Tern Plc - investor focused on the internet of things - Says FVRVS Ltd - also known as FundamentalVR - closes a second tranche of its series B funding round, securing a further GBP5 million from a "new institutional investor". This comes after a GBP7 million fundraise at the end of May, with GBP1.2 million conversion of convertible loan notes. At that time, Tern converted GBP570,000 in loan notes, but did not participate in the second tranche. FundamentalVR has now raised GBP13.2 million total in the funding found.
Prior to the second tranche, Tern held a 20% stake in the firm, which will now be 16.6%, valued at GBP4.8 million. Proceeds will go towards FundamentalVR's growth, including expansion of its US activities.
"FundamentalVR provides Tern and its shareholders with exposure to the rapidly growing medical simulation market using low cost open-system IoT devices. It is quickly building its annual recurring revenues and the lifetime value of its contracts, and we believe that the business will be an attractive target for a trade buyer or for an IPO in due course. In the meantime, we look forward to continuing to participate in the value it is creating," says Chief Executive Officer Al Sisto.
Current stock price: 10.42 pence, down 11% in London on Thursday
12-month change: down 44%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Tern (TERN)