The firm, which specialises in venture capital investments and services to business angels, high net worth individuals and public sector organisations, has conducted the deal at a price of 15 pence per share.

The new subscription of shares represents 4.8 per cent of the issued share capital of Braveheart. The proceeds will be used for general working capital.

Braveheart’s new fundraising, along with a placing announced on 5 April, takes its total equity raised to £500,000 since its acquisition of Neon Capital Partners in March.

Geoffrey Thomson, chief executive of Braveheart, comments, ‘We completed the purchases of Yorkshire-based Neon using our own resources.

‘However, at the time we determined to raise capital to offset the purchase price and associated costs.’

Braveheart’s business investment came earlier in May when the investment firm committed £500,000 to Style-Passport, an online fashion and beauty service for leisure travelers, through its wholly-owned subsidiary Envestors.

Thomson adds, ‘We are now a significant manager of public funds in the UK, and Braveheart is well positioned to achieve organic growth while taking advantage of further M&A opportunities that may arise.’