AIM-quoted cloud video business Forbidden Technologies has used its listing to raise £9 million.
Marketing is on the cards at Forbidden Technologies on the back of the firm’s latest Alternative Investment Market (AIM) placing.
The London-based business, which listed on AIM in 2000, has raised £9 million through the placing of 40 million new shares at 20 pence each.
As well as ramping up marketing efforts for its cloud video platform, Forbidden will also use the capital to support distributors in providing after-sales services to customers.
The business has also outlined plans to make new appointments to its senior management team.
Earlier in June, Forbidden announced that its cloud video platform was being used for the second series of the BBC’s singing talent competition, The Voice UK.
The platform was also used by YouTube to provide coverage of the London Olympics in the summer of 2012.
Stephen Streater, CEO of Forbidden, says that the £9 million placing has included support from many new investors.
‘I believe that his fundraising transforms the opportunities available to the company by providing Forbidden with a much increased pool of funds form which to invest in marketing and development,’ Streater adds.
‘This also proves that technology companies have access to capital in the UK and that AIM is serving its purpose.’
The last time that Forbidden used its AIM status to raise funds was back in July 2009.