REG - Sure Ventures PLC - Portfolio update and NAV calculation Q1 2023

Sure VenturesAnnouncement

10/07/2023 07:30

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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 €7million 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 €1.00 per share. The current
NAV of the Sure Valley Ventures ICAV as of Q1 2023 is €1.3729 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 £3.67m through a placing of roughly 12.38m ordinary shares
at a price of

£0.2966 per share. The placing price gives the company a valuation of £36.8m

 

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 €100,000 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
£400,000 over the next 12 months. Website: https://www.sureventuresplc.com/

 

 

 

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