But the social network’s advertising revenue grew 18.4% during the quarter.
Augme has worked with such retailers as Macy’s on mobile marketing campaigns.
Mobile technology vendor Augme Technologies Inc. raised $6.6 million in a public offering this week. The mobile marketing and advertising company sold 13,469,661 shares of its common stock along with warrants to purchase an additional 6,734,831 shares of common stock for 49 cents a share. Each warrant is exercisable for five years at an exercise price of 66 cents per share. The offer is expected to close on or around Feb. 4, the company said in a statement.
Augme says it plans to use the funds for general corporate purposes. Augme sells its mobile marketing technology under the Hipcricket brand to clients including department store chain Macy’s, and brewer MillerCoors. Hipcricket enables retailers to use its Ad Life messaging platform to connect with consumers across multiple mobile channels including text messaging, two-dimensional QR codes, mobile web sites, advertising networks, social media, and branded mobile apps.
Augme purchased Hipcricket Inc. in 2011. Macy’s is No. 21 in the Internet Retailer Mobile 400.