The combination of a tripling of Kogan.com shares in the last 10 weeks and last Friday’s bullish trading update would have had many braced for some sort of deal from the online retailer and its founder, Ruslan Kogan.

But there are sighs of relief that the deal announced on Wednesday is a $115 million capital raising to fund the next phase of growth, rather than the founder selldowns that followed the release of positive news in September 2018 and again in August 2019.