Phorm Raises £3m for Turkish and Chinese Services

Online ad targeting specialist Phorm has raised £3m in funds through the placement of convertible secured loan notes - with £1.5m available immediately, and the balance payable once the company's Turkish operations become profitable.

Phorm launched the Turkish operation last July, and by the following month was declaring the initial stages a success. After years of looking for a return on its very substantial investments, and starts in the UK, Korea, Brazil and Romania, the company said in its October results announcement that it was approaching a 'defining moment' with the Turkish operation on course to make the group 'profitable during the next financial year'.

The loan note can be converted into Phorm shares at a price of 20p each, and is secured by a fixed and floating charge against the assets of the company.

In a statement, Phorm's directors - led by CEO Kent Ertugrul (pictured) - said the loan note will enable both the completion of its commercial roll-out in Turkey and the initial launch of its operations in China.

Web site: www.phorm.com .