Inspired Energy PLC (LON:INSE) confirmed it has raised £10.7mln in its firm placing, as part of an overall £35mln equity funding to support its growth plans.

Some 71.39mln new shares were sold at a price of 15p in the firm placing.

A further £19mln has been conditionally raised with 128.6mln shares being sold in the same terms, subject to shareholder approval.

READ: Inspired Energy to take full control of Ignite

In addition, £5mln is being raised in an open offer to qualifying existing investors with the issue of 33.44mln shares.

“We are delighted to have received strong levels of support in our fundraise from new and existing investors with the firm placing financing the acquisition of the outstanding 60% interest of Ignite,” said Mark Dickinson, chief executive.

“This represents an important milestone in Inspired Energy’s strategic focus, accelerating the group’s optimisation services offering, enabling us to develop market share in the £857mln corporate optimisation services market.”

“Inspired Energy will now be able to leverage off its existing platform to cross-sell accelerate cross sells into its customer base, maximising the commercial overlap between the optimisation and assurance services market.”

He added: “The group is also pleased to include an open offer for our supportive retail shareholders, which when combined with the conditional placing from institutional investors will enable the group to take advantage of its active pipeline of potential acquisition targets which the directors believe are capable of being executed in the near term.”