Mobile phone voucher company VMob seeks investors

Auckland-based VMob, whose software enables retailers to offer vouchers to consumers through their smartphones, has listed on the NZAX market and is seeking investors.

Published: 27 August 2012
Filed under: Industry

Auckland mobile phone voucher company VMob has listed on the junior less-regulated NZAX market and will seek about $3 to $5 million from investors.

The 40-person company, previously called VoucherMob, achieved the listing through the reverse acquisition of Velo Capital, a shell company on the NZAX, which will change its name to VMob on Friday. The deal was originally mooted almost a year ago.

Chief executive Scott Bradley said that was cheaper for the two-year-old firm than arranging its own listing from scratch.

“For us, being a relatively early-stage start-up, raising capital in the public domain is a little bit easier.”

He hoped the listing would also raise VMob's profile and credibility as it sought to expand overseas.

“It makes us appear to be punching above our weight, which is always handy being a small New Zealand company.”

VMob's software platform lets retailers offer discount vouchers that consumers can download to their smartphones and redeem in store. Consumers can search for deals near to their location.

“We have got memorandums of understanding with two global telecommunications firms for deployment in two markets and we are pretty close to a contract being signed on one of those,” Bradley said.

“The telco invites the customer to become part of the programme, usually offering them an incentive such as a week's free data or a months' free calls.”

Brands that have used the service to distribute vouchers include McDonalds, Hoyts Cinemas, Resene, Marshall Batteries, Liquor King and Powerstore. VoucherMob won "best Hi-Tech start-up" at the the 2011 Hi-Tech Awards.

It has run a trial in Indonesia and hoped to have customers there by the end of the year, Bradley said.