Digital Marketing Group (DMG), which reversed into Seashell 2, the Lord Ashcroft shell, last October, has lured £10 million of fresh cash from eager investors in its second placing since coming to market.

Broker Cenkos Securities handled DMG’s oversubscribed institutional placing at 70p a share, enabling the company to repay debt racked up from recent acquisitions Cheeze and Jaywing as well as fortify its firepower for further deals.

DMG, steered by chief executive Ben Langdon, the former UK head of advertising network Euro RSCG, has more than doubled its market valuation to £40.6 million at 81p since reversing onto AIM and completing a slew of acquisitions. The company plans, creates and executes communications across all digital and direct channels for clients including Tesco, HSBC and Vodafone.

Ashcroft, deputy chairman of the Conservative party, remains a shareholder of DMG, which occupies a fertile hunting ground as marketers increasingly follow consumers online. Nearly £2.02 billion was spent online by advertisers in 2006, up 40 per cent, and the worldwide web accounted for 11.4 per cent of all advertising revenues, against 7.8 per cent in 2005.