded in 2000.
 
The placement is subject to Ensogo shareholder agreement. The new funds will be used for working capital and for continued marketing and customer acquisition efforts, Ensogo said in a filing with the Australian Securities Exchange (ASX).
 
The announcement of this new placement and fresh capital comes on the heels of Ensogo’s recent announcement that Chinese-based online discount retailer Vipshop had taken a strategic stake in the company.
 
“The additional A$10 million of funding means we are perfectly positioned to execute on the tremendous opportunity our strategic relationship with Vipshop brings, as well as on the enormous opportunity for e-commerce in South-East Asia,” said Ensogo chief executive officer Krzysztof Marszalek.
 
Ensogo, formerly iBuy, is headquartered in Singapore with operations in Hong Kong, Singapore, Malaysia, the Philippines, Indonesia and Thailand.
 
Last year, the Catcha Group portfolio company had two rounds of layoffs, the second across all its markets.
 
Related Stories:
 
China’s Vipshop takes 12.2% stake in Ensogo
 
Ensogo lays off staff across the region
 
iBuy under pressure, board orders US$216K monthly opex cut
 
iBuy listing reinforces value of SEA market to investors: Grove
 
 
For more technology news and the latest updates, follow us on Twitter, LinkedIn or Like us on Facebook.