Gfinity PLC (AIM:GFIN) said it has raised a larger-than-expected £2mln in a share issue comprising a subscription and placing.
Directors, including executive chairman Neville Upton, contributed £40,000 to the funding round, which was priced at 0.15p and originally intended to raise £1.5mln.
Esports and gaming group Gfinity had flagged the share issue earlier in the month as part of a restructuring that will see it regroup around its gaming platform Athlos, where it also hopes to bring in a partner to help it develop.
Gfinity has also established a new Esports events partnership with a US group to reduce overheads.
In its earlier statement, it said revenues in the half year to end December 2022 were £4.1mln, up 26% from a year earlier and double the preceding six months, while operating losses will be £0.8mln, a 47% reduction from the previous half year.