(Sharecast News) - Intellectual property investor Tekcapital has raised £2m before expenses, it announced on Wednesday, to accelerate the growth of its portfolio companies.
The AIM-traded firm said the funds were raised in an oversubscribed placing from new and existing shareholders, through the issue of eight million new shares at a price of 25p each.
It said the net proceeds would primarily be used to accelerate the growth of its portfolio companies, with £0.4m to be used to build commercial inventory of MicroSalt and SaltMe crisps.
Another £0.4m would be used to build an inventory of wireless chargers for Lucyd Lyte smart glasses, and £0.3m would provide capital expenditure to enhance Guident's remote monitoring and control centre with artificial intelligence (AI) software features.
The rest of the funds would primarily be used for additional working capital.
"We are delighted with the support from existing and new shareholders in the placing which will enable our portfolio companies to achieve additional important milestones in 2022," said executive chairman Clifford Gross.
At 1230 BST, shares in Tekcapital were down 11.36% at 26.15p.
Reporting by Josh White at Sharecast.com.
TekCapital (TEK)