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Sure Ventures PLC (SURE)

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Monday 23 December, 2019

Sure Ventures PLC

Update on Investee Company

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 €1.6 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 £5 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 €2.5 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 €1.6 million, of which €1.447 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 /

David Penson

St Brides Partners (Financial 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 £400,000 over the next 12 months.  Website: https://www.sureventuresplc.com/

 

 

 


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