SURE VENTURES PLC / ISIN: GB00BYWYZ460 / Ticker: SURE / Market: SFS / Sector: Investment
Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)
Sure Ventures plc, a venture capital fund which invests in early stage software companies in the rapidly growing financial technology (‘fintech‘), augmented reality (‘AR’), virtual reality (‘VR’), and Internet of Things (‘IoT’) sectors, is pleased to announce its results for the period between 21 June 2017 to 31 March 2018. The Company’s annual report and audited financial statements will be posted to shareholders shortly and will be made available on the Company’s website www.sureventuresplc.com.
Listed in January 2018 having raised £3.3 million
Strategy to target capital growth by investing in early stage technology companies in the fintech, AR/VR and IoT sectors, with a focus on software-centric businesses
4.5 million commitment to Suir Valley Ventures Fund at a price of €100 cents – the last recorded dealing NAV as at March 2018 was recorded at €124 cents per share
Suir Valley Ventures Fund has five initial investments across target sectors including recently listed VR Education plc
Post period end, direct investment in Immotion Plc, which subsequently listed on AIM resulting with a current 114% uplift in the value of Sure Ventures holding
Sure Ventures listed in January this year having raised £3.3 million. The Company’s performance has been in line with expectations. By targeting fintech, AR, VR and IoT, the Company provides investors access to early stage opportunities in fast growing areas that the board believes will increasingly play key roles in our everyday lives.
Sure Ventures has made a €4.5 million commitment to Suir Valley Ventures Fund at a price of €100 cents. The last recorded dealing NAV as at March 2018 was recorded at €124 cents per share. This gain was largely down to the successful flotation and valuation uplift in VR Education plc (VRE.L), one of its portfolio companies that listed on AIM at 10p per share on 12 March 2018. The share price of VR Education at the close of business on 30 July 2018 was 18.6 pence per share. The Suir Valley Ventures Fund has now made five investments in the AR, VR, fintech and IoT sectors. The Company believes that investment opportunities in its chosen sectors will continue to strengthen.
Post period end, in April 2018 Sure Ventures invested £500,000 directly into Immotion Plc, a UK-based company focused on becoming a leading participant in the ‘Out of Home’ VR experience market by creating and publishing high quality VR content and combining it with its VR motion platforms to create truly immersive experiences. Immotion (IMMO) listed on AIM on 12 July 2018 at 10 pence per share. The share price of Immotion at the close of business on 30 July 2018 was 13.5 pence per share at which price Sure Ventures’ holding in Immotion was valued at circa £ 1.1 million
On 2 July 2018 Sure Ventures announced the issue of £200,000 of new ordinary shares.
We are pleased with the progress made by the Company to date following its listing in January 2018 and with the performance of the investments made by Sure Ventures and Suir Valley Ventures Fund, both of which are managed by Shard Capital AIFM LLP. We believe that Sure Ventures offers investors an exciting opportunity to gain exposure to early stage companies in our target sectors: fintech, AR, VR and IoT. We look forward to updating the market and our shareholders on our investment performance and progress on an ongoing basis.
Finally, I would like to thank all the team for their hard work and shareholders for their support. I look forward to communicating regularly as our current investee companies build their businesses and we identify further investment opportunities.
31 July 2018