Founded in 2010 by Malcolm Cowley and Paul Fellows, a team which created buy.at and sold the business to AOL in 2008 for $125 million, PHG’s ExactView technology is a platform of tracking, reporting, managing and optimising performance for online campaigns.

Existing investors DN Capital originally backed the business though its first found of fundraising in 2010. Financail details for the latest round of investment are undisclosed.

As part of the deal, Newcastle-headquartered PHG has recruited two ‘experienced’ executives to its board of directors. John Taysom, founder of Reuters Group’s venture find, and Tom Buehlmann, sales and marketing executive at the International division of Catalina Marketing, join the board as chairman and non-executive director respectively.

Malcolm Cowley, chief executive officer of PHT, comments, ‘In the past twelve months we have built a great product and an excellent team so I couldn’t be happier.

‘We have gained strong momentum with our customers and high demand for our product. This has enabled us to open offices in London and New York ahead of schedule.’

Cowley says that the new investment will enable PHG to meet this demand, with the appointment of new board members helping to scale the business in the right way, to ‘capitalise’ on its potential.

Tom Bradley, partner at London-based DN Capital, adds, ‘We have been impressed with the team, the customer traction and the growth of PHG since the very beginning.’

Away from its headquarters in Newcastle, PHG also has operations in London and New York.