UK-based Koovs plc has announced the closing of the current round of capital raising (April 29 to June 30, 2016), bringing the total capital raised during this round to 26.2 million pounds. This is comprised of 23.2 million pounds from a range of new and existing investors and a 3.0 million pounds strategic investment by HT Media Limited.

"We are delighted with the successful closing of this financing round, having secured strong support from international institutional investors and one of India’s largest and most well-respected media groups. The funds raised provide a strong financial platform from which to deliver our growth plans as we continue to focus on building the Koovs business to become India’s number one western fashion destination by 2020,” said Mary Turner, CEO of Koovs.

Koovs, an online fashion store, confirmed that it has raised gross proceeds of a further 1million pounds finalising an investment from an existing institutional investor through the issue of 4,000,000 New Ordinary Shares at a price of 25 pence per Ordinary Share. This issuance is the third and final tranche of shares to be issued under the Capital Raising which was announced on 29 April 2016 and which closed on Thursday.

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In line with the Company's strategy, the funds will be used for investment in marketing, Koovs said in a statement.

These Third Tranche Shares represent approximately 2.7 per cent. of the existing issued share capital of the Company. The Third Tranche is conditional upon Admission becoming effective. Application has been made for the Third Tranche Shares to be admitted to trading on AIM.