Augmentum Fintech has raised £28m through an oversubscribed share placing launched this week.
The alternative finance focused investment trust, which includes peer-to-peer lender Zopa in its portfolio, said demand from existing and new investors exceeded the maximum issue size so applications had to be scaled back.
The fund has raised £28m through the issue of 23.37 million shares at 120p each.
Proceeds from the raise will be used to fund its pipeline, which currently contains around £120m of investment opportunities across all target sectors and geographies.
“Augmentum is unique as a fintech specialist with a closed end structure offering patient capital to companies as they scale-up,” Neil England, non-executive chairman of Augmentum Fintech, said.
“It is pleasing to see that demand for our shares from the placing and retail offer has exceeded the maximum issue size.”
Tim Levene, chief executive of Augmentum Fintech, said the success of this fundraise reflects the growing shift in the move to a digital economy.
“The on-going disruption caused by Covid-19 should maintain the momentum behind this trend and many of Augmentum’s portfolio companies should continue to benefit from this growth,” he said.
“We look forward to supporting our current portfolio and capitalising on our qualified pipeline of new investment opportunities.”