- Sports prediction platform SportsHero (SHO) has entered a trading halt ahead of a capital raise
- SportsHero’s platform, Olahbola, allows fans to analyse data and predict outcomes of games virtually and in real-time
- Last month, the app reached one million users after just four months from launching and is targeting 1.5 million users by December 31
- At this stage, it is unclear how much will be raised or what the money will be used for
- However, SportsHero is seeking to strengthen its presence in Indonesia, make tweaks where necessary to its app, launch the Fan Zone interactive feature, and continue to grow its user base
- Company shares last traded for 2.8 cents on Friday, October 30
SportsHero (SHO) has entered a trading halt ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Wednesday, November 4, unless details of the raise are announced earlier.
SportsHero is a sports prediction platform which allows fans to analyse data, predict outcomes and interact with sports virtually and in real-time.
Last month, SportsHero celebrated surpassing one million users on its Olahbola app. The app launched in July this year and is dedicated to international and Indonesian football fans who follow soccer leagues such as the English Premier League.
Now, the company is targeting 1.5 million users on the app by December 31, 2020.
SportsHero also announced it had signed its first commercial brand partnership on the OlahBola platform with Nivea (which also the global sponsor of Spain’s Real Madrid club) and Tokopedia, Indonesia’s largest eCommerce platform.
At this stage, it is uncertain how much the company will raise or what the funds will be used for. What is clear however, is SportsHero is preparing to introduce Fan Zone which is a platform for fans to engage with one another on the OlahBola app.
Additionally, SportsHero’s focus for next year is to strengthen its Indonesian presence, develop new and minimal technologies that will refine its existing platform, and turn cashflow positive by the end of next year as its user base grows.
Company shares last traded for 2.8 cents on Friday, October 30.