Flexible Workspaces 1a Essensys (1)
In recent weeks, essensys has raised £33.2m to fuel its international growth and fund product development

essensys tops up £31m fundraise

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Karl Tomusk

Weeks after raising £31.3m through a primary placing, flexible office software provider essensys has raised a further £1.87m in an open offer.

The total fell short of the £2m maximum the AIM-listed SaaS platform set out to raise.

Between the open offer and primary placing, essensys has secured £33.2m before expenses in recent weeks.

When it announced plans to issue new shares, essensys said it would “take advantage of the significant opportunities presented by the growing flexible workspace industry”.

The company outlined several key strategies, including:

  • Targeting a “significant land grab opportunity” that has arisen from a growing demand for flex space
  • Growing essensys’ market share in North America, the UK, Continental Europe and Asia Pacific – with a long-term plan to increase its market share by 10% across those regions
  • Expanding its customer base by developing “key, high value, strategic accounts”
  • Accelerating the company’s product development to strengthen its market position

Having hit its primary placing target earlier this month, Jon Lee, non-executive chairman of essensys, said: “We are excited by the long-term growth opportunities ahead for the company and look forward to updating the market on our progress as we deploy the proceeds of our significantly oversubscribed placing.”

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