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Reffind bags $1.6M; employee communication platform gains traction

The company is now well funded with more than $2.5 million in cash.
A mobile phone
Reffind has already secured blue-chip customers

Reffind Ltd’s (ASX:RFN) shares were trading 9% higher intra-day after successfully raising circa $1.6 million via a share placement to professional investors at $0.01 per share.

The company has developed cloud-based software as a service (SaaS) products that enable subscribed companies to communicate with their employees in an engaging manner.

Reffind’s mobile employee experience platform has been built for medium/large corporations to facilitate efficient and effective communication with their employees.

The company is now well funded with more than $2.5 million in cash.

Reffind has already secured blue-chip customers like Capgemini Australia, THE ICONIC, 4mation and Ogilvy Public Relations.

The company has recorded a revenue of $622,000 for FY17, a small increase on the previous corresponding period.

Reffind also underwent a strategic review recently, which delivered a substantial reduction in operating cash burn.

The company expects to have circa 100 -150 paying customers across its various platforms in Australia and New Zealand, while it is also looking to expand into Asia and the U.S. in the near future.

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