The Horizon Group has confirmed that it has raised £7.4 million in a private placing of shares with new investors. A total of 9.4 million new shares were issued at 78p each. Approximately £5 million of the £7.4 million raised came for Irish institutions with the balance from a small number of private investors. The funds raised represent 16.25 per cent of the enlarged equity and this values Horizon at £45.2 million. It is understood that the equity injection has had the effect of reducing founder and chief executive, Mr Samir Naji's stake in the company from 83 per cent to around 67 per cent.