Sure Ventures PLC Update on Investee Company (7406X)
23 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMSURE
RNS Number : 7406X
Sure Ventures PLC
23 December 2019
SURE VENTURES PLC / ISIN: GB00BYWYZ460 / Ticker: SURE / Market:
SFS / Sector: Investment
23 December 2019
Sure Ventures plc ('Sure Ventures' or 'the Company')
Update on Investee Company
Sure Ventures plc, a venture capital fund which invests in early
stage software companies, is pleased to announce that an agreement
has been reached to sell Artomatix, one of the investee companies
held in its 25.93% owned fund, Sure Valley Ventures ('SVV').
Overview
-- Agreed terms to sell interest in Artomatix, which provides an
AI platform that can automate the creation of 3D content
-- Amount accruing to Sure Ventures expected to be around EUR1.6 million euros
-- Sale of Artomatix represents a cash multiple of approximately
five times the initial investment made by SVV
-- Sale highlights the opportunities available when investing in
technology companies in fast-growing market segments
Sure Ventures Director, Gareth Burchell, said, "Artomatix is our
first realised gain; to achieve a 5x cash on cash return over 14
months is very pleasing. Given our market capitalisation of circa
GBP5 million, this is a significant return and we would like to
thank the Artomatix team for their effort, ambition and commitment.
Our portfolio is reaching an exciting stage in its life cycle and
we look forward to 2020 on what it may bring."
Sure Ventures Chief Investment Officer and Managing Partner at
SVV, Barry Downes, said, "I would like to wish the Artomatix team
well on the next stage or their journey. For investors in SVV, I'm
delighted that we can return most of their capital invested to date
with this one transaction and for investors in Sure Ventures I'm
delighted that we can show a significant return on one of our
portfolio assets over such a short period of time. SVV and Sure
Ventures are committed to investing in the best software technology
companies in the AI, IoT and AR/VR sectors; we look forward to
continuing to find and invest in new global leaders to produce
stellar returns for our investors."
Details
SVV, a venture capital fund founded by Barry Downes and Brian
Kinane in partnership with Shard Capital, is focused on investing
in the software technology sector with a specific focus artificial
intelligence ('AI'), the internet of things ('IoT') and augmented
and virtual reality ('AR/VR'). It currently has a portfolio of nine
investee companies at different stages of development. Sure
Ventures recently increased its investment by EUR2.5 million into
SVV and now has a 25.9% interest in the fund.
In October 2018, SVV invested in Artomatix, which provides an AI
platform that can automate the creation of 3D content. Terms have
now been agreed to sell this interest. When a realisation is made
within SVV, the proceeds are distributed to investors. Accordingly,
the amount accruing to Sure Ventures is expected to be around
EUR1.6 million, of which EUR1.447 million will be payable shortly,
with the balance due in 18 months as is customary for transactions
of this type. The sale of Artomatix represents a cash multiple of
approximately five times the initial investment made by SVV and
clearly demonstrates the potential returns that can be generated
from the portfolio.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
ENDS
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell Sure Ventures plc +44 (0) 20 7186 9918
Catherine Leftley / St Brides Partners (Financial
David Penson PR) +44 (0) 20 7236 1177
Notes to Editors
Sure Ventures plc listed on the London Stock Exchange in January
2018 giving retail investors access to an asset class that is
usually dominated by private venture capital funds. The Company
aims to provide investors with a diversified exposure to three
rapidly growing markets: augmented reality/virtual reality, AI and
Internet of Things. Sure Ventures is focusing on companies in the
UK, Republic of Ireland and other European countries, making seed
and series A investments in companies with first rate management
teams, products which benefit from market validation with target
revenue run rates of at least GBP400,000 over the next 12 months.
Website: https://www.sureventuresplc.com/
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END
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