Investment company Dovedale Ventures has raised £395,000 on PLUS Markets by placing 19.75 million shares at 2p each. The proceeds will be used as working capital. Dovedale now has 91.25 million shares in issue.

Investment company Dovedale Ventures has raised £395,000 on PLUS Markets by placing 19.75 million shares at 2p each. The proceeds will be used as working capital. Dovedale now has 91.25 million shares in issue.

Griffin Two, a subsidiary of Griffin Group that provides equity and loans to emerging businesses, owns 14.75 million shares in Dovedale, a 16.2 per cent stake in the company.

Based in Hildenborough, Kent, Dovedale was founded in October 2005 by Griffin Corporate Finance, a subsidiary of Griffin Group. The company aims to acquire or invest in profitable businesses that provide support services in the UK or Europe.

In the six months ended April 2006, Dovedale reported no turnover but generated administrative expenses of £77,309. Loss before tax was £74,324, while loss per share was 22p.

In January 2006, it acquired a 30 per cent stake for £340,000 in building contractor Orientrose Contracts, which specialises in the leisure sector.