Poynton backs tech company Frugl

Poynton Stavrianou chair John Poynton has invested in Subiaco-based tech company Frugl Group, raising $225,000 in a private placement.

The ASX-listed company today announced it will issue 26,570,588 fully paid ordinary shares to Mulloway Pty Ltd, a company owned by Mr Poynton, at an issue price of 0.85 cents a share.

The $225,000 raising completes a private placement to a new sophisticated and professional investor, Frugl said.

In its ASX statement, Frugl said the funds would primarily be used to support the commercialisation of its market analytics retail platform, the company’s expansion into Asia, and general working capital.

“Mr Poynton's many years of experience in global capital markets and dedication to community service align with Frugl's strategic agenda and core values,” Frugl managing director Kenny Woo said.

“We are excited to continue our close working relationship with him as we look forward to a period of growth and success for our company.”

Frugl operates Frugl Grocery, a mobile app to compare product pricing across Australia's grocery shops that also shows discounts in real time.