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Minds + Machines to raise $4.7m for new TLDs

Kevin Murphy, November 25, 2010, 13:42:16 (UTC), Domain Registries

Top Level Domain Holdings plans to raise £3 million ($4.7 million) in a stock sale to help finance the TLD aspirations of its main business, Minds + Machines.

The funds would almost double the cash reserves TLDH has on tap, which currently amount to $5.5 million, according to StockMarketWire.com.

Recently appointed CEO Antony Van Couvering said in a statement that ICANN’s recent decision to allow registries and registrars to vertically integrate had a bearing on the decision to raise funds:

Having reviewed ICANN’s Final Proposed Applicant Guidebook, and in view of the ICANN Board’s historic decision to do away with cross-ownership restrictions between registries and registrars, we believe that the timing is right for additional investment by TLDH. ICANN’s registry-registrar decision means that additional gTLD business models are now viable, and we have already seen a marked increase in interest from prospective new clients. We intend to make sure we have the resources to take advantage of this opportunity.

M+M is already associated with new TLD applications including .gay and .eco, both of which are expected to be contested by other applicants.

TLDH is listed on London’s small-cap Alternative Investment Market. The announcement of the placement can be found here.

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