STAMFORD, Conn.—SmartServ Online Inc. said it has completed an initial round of equity financing, which includes the sale of common stock for $1.1 million and warrants to purchase additional common stock for up to $2.8 million.
“This initial equity financing will be used to support SmartServ’s strategic efforts to generate revenues through the development of new business opportunities in both the financial services and telecommunications industries,” said Sam Cassetta, chairman and chief executive officer. “We remain focused on generating revenue growth while continuing our ongoing efforts to reduce costs.”