Eagle Eye, the digital loyalty company for the retail and hospitality sectors, is to raise £6m through the placing of new shares.

The group announced it proposes to place 2,666,667 new ordinary shares of 1p each at a price of 225p.

The group said the net proceeds would predominantly used to invest in operational and marketing capabilities “to capitalise on recent momentum in the business and pursue growth opportunities”

Investment is to be made during the current financial year and the two financial years ending 30 June 2019.

Tim Mason, chief executive of Eagle Eye, said: “Eagle Eye has delivered operational momentum and we are seeing increasing demand from retailers and brands for our proven and scalable technology to drive a structural shift in their digital marketing capabilities.

“The proposed placing will help Eagle Eye to significantly strengthen the marketing and operational capabilities that underpin our growth strategy and, ultimately, capitalise on our strong first-mover advantage to deliver additional value to our customers and shareholders alike.”