TIDMSURE
RNS Number : 4171F
Sure Ventures PLC
10 July 2023
Sure Ventures plc ('Sure Ventures' or 'the Company')
Portfolio Update Q1 2023, NAV Calculation 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 EUR7million 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 EUR1.00 per share. The current NAV of the Sure Valley Ventures
ICAV as of Q1 2023 is EUR1.3729 which is a 0.8% increase from its
NAV as at Q4 2022.
Sure Valley has several investments across the AI, AR, VR and
IoT sectors and the major contributing factors and commentary on
underlying portfolio companies that has driven this NAV calculation
are as follows:
Cameramatics
CameraMatics US operational activity has increased significantly
in Q1 with the roll out of
several key contracts, specifically one with a major US
logistics company who are part of
a larger logistics group with scope for CameraMatics to win
contracts in the rest of the
group.
The company is focusing on growing their product offering,
building their re-occurring revenue model and enhancing their award
winning platform. Cameramatics are well funded and expanding
internationally.
GetVisibility
Getvisibility has successfully onboarded 28 new channel partners
in the last quarter, with total enterprise customer number growing
to 116. The sales pipeline continues to build and the team are
working closely with existing and new customers in an everchanging
space.
Buymie
The fund has written the value of Buymie down to zero in this
quarter's NAV calculation. The company has been acquired by Dunnes
Stores, but the terms of the deal have not yet been formally
disclosed.
NDRC Arc Labs
The NDRC accelerator program has now been wound up and the 300K
euro investment has been written off in this quarter's NAV
calculation.
Smarttech 247
247 are the leaders in the cybersecurity field of eXtended
Detection and Response
(XDR). That is Artificial Intelligence (AI) and automation that
prevents cybersecurity threats at
faster speed, greater scale, and higher accuracy than humanly
possible.
In December 2022 Smarttech247 listed on the London Stock
Exchange's AIM market.
The company raised GBP3.67m through a placing of roughly 12.38m
ordinary shares at a price of
GBP0.2966 per share. The placing price gives the company a
valuation of GBP36.8m
Additional updates this quarter include:
-- New and renewed contracts secured:
-- Existing contract with a global pharmaceutical client renewed for another year which is
worth c.US$615,000
-- Contract secured with a new client - a global pharmaceutical organisation
-- New three-year contract worth over EUR100,000 with a leading climate solution company
-- Extended the scope of an existing contract with a Fortune 500 customer
-- Signed a letter of intent for a three-year contract with a major European financial services
group
-- Successful Zero Day Con 2023 conference held in March 2023.
-- participation in new Managed Security Service Provider Program with partner, Forcepoint, a
global security leader, announced in April 2023.
-- Shortlisted by Small Cap Awards for IPO of the Year and by
Tech Excellence Awards for managed Security Service Provider for
the Year.
Immotion/Lets Explore
Immotion (now known as Let's Explore Group plc), the UK-based
immersive entertainment group announced it has entered into a
conditional sale and purchase agreement, for the sale of its
Location Based Entertainment business (collectively; Immotion
Studios Limited, Immotion VR Limited and C.2K Entertainment Inc.),
to LBE BidCo, Inc. for an enterprise value of $25,211,739 on a cash
free/debt free basis.
Further to this news a tender offer for 65% of shares held was
made by the acquirer at 4.75p a share, which the AIFM team took up
and the sale of this stock has now been completed. Sure Ventures
PLC still retains a residual position in stock of Let's Explore
Group plc.
Sure Ventures PLC NAV
The Sure Ventures PLC NAV at the end of March 2023 sits at
119.99p. This represents a 0.28% decrease across the period, down
from 120.33 per share at the end of Q4 2022 and means that the Sure
Ventures share price trades at a 18.74% discount to its NAV. This
decrease represents costs and changes to the value of its listed
holdings in Engage XR and Let's Explore Group plc. The Engage XR
share price performance has been frustrating, but the AIFM
continues to back the business and believe in its future
potential.
Director Commentary:
" Despite the challenging market conditions, our portfolio
companies have been performing well overall and the quarterly NAV
was materially unchanged. The write downs of NDRC and Buymie were
offset by the uplift achieved via Cameramatics new funding round.
The positive performance of Let's Explore Group and Smartech247,
offset the drop in the Engage XR share price and highlighted the
importance of diversification within the investment portfolio that
has been achieved".
For further information, please visit www.sureventuresplc.com or
contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918
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. 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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