Investee Company, Immotion, Lists on AIM

RNS Number : 3564U

Sure Ventures PLC

12 July 2018

 

SURE VENTURES PLC / ISIN: GB00BYWYZ460 / Ticker: SURE / Market: SFS / Sector: Investment

12 July 2018

SURE VENTURES PLC ('Sure' or 'the Company')

Investee Company, Immotion, Lists on AIM

SURE VENTURES PLC (SURE), a venture capital fund which invests in early stage software companies in the rapidly growing financial technology ('FinTech'), augmented reality ('AR'), virtual reality ('VR'), and Internet of Things ('IoT') sectors, is pleased to announce that its first direct investee company, Immotion Group PLC ('Immotion'), listed on AIM today having raised £5.75 million through an oversubscribed placing.

Immotion is a UK-based company focused on becoming a leading participant in the 'Out of Home' VR experience market by creating and publishing high quality VR content and combining it with its VR motion platforms to create truly immersive experiences.   Given that this sector is forecast to grow seven-fold to $8bn by 2022, Immotion is well placed to capitalise on its position as a key player in the space; it is already generating revenues through sales with leisure and entertainment operators, concession partners such as Merlin Entertainments, and owned and franchised outlets. 

On 24 April 2018 Sure announced that it had invested £500,000 in Immotion at a pre-money valuation of £8 million. Sure is pleased to inform investors that Immotion's placing and admission to trading on AIM has today been successfully concluded (Ticker IMMO.L).

Immotion raised £5.75 million (gross proceeds) to scale its out of home VR content and platform roll out. The pre-money valuation achieved in the significantly over-subscribed placing was £13 million, which represents an unrealised gain of circa 60% on Sure's initial investment.

Sure Director, Gareth Burchell, said, "Having invested in Immotion in April this year, we are delighted that it has now listed on AIM, which will further raise its profile and fast-track its strategy focused on building the business across the UK, Europe and the USA.   The placing was significantly oversubscribed, providing further confidence in the sector given that other professional investors have also recognised the opportunity that this company offers.  It operates in a buoyant sector and is one of the few companies in its target markets providing out of home VR experiences. We look forward to watching its progress with interest."

ENDS

For further information, please visit www.sureventuresplc.com or contact:

Gareth Burchell	Sure Ventures plc	[phone]
Isabel de Salis / Priit Piip	St Brides Partners (Financial PR)	[phone]
Immotion	[e-mail]	[phone]

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. The Company aims to provide investors with a diversified exposure to three rapidly-growing markets: augmented reality/virtual reality, FinTech and Internet of Things.  Sure 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/

About Immotion

Immotion is UK-based company focused on creating superior out-of-home immersive virtual reality experiences in Europe and the USA.

Website: http://www.immotiongroup.com/

 

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