MoPowered (LON:MPOW), which has developed a software platform for online retailers, has conditionally raised around £3.5mln via a placing and subscription to strengthen the balance sheet and accelerate growth.
It issued 70mln new shares at 5 pence a pop - representing around a 75% discount to the closing middle price of 20.25p on Friday (Sep 19).
Releasing half year numbers last week, the firm said the cash would allow it to exploit sales opportunities and have sufficient working capital to continue operations until it achieves monthly positive cash flow.
When the group listed on AIM in 2013 it raised £2.9 million to invest in sales people, marketing activities and further development.
The group has seen a return on this investment, having won 50 clients in 2014, launched new products and advanced its platform, with version 3 currently expected to be released in the fourth quarter this year.
However, due to the slower overall levels of adoption of mobile commerce systems, the group has seen a lower than expected increase in sales and has experienced a longer than anticipated payback period in relation to smaller clients and a more modest than expected increase in recurring revenues.
Therefore, revenue and profitability was lower than expected for the first half of 2014.
The board added that a recruitment process was underway for a new chief financial officer, with a view to having an appointment in place during the fourth quarter this year.
MoPowered platform sits alongside a client's e-commerce offering and provides a browsing, checkout and payment experience for smartphone users.
Clients currently include Next, Waterstones, Western Union, Jewson, Superdry and DFS.