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Tern PLC on Friday said that its portfolio company, InVMA Ltd, has agreed a £2.5 million fundraise, which will be completed in two tranches. Tern is an investment company specialising in supporting early-stage internet of things technology businesses. Its portfolio company, InVMA, trades as Konektio, and provides an industrial IoT software-as-a-service platform to original equipment manufacturers. Konektio’s fundraise has two tranches, the first of which was for £1.2 million and has been completed. Tern invested £100,000 in the first tranche, with the remainder provided by Konektio’s other shareholders. Prior to this, Tern had a shareholding of 39.9% in Konektio, with an unaudited book valuation of £1.0 million. Following the completion of the first tranche, it now holds a 28% interest in the portfolio company, with a valuation of £900,000. The second tranche of the fundraise is for GPB1.3 million. It is expected to complete in the final quarter of this year. Tern has committed to investing a minimum of £280,000 in the second tranche, with the option to up this number to £400,000. Should Tern fail to meet this commitment, 75% of its holding in Konetkio will be transferred to a valueless class of Konektio deferred shares. Tern shares were trading 11% lower at 3.64 pence each in London on Friday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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