SRAX Raises $13m Debt Funding for Platform Expansion

In the US, consumer data management tech company SRAX has raised $13m in debt funding, which it will use to finance the expansion of its investor intelligence and data analytics platform Sequire, and its consumer data platform BIGtoken.

SRAX's software analyses data to reveal brands' core consumers and their characteristics across marketing channels, and includes the BIGtoken platform which boasts more than sixteen million panelists across more than 30 countries. In April, the company launched a solution called BIGtoken Lightning Insights, promising 'robust audience insights in just hours'.

Sequire uncovers stock buyers' behavior and trends for issuers of publicly traded companies; combining verified and historical shareholder data to target relevant investors across channels. Earlier this month, SRAX launched a Sequire mobile app, providing this data in real time.

SRAX has offered $13m senior secured convertible debentures to existing institutional investors, and estimates net proceeds of $11.8m. This will be used to pay off a $2.5m outstanding secured term loan, to fund the growth of both platforms, and for working capital.

The company, which was founded by CEO Christopher Miglino (pictured), is online at www.srax.com .