Shares of Australia’s Bridge SaaS (ASX:BGE) saw an impressive rise of 19.05% to A$0.025, their highest since September 15th.

The company announced a capital raising of A$2.7 million at an issue price of A$0.03 per share, representing a premium of 43% to the stock’s last closed price.

Bridge SaaS also received commitments from its cornerstone investor Proceso One, to raise an additional A$312,000 before costs.

The freshly raised funds will be allocated towards the development of the national disability insurance scheme product and employment services product.

However, it’s worth noting that as of the last close, the stock was down 88% since its listing on October 3rd, 2022.

Bridge SaaS is an Australian company primarily engaged in the provision of software services.