Highcon Systems has filed a report with Tel Aviv Stock Exchange and has announced the fund raising of $18.5M by means of a private share placement.
Two of Israel’s largest insurance companies led the investment round and increased their stake in the company further to the company’s flotation on the Tel Aviv Stock Exchange in November 2020. This latest investment further strengthens the company’s already healthy balance sheet.
Shlomo Nimrodi, CEO of Highcon said, “Highcon has great momentum at the moment, and the capital we are raising today will allow us to continue accelerating and executing our aggressive business plan”.
“We laid the foundations for long term growth in 2021 and are looking to roughly double our revenues in 2022. I’d like to thank the investors for participating and for their vote of confidence in Highcon. We’ll do everything possible to unlock the huge opportunity that awaits us in the packaging market,” added Nimrodi.
Early this year the company released an unaudited forecast for its 2021 revenues that showed year-over-year growth of around 70% to $14.3M.
At the same time, it forecasted that 2022 revenues would be in the range of $25-30M. The company expected that its recurring revenues from consumables and service also grew by 70% year-over-year. Highcon reported an estimate of 2021 year end cash balances of $23.7M.