Althea has pulled in an additional A$2.2 million from a US investor, bringing the total funds raised since the start of the year to $4.3 million.
The latest injection follows a pre-Christmas placement that generated $1.5 million and a capital raise which brought in $873,000, falling two thirds short of the $2.5 million goal.
The company said the combined funding will support its growth as it works toward cashflow break even and operating profitability, which it anticipates achieving during March 2023.
The most recent tranche was raised through convertible notes issued to New York-based institutional investor Obsidian Global Partners.
Althea chief executive Josh Fegan described the participation of US investors as "pivotal" as it seeks to attract new long-term shareholders to Althea.
"AGH remains fully funded and focused on returning value to shareholders in 2023, through prudent financial controls and a profitable, sustainable future," he added.
The new capital came on the heels of a $2.1 million, 12-month loan obtained last week from Canadian lenders.
The loan's conditions drew scrutiny, however, with Althea agreeing to pay 15% interest over the 12-month term — amounting to an extra $300,000.
The company's share price has dropped nearly 16% over the past five days.
Fegan has maintained a confident outlook on Althea's path to profitability, saying in November how the dotcom boom and bust gave him reason for optimism.
"What keeps us focused and relentlessly working towards building a long-term, sustainable and profitable business is that when the dotcom boom burst, the real companies who made it to the other side went on to become some of the largest companies in the world," he said.
"The shareholders who were prepared to play the long game would have made an absolute fortune."
