TIDMSURE
RNS Number : 6293Z
Sure Ventures PLC
15 September 2022
Sure Ventures plc ('Sure Ventures' or 'the Company')
Portfolio Update Q2 2022, 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 EUR7million 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 EUR1.00 per share. The current NAV of the Sure Valley Ventures
ICAV is EUR1.47 which is a 2.836%% decrease from its NAV as at Q1
2022.
Sure Valley has several investments across the AI, AR, VR and
IoT sectors and the major contributing factors and commentary on
underlying companies that has driven this NAV calculation are as
follows:
Admix/Landvault
Admix merged with Landvault, a builder in metaverse worlds like
The Sandbox and Decentraland as it pivots to Web 3. The combined
company will be known as Landvault. By merging with Laundvault,
Admix aims to become a go-to service provider for major
intellectual property holders and brands enabling big companies
across all industries to enter the metaverse and be monetised with
Admix's in-game advertising technology.
Admix completed a re-organisation of the team and also have
integrated the LandVault
Management Team. This strategic move has led to a significantly
improved margins and they have been successful in winning clients
with major world wide brands.
GetVisibility
In March 2022 Getvisibility closed a Series A round of
EUR10,000,000 led by AIC which included
Fortino Capital and as well as follow-on investment from Sure
Valley Ventures, Pires Investments
and Manifold Investments Limited among others.
Getvisibility has also expanded its pipeline by $6M and has
onboarded 31 new channel partners across 7 countries. Getvisibility
recently expanded its product offering by adding Google's platform
capabilities and a new Data Breach Risk report which will help
businesses measure and benchmark their security and data governance
capabilities.
Volograms
The mobile AR market is forecast to grow from the one billion
compatible devices and over $8 billion in revenue in 2019 to 2.5
billion compatible devices and $60 billion in revenue by 2024. The
Volograms mobile product will enable mobile phone users to take AR
pictures and videos, then view, edit and share them with others.
This can be done directly or through social media platforms. Thus,
the product is an end user or consumer product but the planned
route to market will be through mobile OEMs.
We believe that Volograms is opening a new market category for
AR photos and video. This
category should have much greater appeal for content creators
and social media users than the
existing static 3D content solutions on offer
Listed holdings
Equity markets have been volatile, and both Engage XR (EXR.L)
and Immotion PLC (IMMO.L) traded lower on a quarter-on-quarter
basis. The AIFM are happy with both positions and are long term
investors. Both listed entities are producing strong revenue growth
and market adoption.
Immotion PLC: the company's LBE business is currently enjoying
very strong trading in the key summer period, with unaudited July
2022 revenue of GBP1.3m being the division's best ever month. This
takes unaudited LBE revenue for the seven months to 31 July 2022 to
GBP5.7m, a 78% increase from GBP3.2m in the equivalent period in
2021.
completed two small-scale installations at Chester Zoo and
Legoland Discovery Center Philadelphia and so the Group now has 488
seats across 54 locations. The Group has visibility on a pipeline
of new sites and additional seats at certain existing sites. Should
all these developments materialise, the Directors expect that the
Group will comfortably pass the 500 seat mark by the end of H2
2022.
ENGAGE XR reported their Interim results for the period to June
2022 and were inline with market expectations. Total revenue for
the Group up c.41% to EUR1.76m (H1 2021: EUR1.25m) with Engage
revenue up 62%. The gross margin sits at a very healthy 81% and the
company had 4.9m Euros of cash.
The number of commercial customers has increased to over 180
since ENGAGE's launch in May 2019 with over 50 customers added in
2022. US Partner VictoryXR has launched 10 'Metaversities' funded
by Meta and built on the ENGAGE platform and now has 24/5 customer
support with teams in the US, Australia, and Europe available to
support customers.
SURE VALLEY VENTURES ENTERPRISE CAPITAL FUND
During the first quarter of 2022 Sure Ventures PLC also made a
commitment of GBP5m to the Sure Valley Ventures Capital Fund. The
fund has launched, and the first investment was made in a company
called RETìníZE on the 16(th) of March 2022.
Retinize are developing an innovative software product called
Animotive that is harnessing the latest VR technologies to
transform the 3D animation production process. The proceeds of the
seed round will drive the next two-year step in its growth and the
global rollout of Animotive.
The seed round, led by the SVV Software Fund's GBP1 million
investment, marks the first investment from this fund which
recently announced its first close of GBP85 million, which included
a cornerstone GBP50 million investment from the British Business
Bank, an investment arm of the UK Government.
Sure Ventures PLC NAV
The Sure ventures PLC NAV at the end of June 2022 sits at
125.75p. This represents a 2.443% decrease across the period, down
from 128.9p per share at the end of Q1. This decrease represents
costs and changes to the value of its listed holdings in Engage XR
and Immotion PLC.
Forward looking statement & Director comment
When calculating the NAV for both Sure Valley Ventures and Sure
Ventures PLC we do not re-rate an unlisted investee company
valuation unless there is a funding round priced by another
investor. The nature and stage of the software companies that we
invest requires patience and we are now starting to see these
businesses mature at a strong pace. The pipeline of deals for Sure
Valley ventures Enterprise Capital fund remains robust.
Gareth Burchell comment
"Sure Valley Ventures and its portfolio of deep technology
companies continue to perform well in what are difficult economic
circumstances. There are a number of our companies that are looking
to their next stage growth, scaling up the commercialisation of
their product offering and we are confident of continued growth in
Q3 2022 "
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
GBP400,000 over the next 12 months. Website:
https://www.sureventuresplc.com/
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END
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