SHERIDAN, Wyo., November 3, 2021 /PRNewswire/ — Metro One Telecommunications, Inc. (OTCMarkets: WOWI) (“Company” or “Metro One”) today announced that it has raised $1.98 million in gross proceeds from the sale of its common stock and its warrants to purchase common stock shares from certain institutional investors and family offices in a private public equity investment (“PIPE”).
This funding comes 6 months after Metro One raised $3.25 million in financing in a SAFE round to acquire the assets of Royal App Ltd. (“Royal app“) following insolvency proceedings through its wholly-owned Israeli subsidiary, Stratford Ltd. The additional funds will allow the company to transition from its existing platform to a SaaS solution modular by capitalizing on emerging opportunities driven by unprecedented demand and growth in the mobile commerce space.
“We plan to use the funding to transition our technology to a scalable global mobile-as-a-service platform, build our network integration capabilities with existing e-commerce platforms, expand our presence in high-growth markets in the United States and Europe as well as providing an intuitive out-of-the-box solution for small and medium retailers,” said Bianca MegerCEO of Metro One.
Metro One is changing the way retailers integrate mobile commerce solutions into their businesses. Using a combination of mobile technology, artificial intelligence and machine learning, the company enables retailers to quickly and easily bring their businesses online and dramatically increase customer retention, basket size and lifetime value. .
Metro One Chairman Nani Maoz said “In 2021, mobile will account for approximately 73% of all e-commerce sales, that translates to three out of every four dollars spent online. As we complete a private placement of approximately $2 millionwith Bianca Megerour new CEO, participating with a personal investment, we look forward to accelerating the integration of Shelfy’s new SaaS product with leading platforms for e-retailers.”
The common stock of the Company and the common stock purchase warrants sold in the PIPE have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the laws on the securities of any state or other jurisdiction. and may not be offered or sold in United States lack of registration or an applicable exemption from the registration requirements of securities law and applicable securities laws of the state or other jurisdictions.
About Metro One Telecommunications Inc. OTCMarkets: WOWI
Metro One is the parent company of Shelfy (www.shelfy.io), a next-generation instant mobile commerce platform enhanced with a proprietary digital advertising media suite tool. The platform enables online and offline retailers to quickly leverage existing customer data for an interactive shopping experience – without coding. Shelfy’s suite of mobile commerce products includes an mCommerce platform, an enterprise mCommerce platform, a digital media suite, and a full in-store engagement suite. Shelfy enables businesses to increase customer retention, engagement, and revenue, with minimal hassle.
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