The fundraising was originally intended to bring in £450,000, and will float on OFEX later this month. The company is expected to start trading on 28 June, with St Helen’s Capital acting in an advisory capacity.

The London-based firm, headed by adverting and marketing veteran Paul Roche, owns intellectual property in ‘digital screen technology’ and intends to draw on its directors’ experience in advertising to offer commercial digital screen networks in supermarkets and other retail outlets.

Contracts have now been agreed to display digital screens in 52 of supermarket chain Supervalu’s stores in Ireland. Supervalu is owned by the Musgrave group, which also owns Budgens with 227 stores and Londis, with over 2,100 stores, although at present no agreement has been made for these outlets.

The agreed contracts are for two or three years and are to be renewed automatically for a further two or three years unless notice is given at the end of the first period.

Chief executive Paul Roche has previously worked for major companies such as Procter & Gamble, Granada Television and MRA where, as managing director, he grew turnover from under £1 million to £14 million.