London tech startup LoopUp floats on AIM, brings valuation to £40.8m
LoopUp, a London-based SaaS conference solution for remote meetings, has floated on AIM bringing its valuation to £40.8m.
The exit, which raised gross proceeds of £8.5m at a placing price of 100 pence, comes more than 10 years after the firm closed an undisclosed Series A.
Speaking about today’s initial public offering (IPO), Steve Flavell, co-chief executive of LoopUP, said: “The completion of the IPO process marks an important and exciting milestone on LoopUp’s journey as a UK-headquartered and internationally-minded technology company, and provides a significant catalyst for our continued growth.
“The reception from investors has been positive and encouraging, and reinforces our belief that our differentiated product, business model and plans for the future provide the foundation needed to deliver on our potential as a public company.
“Our focus will continue to be on delivering an exceptional product and service to our customers around the world, supported by the funds we’ve raised and emboldened by the faith our new shareholders have placed in us. These are exciting times,” concluded Flavell.
It is understood that the startup was initially intending to raise £9m through the flotation on the AIM junior market.
Founded in 2003 and headquartered in Shoreditch, LoopUp has offices in San Francisco, New York, Boston and Hong Kong.