A total of £12m has been raised by computer telephony integration company CloudCall, which has its UK headquarters in Leicester, through a share placing. It has also announced its interim results.
The AIM-listed business issued 12 million ordinary shares of 20p each at a price of 100p per share.
The net proceeds will be used to fund customer-led growth capital opportunities and strength its balance sheet.
CloudCall is also providing its existing shareholders with the chance to participate in an open offer to raise up to £500,000 from qualifying shareholders, with the net proceeds from this expected to be used to further strengthen the balance sheet.
In a statement, the business added that its board has set a new ambition of growing its turnover to the £50m mark by 2025.
Canaccord Genuity acted as nomad, sole broker and bookrunner in relation to the conditional placing and open offer.
CloudCall has also confirmed that its revenue increased from £4m to £5.2m in the six months to 30 June 2019 compared to the same period in 2018.
Its pre-tax losses were slightly cut from £1.9m to £1.8m