Phorm raises 15m in funds

ONLINE advertising company Phorm said yesterday it raised around &pound;15m through a placing with institutional investors.<br /><br />The group, which has drawn criticism from the Government and European Commission over data privacy, said it had raised the money with a 450p per share placing to expand its services and for general working capital purposes.<br /><br />&ldquo;I am pleased that the financial community has demonstrated its support for Phorm, with a substantially over-subscribed offering,&rdquo; chief executive Kent Ertugrul said.