If you're wanting to invest in the small side of the Australian share market, then the two small caps listed below could be worth a closer look.
They are growing quickly and could have very bright futures ahead of them.
Here's why these small cap ASX shares could be worth adding to your watchlist:
BlueBet Holdings Ltd (ASX: BBT)
The first small cap ASX share to watch is BlueBet. It is a mobile-first online wagering provider. It allows users to bet on all Australian and international racing and sports through its website and app. BlueBet has been growing very strongly thanks to the increasing popularity of mobile sports betting.
This led to the company doubling its customer numbers over the last 12 months, which has underpinned strong wagering turnover growth.
The good news is that the company is only really getting started. And positively, management appears confident it is well positioned to substantially grow its current ~1.2% share of the market in Australia. It has also been making inroads into the massive US market which is just beginning to open up.
Damstra Holdings Ltd (ASX: DTC)
Another small cap ASX share to watch is Damstra. It is a growing integrated workplace management solutions provider which provides a cloud-based workplace management platform that is used by businesses globally.
Damstra's platform allows users to track, manage, and protect their workers and assets. Demand has been growing strongly in recent years and has continued in FY 2021.
For example, last week the company released its full year results and revealed a 63% increase in annual recurring revenue (ARR) to $34.5 million. This was driven by a 74% increase in user numbers to 737,000.
And while no guidance was given for the year ahead, management spoke positively about the future. It notes that it has multiple growth options that are being driven via tailored strategies and routes to market.
