Sure Ventures plc (‘Sure Ventures’ or ‘the Company’)
Portfolio Update Q4 2021 and Director commentary
Sure Ventures is a London listed venture capital fund which invests in early stage software companies in the rapidly growing technology areas of Augmented reality (‘AR’), Virtual reality (‘VR’), Internet of Things (‘IoT’) and Artificial Intelligence (AI). We are pleased to provide an update on the Company’s investment portfolio.
SURE VALLEY VENTURES FUND
Sure Ventures made a €7million commitment to Sure Valley Ventures Fund (‘Sure Valley’) representing an interest in Sure Valley of approximately 25.9%. This commitment was made at a price of €1.00 per share. The current NAV of the Sure Valley Ventures ICAV is 134 EUR.
Sure Valley has several investments across the AI, AR, VR and IoT sectors and the major contributing factors and commentary on underlying companies that has driven this NAV calculation are as follows:
On October the 26th 2021 we announced that Admix raised $25m in a series B funding round. This deal closed within the reporting quarter and had a significant uplift on the NAV of the fund. This new funding round represented a 1500% increase to the initial valuation that the original investment was made by the fund management team.
The Series B round allows Admix to scale up its In-Play solution and bridge the gap between brands, creators and advertisers worldwide. Admix are making excellent progress with the execution of that scale-up strategy and it is on track to deliver 1000% year-on-year revenue growth. This new capital is set to fund Admix’s evolution as a set of monetisation tools for the new creator economy, and its second critical phase of product development that will set standards in the formative metaverse
On the 30th of December 2021 CameraMatics successfully raised a total of €3.9 million in additional growth funding from existing investors Sure Valley Ventures, Puma and Enterprise Ireland after achieving 90% increase in valuation since January 2021.
The proceeds of the funding round will be used to expand CameraMatics’ sales and marketing teams, help fund its global expansion and scale in line with the strong levels of growth that the company is experiencing.
CameraMatics states that it has seen a 167% growth in recurring revenue in the last 12 months and expects opportunities in its current pipeline to further accelerate its growth after a year which saw them win founder of the year, emerging company of the year and most recently shortlisted for the European future Unicorn award coming up in 2022. The Future Unicorn Award aims at celebrating scale-ups from across Europe that have the potential to become the future European tech giants
Nova Leah has announced the closing of its seed investment round led by Northwell Holdings & Ventures, the for-profit venture investment arm of Northwell Health, New York State’s largest healthcare provider. The investment includes additional funding from existing investors Kernel Capital and SVV. Nova Leah plans to use the funds to significantly expand its market opportunity and global reach.
In recent years, healthcare delivery organisations around the world have experienced increasingly significant disruption to the provision of medical care as a result of security threats. Nova Leah has won international awards for its cloud-based security product SelectEvidence® which ensures that connected medical devices are continuously assessed for cybersecurity vulnerabilities.
Equity markets in the last quarter of 2021 were volatile and the two listed entities that play part of the calculation of our NAV are Engage XR Holdings PLC and Immotion PLC. Immotion PLC moved from 6.7p in September 2021 to 5.35p at the end of December 2021. Engage Xr Holdings from 18.35p to 16.35p in the same reporting period.
Sure Ventures PLC NAV
The funding rounds completed in Admix, Cameramatics and Nova Leah had a strong impact on our NAV and a 10.37% uplift in what was a tough quarter for the tech sector is very pleasing. Our NAV now stands at 118.34p and is trading at a 13.09% discount to the market price as at 09th of February 2022.
Forward looking statement & Director comment
When calculating our NAV both Sure Valley Ventures and Sure Ventures PLC do not re-rate an unlisted investee company valuation unless there is a funding round priced by another investor. The nature and stage of the software companies that we invest requires patience and we are now starting to see these businesses mature at a strong pace. The funding rounds of Admix, Cameramatics and Nova Leah should act as a demonstration of what that next stage of growth can mean to investors and the pace at which our NAV can grow now these businesses are maturing. We look forward to keeping the market up to date and would remind investors that we have a portfolio of 16 businesses that are performing well and reaching the next stage of their growth cycle.
Gareth Burchell comment
“Sure Valley Ventures has created a portfolio of award winning, deep technology companies in exciting and fast-paced areas of the software market. Watching these companies mature, the hard work and commitment of the founders and the talent that they possess is very inspiring. We will continue to update investors with news flow and look forward to an exciting 2022”.
For further information, please visit www.sureventuresplc.com or contact:
Sure Ventures plc
+44 (0) 20 7186 9918