Mobile Streams (MOS ) has raised £1.2 million which will enable it to support continuing growth, including the creation of its new joint venture partnership with Gfinity.

In total, 400,000,000 ordinary shares have now been conditionally placed at 0.3p per share, a discount of around 25% to the closing mid‐market price prior to the placing of 0.4p last Friday.

Mark Epstein, CEO Mobile Streams said the funds will enable the group “to take advantage of significant revenue generating opportunities and help us grow the business at a faster rate.”

He commented: “We are delighted to have been able to act so quickly to not only secure this opportunity but also add significant funds to the business which will help us take up further deals as they present themselves.”

He added that Mobile Streams is “now extremely well-funded, and the business is in the strongest position it has been in for years.”

The mobile content and data intelligence company is in the process of creating a new joint venture partnership alongside the London-based international esports organisation, Gfinity, for Mobilegaming.com, the website through which it focuses its gaming and esports offerings.

The agreement is expected to conclude shortly as Mobile Streams and Gfinity are currently in the process of agreeing the terms of the joint venture. Ahead of the deal, Mobile Streams has agreed to subscribe for £250,000 in Gfinity’s £2.7m placing which was announced on Monday.

Earlier this month, Mobile Streams reported a 87.5% rise in monthly revenue since the start of December 2021, with monthly revenue having exceeded $0.15m a month across all channels.

In February 2022, the company extended its existing partnership with the gaming developer, International Gaming Systems AB (IGS), to launch a global gaming platform ‘Battleriff’.

In January 2022, Mobile Streams announced that it had signed a major strategic partnership contract with IGS which could deliver significant revenue. At the time, the Company said it expected monthly revenue across all services to exceed $0.12 million in January alone.

Under the terms of this contract, IGS had committed to deliver minimum revenue to Mobile Streams of $0.72 million over the first six months of the deal. IGS added that it would also be actively looking for other opportunities to grow revenues in partnership with Mobile Streams.

Last week, the company said the extension of this existing partnership was representative of the next step in its transformation “into a leading global esports and content provider.” Epstein believes there is “enormous scope” to grow both mobilegaming.com and its service offering.

The company said it expects a number of additional opportunities to sell further products to its audience of over 800 million people, with these opportunities to include, inter alia, licensed NFT content and branded merchandise, as well as skins trading, the company told investors.

Follow News & Updates from Mobile Streams: