The Nearmap (ASX:NEA) share price has fallen 7 cents or 3.9 per cent to $1.73 as it resumed trading after successfully completing a strongly oversubscribed $70 million capital raising at an issue price of $1.60.
The funds raised will be used to expand the group sales and marketing capability, to expand Nearmap product and technology capabilities and to further fund international expansion.
Nearmap expects the current business to be cashflow break-even for FY19.
Last month Nearmap said the market for aerial imagery data is significant, expanding and global in nature. On that basis, the company expanded its operations into the US, with Nearmap now generating record growth in its subscription portfolio, in excess of that from Australia, which itself experienced near record profit growth.