Source: Sharecast
Elevate.io is Blackbird's browser-based video-editing tool for content creators and corporate users, designed to be the "Figma for video editing", according to the company.
The funds raised will help achieve product market fit for the product, concluding the SaaS development cycle and accelerating the go-to-market plan, as well as go towards general working capital.
The fundraising includes a £1.865m share placing, representing 13.5% of the enlarged share capital, a subscription for certain members of the board and senior management to raise £0.135m, and a retail offer to raise £0.2m.
All three actions were made at a price of 3p per share, a 29.4% discount to Blackbird's 4.25p closing price on Wednesday. As a result, the stock had dropped nearly 26% to 3.16p by 0933 BST.
"I am pleased to announce that elevate.io has shown strong early growth metrics since the launch of the Creator Plan in February 2025," said executive chair Ian McDonough.
"The fundraise announced today will support elevate.io through its Product Market Fit phase, ahead of scaling up. Our vision for elevate.io is ambitious, transformative and on track. We have the right technology and the right team in place to succeed."