AIM-quoted company Top Level Domain Holdings (TLDH) has closed $33 million in a capital raising from its investors. The investment brings the firm's total cash balance to $48 million before the auction of new top domains, according to The Financial Times.

TLDG competes with Amazon and Google for the control of new website suffixes such as ".cloud" and ".app." The Irish firm is among the many companies that aim to capitalize on internet regulations that will expand the number of generic top-level domains (gTLD) from just a few dozen to over a thousand, the report detailed

The Dublin-based firm will use the new capital to beef up its bidding power in the upcoming private auctions, the report added.

According to TLDH, it is working with a high net-worth individual who has pledged a $15-million support for the bid for one domain in a prospective auction. The said investor was not named by the company, said the report.

TLDH's market capitalization is pegged at around £80 million. On Friday, the firm will announce that it will rebrand itself as Minds+Machines Limited, The Financial Times reported.