Blur Group to join Aim after raising £4m Blur Group, the business-to-business online procurement group backed by ITV chairman Archie Norman, will commence trading as a publicly listed company on Friday after becoming one of London's rare technology flotations this year. Blur will join Aim after it raised £4m through a placement of about 5m shares at 82p each, giving the company a market capitalisation of roughly £20m. Blur is backed by several well-known City names, including Mr Norman; Kevin Lomax, former Misys chief executive and a director at Marks and Spencer; and Tim Schoonmaker, former Odeon Cinemas chief and ex-chairman of Emap Advertising. In matchmaker-like fashion, Blur's website pairs up companies with businesses seeking expertise on services such as the development of mobile and web apps, cloud computing, ecommerce, security and data projects. The group, which began its roadshow in late August, follows Wandisco and Incadea as the only technology companies to join London's junior market this year. Blur's flotation comes in contrast to the growing concerns over how Britain can avoid losing technology IPOs to the US, where Nasdaq is seen as a more tech-friendly market. To battle such concerns, the UK government has proposed to ease listing rules on the London Stock Exchange for high-growth companies. Blur, advised by Singer Capital Markets, reported revenues of $1.5m in the six months to June 30 - up 75 per cent compared with the same half last year - and a widening of losses before interest, tax, depreciation and amortisation from $152,000 to $483,000. "Our ambition has always been to build a UK global technology success story and the initial public offering is a key part in helping us to achieve that goal, and to demonstrate that there is a UK market for technology IPOs," said Philip Letts, Blur founder and chief executive. Blur acts as a mediator between typically small suppliers and larger clients, with its database whittling down a shortlist of the best contractors for the job. Blur staff then hand-pick the top three providers, which are presented to the client, and then facilitate the payment and provide follow-up services. The group's business model involves taking a commission of at least 20 per cent of price of the contract, which the group calls "briefs," as well as a listing fee of 10 per cent of the buyers" budget, with a minimum of £250. Since 2010, Blur has handled some 1,000 briefs worth a total of more than $14m, with the majority coming over the past six months. The average brief price is roughly $10,000. The company employs some 30 staff across two offices in London and Dallas, and has about 500 business customers.