Sports marketing and media services group Parallel Media has raised £3.7 million in investment after refinancing.

Sports marketing and media services group Parallel Media has raised £3.7 million in investment after refinancing.

The AIM-quoted company secured the money via a £950,000 share placing and the conversion of loans to equity in the business.

Parallel Media’s chairman David Ciclitira says the changes ‘transform’ the financial structure of the business and provide a platform for growth and development, particularly in East Asia.

Ciclitira adds: ‘The first six months of this year have been an extremely positive period for our company, maintaining and expanding the business base in Asia.’

‘With the fundraising completed and the balance sheet restructured we can now focus on some very interesting projects.’