Two Young Maltese Entrepreneurs Have Just Pulled Off The Unthinkable
From start-up to €1 million bond
ANCHOVY. – the digital marketing agency that's behind some of Malta's most successful brands (think New York Best, Twistees, Costa Coffee...) has gone public. It's now ANCHOVY. p.l.c., and their business is on an astronomical trajectory.
The start-up was recently approved by the Malta Stock Exchange for the listing of a €1 million euro bond on PROSPECTS, a platform set up by the Malta Stock Exchange specifically for small and medium enreprises - SMEs. ANCHOVY. was converted to a “p.l.c.” and with the bond fully subscribed, ANCHOVY. has been catapulted swiftly out of start-up land and has started operating like the big boys.
What does this mean?
Businesses issue bonds to raise capital, to fund their growth. But raising money on capital markets is a milestone typically hit by larger, more mature companies. So in doing so, ANCHOVY. has had to become more transparent and better governed.
The bonds were placed directly with investors who saw ANCHOVY.’s potential and wanted to be a part of its success.
Founders Zak and Benji envisioned that this new business step would enable ANCHOVY. to take on growth challenges they may have not been able to before. They are only the second Maltese company to list a bond on PROSPECTS, and the first firm in their space to tap financial markets for funding.
ANCHOVY.’s founders know this is the start of bigger things, and they will be actively considering an IPO (taking the company public and listing its shares) when the time is right.
This project is a gigantic achievement for ANCHOVY. The company has grown into a 30-person team, with offices in both Malta and Dubai. And owing to the most recent development, the future is looking bright.
“There’s a thrill in creating something out of nothing,” says Benji Borg about the way things have turned out for ANCHOVY. “Every day just gets more exciting for us".
Well, we're certainly excited to see what this young, incredibly successful company will do next.
Copies of the prospectus, as well as more information about the Anchovy Studios plc listing and bond issue, can be found here.