Sure Ventures PLC VR Education Oversubscribed placing (5231C)
2021年6月21日 - 4:58PM
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TIDMSURE
RNS Number : 5231C
Sure Ventures PLC
21 June 2021
Sure Ventures plc ('Sure Ventures' or 'the Company')
VR Education Oversubscribed placing
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 one the companies in
its portfolio; VR Education plc.
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. One of the portfolio companies is VR
Education plc.
VR Education Holdings (VRE) - http://immersivevreducation.com/
In February 2021 VR Education announced that r evenue from its
ENGAGE platform for the first three months of 2021 is up 138%
quarter on quarter to EUR0.4 million (equivalent to two-thirds of
ENGAGE FY2020 revenue of EUR0.6 million).
At the beginning of June the company also announced a customer
update. Facebook, an ENGAGE client since August 2020, has renewed
its enterprise account and doubled the number of user licenses .
One of the world's leading consumer goods companies (in the world
Top 100 companies by revenue) has become an ENGAGE client. A major
US multinational ( with a market cap of more than US$100 billion)
has also agreed a contract to use ENGAGE's Virtual Office
solution.
Other enterprise and institutional customers who have signed up
to the platform since the start of 2021 include Abbott
Laboratories, KPMG, MongoDB and the US State Department as
announced on 7 April 2021. These customers are using the platform
for various purposes, including business collaboration, training
and events.
This morning (18.06.2021) it was announced that the company
raised GBP7.7m in an oversubscribed placing at 17p a share , which
is a 70% premium to its initial IPO price. Sure Valley Ventures PLC
has been invested in the company prior to its IPO in March 2018.
This cash injection will allow the business to scale its sales and
marketing team, continue to develop its industry leading product
and pave the way for future growth.
Gareth Burchell Sure Ventures PLC
"Congratulations to Dave, Sandra and the team at VR Education
for completing the oversubscribed placing. The recent growth
trajectory of ENGAGE is very impressive and the scale and size of
the corporate clients they are winning gives us great confidence in
the future prospects of the business. The global Pandemic has
accelerated the growth and highlighted the power of ENGAGE as a
communication, training and social tool."
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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June 21, 2021 03:58 ET (07:58 GMT)
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