Published on the 05/06/2013 | Written by Newsdesk
Brainchild of Hyperfactory founder Derek Handley continues to rack up successes and begins to think about acquisition…
Smartphone and tablet advertising company, Snakk Media, which provides targeted advertising content to mobile devices has almost doubled its revenue in a year, but that is not its only recent success.
This week Snakk announced that its revenues from March 2012 to March 2013 increased 83 percent year-on-year from $1,992,958 to $3,654,346. This is Snakk’s first unaudited year-end financial result since becoming a public company when it chose to list on the New Zealand alternative stock exchange earlier this year. It follows last month’s successful capital raising initiative in which it raised $6.5 million through more than 1200 investors who contributed to its Share Purchase Plan.
Snakk Media is not only focused on its profit-making; the board also takes its role in social entrepreneurship seriously.
Snakk is now one of the first publicly listed companies in the world to be named a Certified B Corporation (B Corp), by meeting a rigorous set of social and environmental performance standards. The standards are set out by B Lab, a non-profit that works to help entrepreneurs use their businesses to solve social and environmental problems.
“It’s been a great year,” says Snakk co-founder and chairman Derek Handley. “We are proud of the company’s results to date, but there is still a huge amount of work to be done. Today we are joining hundreds of companies worldwide that are proving that ‘doing well while doing good’ is an increasingly attractive advantage for investors, customers and employees.”
“Being a B Corp means embracing the philosophy that Snakk exists to create value for all of our stakeholders beyond our shareholders, and offers greater transparency, accountability and performance on our social and environmental objectives. Snakk has been built from the ground up to keep growing this way.”
Snakk Group CEO Mark Ryan, who served as executive director throughout last year’s financial year, says the start-up’s ability to rapidly develop in its second year of operation is a fantastic achievement.
“Last year the business grew and matured quickly, both from an operational and revenue-generation perspective,” said Ryan. “We capped off the end of the year with a strong debut on the New Zealand Stock Exchange and since listing we have welcomed more than 700 new shareholders into the Snakk family.”
“With the funds raised from the SPP, we are now in an excellent position to look at opportunities and potential acquisitions that will allow us to scale the business beyond the start-up phase and grab a larger share of the exploding mobile advertising market.”
Snakk’s growth strategy is focused on increasing its Australian and New Zealand market share and then expanding geographically into Asia, where analysts predict mobile will play a leading role in efforts to engage consumers, whose first digital experiences will be with mobile devices.
