Phorm bags £15m to fund rollout of ad targeting system
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UK— Online behavioural advertising firm Phorm has raised £15m to fund the continued implementation of its services in the UK and Korea.
The company has sold more than three million shares to institutional investors at £4.50 per share, which is cheaper then the stock’s current value on the AIM market.
Phorm CEO Kent Ertugrul said: “I am pleased that the financial community has demonstrated its support for Phorm with a substantially over-subscribed offering… With the addition of these new funds, we are well positioned to deliver strong growth as we engage with ISPs across the globe with a view to deployment in multiple markets.”
The firm’s behavioural tracking software uses deep packet inspection technology to track the websites a user visits in order to match them with relevant advertising.
