Online video distribution and marketing company Rightster has said it is looking at options to secure additional investment in the fourth quarter of 2015 to ensure it has enough working capital to move towards a breakeven mark in cashflow.
The announcement came as Rightster reported a widened pre-tax loss of £11.5m (€15.6m/$17.5m) for the six months ending June 30, 2015 despite revenue rising to £11.2m from £3.5m, as a result of its acquisitions of Base79 and VML during the period.
“We're already seeing the benefit of the strategic acquisitions to our revenues, with the combined teams winning high profile, international deals,” Rightster chief executive Patrick Walker said, according to the Alliance News agency.
“We aim to continue this momentum for the remainder of 2015. I'm also excited about the innovative product launches in the pipeline that will further boost our revenue streams and bring efficiencies to both us and our partners. These products will continue to roll out throughout the fourth quarter of 2015 and early 2016.”
Formerly chief commercial officer, Walker assumed control of Rightster in January after founder Charlie Muirhead stepped down as chief executive.