Axios Mobile Assets Corp. announced that it has closed the previously announced non-brokered private placement of units raising net proceeds of approximately CAD 13.43 million (after the deduction of applicable finders fees). Proceeds from the financing will be used primarily to help the Company meet rising demand for its proprietary pallet-based logistics system from food producers in the United States and for general working capital purposes.

The round of financing was led by Toronto and Silicon Valley based venture capital funds, Relay Ventures Fund III L.P. and Relay Ventures Parallel Fund III L.P. (together "Relay Ventures"). John Albright, Managing Partner of Relay Ventures will serve as a Director of the Company. Relay Ventures has also appointed Osama Arafat as Chairman of the Board of Directors of the Company.