Mobile marketing and entertainment business InternetQ has used its capital market status to raise new growth capital and close an acquisition.

The business has pulled in £10 million from institutional investors and has used part of the funds to finance a new acquisition, with German business Atlas Interactive Deutschland being purchased.

According to a statement, the acquisition provides InternetQ with an opportunity to consolidate its market position in Europe.

The fundraising, which has netted InternetQ £10 million, involves the placing of 3,448,400 new shares at a price of 290 pence each.

Panagiotis Dimitropoulos, CEO of InternetQ, comments, ‘We are delighted to announce the conditional acquisition of Atlas Germany, which enhances our geographic footprint in both Central and Western Europe.

‘We are particularly pleased with the strong support from our investor base, which will also enable us to accelerate our organic growth plans for Akazoo and MiniMob.’

Dimitropoulos says that Atlas Germany has over 30 direct commercial agreements with mobile network operators which will allow the company to sell across its existing platform of products, which includes Akazoo and MiniMob.

InternetQ listed on the Alternative Investment Market (AIM) in October 2010, raising £31 million in the process.

Speaking then, Dimitropoulos said, ‘Our listing on AIM and the influx of fresh funds will strengthen our profile globally and also allow us to invest in tapping new markets and improving our technology.’