Quickflix capital raising falls $5m short as CEO asks customers to buy shares

Langsford

Video streaming service Quickflix has  written a letter asking its customers to buy shares in a bid to raise $1m after a capital raising designed to bring in $5.7m raised just $650,000 from investors.

CEO Stephen Langsford has written to investors to ask them to buy shares at 0.003c each, telling customers they will use the cash for “working capital as well as in investment in content and marketing to achieve customer and revenue growth”.

Australia’s first video on demand service has struggled to gain traction in the market and is facing fierce competition next year with global giant Netflix, Nine and Fairfax’s Stan and Foxtel’s recent agreement with Seven around Presto to stream TV content all set to compete around content.