Portfolio Update - VR Education Holdings & Buymie

RNS Number : 8316N

Sure Ventures PLC

26 May 2020

 

Sure Ventures plc ('Sure Ventures' or 'the Company')

Portfolio Update -VR Education & Buymie

Sure Ventures plc, 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) in Fintech. We are pleased to provide an update on its investment portfolio.

· VR Education Holdings - http://immersivevreducation.com/

On the 20^th of May 2020 VR Education announced that HTC Corporation ('HTC') has agreed to invest €3.0 million in the Company (the 'Subscription') and that HTC and the Company are entering into a strategic partnership for the distribution and license of the Company's ENGAGE platform globally through HTC enterprise sales channels.

This investment, which is subject to GM approval on the 11^th of June 2020, will give HTC a 20% stake in the enlarged share capital of the company. This is a major milestone for the company and has led to a significant interest in the share price of the company, which closed at 14p as at 22/05/2020. VR Education ran the 2020 HTC VIVE Ecosystem Conference alongside HTC and hosted the event on the Company's ENGAGE platform in March 2020.

We would like to congratulate Dave and Sandra Whelan for securing a global partner to fast track the commercialisation of the Engage platform.

· Buymie

On the 28^th of April 2020 we announced that an investment was made by Sure Valley Ventures in home grocery delivery company Buymie. It was announced on the 22^nd of May 2020 that Buymie has teamed-up with Co-op to offer same-day home grocery deliveries to over 200,000 households across Bristol.  The move is the first partnership in the UK for Ireland based Buymie whose mobile app allows customers to book personalised online home grocery deliveries.

This is a major development for Buymie and another indication of the pace of growth being experienced in the home delivery industry. We would like to congratulate the founders and the team for their success in signing such an agreement in the UK with such a recognisable brand. This agreement validates the ability of Buymie to "punch above its weight" and scale alongside leading industry players.

SURE VALLEY VENTURES FUND

Sure Ventures has a 7m million commitment to Sure Valley Ventures Fund ('Sure Valley') representing an interest of approximately 25.9% (assuming no other funding commitments are made) of the underlying portfolio companies detailed in the announcement. 

ENDS

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

Gareth Burchell	Sure Ventures plc	[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.  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 £400,000 over the next 12 months.  Website: https://www.sureventuresplc.com/

 

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