Phorm bags £15m to fund rollout of ad targeting system

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.