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Online retailer Kogan announced it is raising $115 million as part of a plan to expand its services
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Online retailer Kogan is raising $115 million as plans to grow the business.
It's the company's first capital raise since listing.
The raise comes after Kogan acquired Aussie furniture store Matt Blatt.
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Kogan has launched its first capital raise since listing.
The Aussie online business has launched a $110 million capital raise to expand its services, grow its customer base and strengthen its operating model. Kogan is also conducting a share purchase plan to existing shareholders to raise up to $15 million.
The funds raised will be used to give Kogan the ability to jump on new opportunities in the future, the company said. It follows news Kogan acquired Australian furniture company Matt Blatt in May for $4.4 million, relaunching it as an online-only business. Prior to that, Kogan purchased Dick Smith’s online retail business in 2016.
Kogan said it was able to gain value from these businesses by working with their existing systems, technology, processes and supply chains. It added that it is "well positioned to take advantage of current market conditions" in part because of its "low cost of doing business".
The company hasn't raised money since its listing back in July 2016.
"Kogan.com is committed to making the most in-demand products and services more affordable and accessible," Ruslan Kogan said in a statement. "Our long term strategy has enabled us to thrive in the current challenging environment, and we are now in a better position than ever to take advantage of growth opportunities.
"Our low cost of doing business and digital expertise have put us in the driver's seat to capture market share as the retail industry undergoes significant change."
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