MapsPeople: Capital requirement is now fully covered after agreement with EIFO for additional loans
Today, MapsPeople announced that the company has entered into an agreement with EIFO for additional loans of DKK 8.0m, where DKK 5.0m can be drawn in December 2023, and the remaining DKK 3.0m is contingent on reaching an ARR target that the company expects to achieve in early Q1 2024.
MapsPeople and EIFO have also agreed that the new loans and all of MapsPeople's existing loans with EIFO will be interest-only payments in 2024, which has a positive cash flow impact of DKK 4.8m within the company's 2024 budget.
On 28 November 2023, MapsPeople announced a private placement that resulted in DKK 8.5m in new equity. As a result, the company's capital requirement of DKK 15-20m in 2023 and 2024, which was announced on 14 November 2023, has been fully covered. In total, the new equity, the agreements on new and existing loans with EIFO, and the interest-only payments in 2024 will provide additional capital of DKK 21.3m in the 2024 budget.
Read the full announcement here: https://view.news.eu.nasdaq.com/view?id=b9f2b89e1efa0bdfb18c595797e845f09&lang=en&src=listed
HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 22:41, 14 December 2023.
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MapsPeople
MapsPeople is a Software-as-a-Service (SaaS) company focusing on digital mapping for indoor navigation. The two primary revenue streams are 1) MapsIndoors which is MapsPeople’s own developed mapping solution for indoor navigation 2) Google Maps partnership with Google. MapsIndoors is the key segment with high double-digit growth rates, and the Google Maps segment is expected to be a more steady business going forward. MapsPeople has a global presence with offices in Denmark, Germany, Singapore and United States, and customers include some of the largest brands in the world. The company has been listed at Nasdaq First North Premier in Denmark since June 2021.
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