Travel and technology company Monaker Group, Inc. (OTCQB: MKGI) this morning announced the completion of its previously detailed private placement equity financing with a group of institutional and accredited individual investors for gross proceeds of $3 million. Certain insiders and board members also participated in the offering, representing $635,000, or approximately 21 percent of the offering amount. “This new capital provides us the means to further strengthen our B2B alternative lodging rental platform for mainstream travel companies eager to enter the vacation rental space, as well as prepare us for an up listing to the Nasdaq Capital Market,” Bill Kerby, CEO of Monaker Group, noted in the news release. “We believe this successful funding reflects the confidence of institutional investors in our unique business model and recognition of how our customizable booking platform — the first to offer 1.4 million instantly-bookable alternative lodging properties — will be a true game changer for the travel industry.” Monaker intends to use proceeds from this placement to expand its technology division and alternative lodging rentals offerings, as well as for general corporate purposes.
To view the full press release, visit http://dtn.fm/vWgj8
Monaker Group is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.2 million vacation rental homes, villas, chalets, apartments, condos and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker’s NextTrip.com B2C website, also powered by MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler’s booking experience and assist in the search, decision and buying process for both individuals and groups. For more information, visit www.monakergroup.com or www.nexttrip.com.
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