Admix raises additional funds of US$6.1 million

RNS Number : 6543J

Pires Investments PLC

15 April 2020

 

15 April 2020

Pires Investments plc

("Pires" or the "Company")

Admix raises additional funds of US$6.1 million

Pires is pleased to provide an update on its investment in Sure Valley Ventures ("SVV") in relation to WAM Group Limited ("Admix"), a company within the SVV portfolio.

Following on from SVV's initial £400,000 investment in Admix in November 2018, Admix has now arranged Series A funding of US$6.1 million from both existing and new investors.  This new funding has been raised at a valuation representing 450% of the company's valuation at the time of SVV's initial investment.

Admix has built a monetisation platform for the next generation of entertainment, from traditional gaming to emerging channels such as Esports and VR/AR content.  Admix continues to enhance and develop a "marketplace" connecting gaming/content developers with advertisers who want to buy non-intrusive, in game/content-ad formats for their brands.  It has made good progress monetising its business model and this Series A investment round should enable Admix to scale its business.

Pires has a circa 13% interest in SVV.  SVV is a venture capital fund focused on investing in the software technology sector with a specific focus on augmented and virtual reality ("AR/VR"), artificial intelligence ("AI") and the internet of things ("IoT").

Chairman, Peter Redmond said;

"Admix has clearly made good progress in the eighteen months since the original investment. This new fund raising again demonstrates the quality of the companies that Pires has exposure to through its investment in SVV and the ability of these companies to raise new funds at a substantial premium to the original prices paid."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Pires Investments plc Peter Redmond, Chairman Nicholas Lee, Director	Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Liam Murray Ludovico Lazzaretti	Tel: [phone]
Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams	Tel: [phone] Tel: [phone]

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

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