XLMedia said it had raised around £31.7m from a share issue, allowing it to consider acquisition opportunities.
New shares were issued at 198p each and represented about 7.8% of the company.
"We are delighted to have received such strong support from both existing and new shareholders as we continue to see a significant opportunity to grow XLMedia both organically and through acquisition," chief executive Ory Weihs said.
"This fundraising will enable us to fully capitalise on acquisition opportunities we have identified in key verticals."
At 8:07am: (LON:XLM) XLMedia Plc share price was -4p at 201p