Mode, Inc. announced that it expects to receive $19.088108 million in funding from JR East Start UP Co., Ltd., SBI Investment Co., Ltd., True Venture Management, LLC, Daiichi Jitsugyo Co., Ltd.
December 14, 2023
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Mode, Inc. announced that it will receive $19,088,108.11 in a round of funding on December 14, 2023. The company will issue 13,986,013 series B-1 preferred shares at issue price of $1.0725 per share for the gross proceeds $14,999,998.9425; and 4,764,696 series B-2 preferred shares at issue price of $0.858 per share for the gross proceeds $4,088,109.168. The shares are convertible, and non-cumulative.
The shares carry non-cumulative dividend value of $0.0858; and $0.0686 per annum per share respectively. The shares will be convertible in common shares at a price of $1.0725; and $0.858 per share respectively. The round will be raised at post money valuation of $45,117,186.
DAIICHI JITSUGYO CO., LTD. is a Japan-based company mainly engaged in the sale of machinery and apparatuses. The Company operates in five business segments. The Plant and Energy segment is engaged in the sale of energy development and production, gas and oil refining, chemical, engineering, construction, paper and pulp-related machinery, equipment and components. The Electronic segment is involved in the sale of electronic, telecommunications, electronics, precision, optic, acoustics and musical instrument-related machinery, equipment and components. The Industrial Machinery segment is involved in the sale of plastics, rubber, automotive, steel, chemicals and food-related machinery, equipment and components. The Pharma segment sells machinery, equipment and parts related to medicines and pharmaceuticals. The Aviation segment sells machinery, equipment and parts related to aviation and disaster prevention. The Company is also involved in the leasing of equipment and other businesses.
Mode, Inc. announced that it expects to receive $19.088108 million in funding from JR East Start UP Co., Ltd., SBI Investment Co., Ltd., True Venture Management, LLC, Daiichi Jitsugyo Co., Ltd.