Why the Douugh (ASX:DOU) share price is pushing higher

The Douugh Ltd (ASX: DOU) share price is edging higher on Tuesday following the release of an announcement.

At the time of writing, the financial wellness app provider’s shares are up 1% to 23.8 cents.

What did Douugh announce?

This morning Douugh revealed that it has successfully completed a $12 million placement to institutional and sophisticated investors. This includes financial services company Humm Group Ltd (ASX: HUM), which was a cornerstone investor with a $2.5 million investment.

These funds were raised a 22 cents per share, which represented a ~24% discount to the Douugh share price at the time of the placement announcement.

Following this placement, Dough now has a cash balance of $16 million. It feels this puts it in…