Metro One Telecommunications Inc. has closed $3.5 million in financing and completed of its acquisition of Royal App Ltd. through its wholly owned Israeli subsidiary, Stratford Ltd. The financing was structured in the form of puttable simple agreements for future equity from institutional investors and family offices.
Metro One chairman, Nani Maoz said, “We are very pleased that we have completed the financing for and acquisition of Royal App. This financing allows us not only to complete the transaction but also infuse working capital into Royal App. Royal App possesses a novel artificial intelligence technology that has received praise from its international customer base. The funds raised will also assist us in bringing our public filings current with the SEC and becoming a fully reporting company, a process which we have begun.”
Royal App, based in Israel, is the developer of Shelfy, a white label, headless mobile commerce software platform, that helps retailers and fast-moving consumer goods companies become growth companies. The platform incorporates artificial intelligence and machine learning in its algorithms to target online shopping metrics through mobile phones for large consumer retailers.