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Thred seeks $10m for ASX listing
Australian tech developer Thred is seeking funding support through a public offer of 100 million shares at an issue price of $0.05 to raise a minimum subscription of $5 million with an oversubscription of up to 100 million to raise up to the $10 million The capital raised will be used to complete its reverse takeover of ASX-listed miner Promesa, to undertake further development work and for global marketing of its product.
The Thred application recently grabbed public attention when Microsoft Corporation announced it is integrating Thred into Office 365 and its cloud based Azure platform.
Microsoft will be providing Thred with both financial and technical support to integrate Thred with the Microsoft Azure Platform, while Thred will also have access to Microsoft Office 365 data, including mail, calendars and contacts.
Company co-founder and CEO, David Whitaker, said the Thred application creates a unique unified social messaging platform which allows users to consolidate and organise their contacts across all of their social networks with the capacity to be able to create and manage their conversations across those various networks from a single platform.
In recent years, social media has become embedded into the broad fabric of society on a global basis. Today well over two billion people use social media spread across over 140 different platforms from Facebook, to You Tube, to Twitter, Snapchat, WhatsApp and Instagram.
With growing numbers of users and platforms, the fragmentation creates barriers to communication, with conversations stuck within siloed platforms as people add more platforms.
Thred is a next-generation social media application which aims to address all major global social media platforms, allowing instant access to all social media friends, followers and contacts in a single unified way, with the potential to connect billions of social media users with the backing and distribution of Microsoft.
"Thred does not compete with the likes of Facebook, Twitter or LinkedIn, it wraps itself around all of them. The bigger the social media space gets, the bigger Thred can get. Thred is endeavouring to redefine aspects of the social space by building bridges, particularly between the large platforms in the east and the west which is really unique," Mr Whitaker said.
Originally published as Thred seeks $10m for ASX listing