20NINE TECH AB's RIGHTS ISSUE OVERSUBSCRIBED BY 146%

Stockholm, Sweden - 20NINE Tech AB's rights issue was completed in January and was oversubscribed by 146% within just a week after opening. The rights issue was completed at 3x higher valuation compared to the last rights issue in the summer of 2022.

As a result of the great interest, from both existing shareholders as well as external new investors, the company also chose to use an over-allotment option of 5 MSEK. Through the rights issue, the company will receive gross proceeds of totally 15 MSEK.

20NINE is in an expansive phase where the focus is on making 20NINE the leading brand for digitizing micro and small businesses south of the Sahara in Africa and selected markets in Southeast Asia.

The new capital makes it possible for 20NINE to focus on growth in several markets internationally and fully utilize the potential of existing and upcoming contracts. It also creates conditions for 20NINE to further grow the organization with the right competence in Sweden and internationally. The plan is to recruit up to 50 people within the next few years, mainly in sales, tech, and marketing.

In the rights issue, i.a. Gert Nordin (founder of Hexatronic Group, and co-founder Virtune) and Fredrik Djavidi (Professional Tech Investor, and co-founder Virtune) entered as shareholders.

“We have a great momenttum and the growth opportunities shows an extraordinary potential in the markets we operate in. With the help of the new capital, 20NINE can accelerate the growth further and ensure the delivery of existing customer contracts and communicated plans. We are now entering a phase with a great need to recruit and continue building the company for our continued international expansion," says the company's founder & CEO, Andreas Lalangas.

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About 20NINE Tech AB:

20NINE Tech AB is a Swedish-based Superapp company specializing in digitizing micro and small businesses. With a mission to empower small businesses to succeed in the digital economy, 20NINE has rapidly grown to become a leading brand in its field.

For more information, please contact: Joachim Cronquist - Email: press@20-nine.com

Phone: +46 (0) 8 721 60 01

Note to editors: For more information, news, and perspectives from 20NINE, please visit the 20NINE Newsroom at 20nine.com. Web links, telephone numbers, and titles were correct at the time of publication but may have changed. For additional assistance, journalists and analysts may contact 20NINE's corporate communications team at press@20-nine.com.