A tech firm has raised £3.1m through an open offer on the stock exchange as it aims to change its business model.
Proxama, which is based in Surrey Street, Norwich, announced it had successfully raised the funding which it would use to settle a debt with Barclays.
The firm announced it was seeking funds to transition the business from a proximity marketing firm to a location data company in June.
Under the new model Proxama will provide advertisers with insight into how many people are seeing their adverts.
It will continue to run its digital payments division.
Proxama's group chief executive John Kennedy said: 'In recent weeks, we have significantly increased our access to audience data. The larger the mobile consumer audience that we have access to, the more data the company can collect, the more value our platform can add, and therefore the more that we can charge and sell in order to grow revenues.'
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