Revolutionary Social Commerce Platform ringID Secures $250 Million CAD ($200 Million USD) Capital Commitment from Global Emerging Markets (GEM)
- Written by Newsfile
The company seeks to go public through SPAC or a direct listing on NASDAQ
Montreal, Quebec--(Newsfile Corp. - April 6, 2022) - Social commerce company ringID[1] has announced a $250 Million CAD ($200 million USD) investment commitment from GEM Global Yield LLC SCS ("GGY"), a Luxembourg-based private alternative investment group. GEM will provide ringID with a share subscription facility of up to $250 Million CAD ($200 Million USD), for a 36-month term following a public listing. This will allow ringID to draw down funds by issuing shares of common stock to GEM.
ringID
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Montreal-based ringID is the world's first Community Social Network that empowers millions by building the next-generation platform for Social Commerce-powered by fintech. It's an all-in-one social network, including voice & video calls, chat & secret chat, newsfeed, media channels, multi-user Interactive live and social marketplace along with a convenient built-in wallet.
"We are very delighted to execute the agreement with GEM as this will help support the company's future growth and expansion," said Ayrin Islam, Co-Founder & CEO of ringID. "We are planning to go public through either a merger with a Special Purpose Acquisition Company (SPAC) or a direct listing on the NASDAQ."
Ayrin Islam also stated that GEM's capital markets industry expertise will support ringID and provide them with strategic and financial support. This will allow the company to continue its exponential growth while improving its existing services, further expanding its user base, and seeking expansion into additional markets.
ringID will control the timing and the maximum size of such drawdowns, and has no minimum drawdown obligation. Concurrent with a public listing, ringID will issue warrants to GEM to purchase up to 4.8% of the common stock of the company. ringID will utilize this facility to further explore the full potential of the thriving Social Commerce market in South Asia. The industry is expected to grow worldwide to over $3 trillion dollars USD in the next eight years. Henceforth, GEM's investment will allow ringID to tap into this market, eventually becoming an industry leader.
South Asia-focused ringID has managed to amass over 20 million users. The platform offers an option to earn money according to user contributions in which they share knowledge and offer professional services within the ecosystem. Currently, about 12-15 million Monthly Active Users (MAU) engage with the ringID ecosystem on a regular basis.
The platform's mission is to simplify users' lives and value their time by allowing a more streamlined experience that's more productive and profitable than other social networks. The company targets social media dependent young adults in highly populated countries like India, Bangladesh, Pakistan, Indonesia, Philippines and Brazil.
One of the most revolutionary aspects of ringID is the proffered option to earn money through the platform, by making valuable content contributions based on their skills and knowledge. In fact, this option is lucrative enough that over one million users currently make a living using the platform by contributing their knowledge.
In essence, broadcasters are offering their professional services or simply sharing knowledge while earning money from paid calls, gifts, and more. Providers like doctors, teachers, stylists, beauticians, and more can offer their professional services through the interactive live platform. This allows them to blend entertainment with live streaming and instant purchasing to create their own Virtual Storefront. As promoters, they can offer advice on products and be rewarded for generating sales.
ringID's anchor investor, GEM Global Yield, is a $3.4 billion Luxembourg-based private alternative investment group, with offices in Paris, New York, and the Bahamas. GEM manages a diverse set of investment vehicles, focused on emerging markets, and has completed over 500 transactions in 72 countries. The family of funds and investment vehicles provides GEM and its partners exposure to small-mid cap management buyouts, private investments in public equities, and select venture investments.
Media Relations | ringID | media@ringid.com[3] | +1 514-562-6898
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119537[4]
References
- ^ ringID (www.newsfilecorp.com)
- ^ https://orders.newsfilecorp.com/files/8668/119537_fcda47aed45fdaa4_001full.jpg (orders.newsfilecorp.com)
- ^ media@ringid.com (www.newsfilecorp.com)
- ^ https://www.newsfilecorp.com/release/119537 (www.newsfilecorp.com)