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Tern Plc - investor focused on the internet of things - Confirms that FVRVS Ltd - also known as FundamentalVR - has raised an additional $20 million, which includes committed contingent funding yet to be received by FundamentalVR. Such funding will be at the same valuation as the FundamentalVR Series B second tranche and would not affect the book value of Tern's investment in FundamentalVR.
Last Thursday, Tern said that it had also closed a second tranche of its series B funding round, securing a further £5 million from a ‘new institutional investor’. This comes after a £7 million fundraise at the end of May, with £1.2 million conversion of convertible loan notes. At that time, Tern converted £570,000 in loan notes, but did not participate in the second tranche. FundamentalVR has now raised £13.2 million total in the funding round.
Current stock price: 10.50 pence, down 4.6% in London on Thursday
12-month change: down 43%
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