VR Education Oversubscribed placing

RNS Number : 5231C

Sure Ventures PLC

21 June 2021

 

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

VR Education Oversubscribed placing

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 one the companies in its portfolio; VR Education plc.

SURE VALLEY VENTURES FUND

Sure Ventures made a €7million 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 €1.00 per share. One of the portfolio companies is VR Education plc.

VR Education Holdings (VRE)   -  http://immersivevreducation.com/

In February 2021 VR Education announced that r evenue from its  ENGAGE platform for the first three months of 2021 is  up 138% quarter on quarter to  €0.4 million  (equivalent to  two-thirds of ENGAGE FY2020 revenue of €0.6 million).

At the beginning of June the company also announced a customer update. Facebook, an ENGAGE client since August 2020, has renewed its enterprise account and doubled the number of user licenses . One of the world's leading consumer goods companies (in the world Top 100 companies by revenue) has become an ENGAGE client. A major US multinational   ( with a market cap of more than US$100 billion) has also agreed a contract to use ENGAGE's Virtual Office solution.

Other enterprise and institutional customers who have signed up to the platform since the start of 2021 include Abbott Laboratories, KPMG, MongoDB and the US State Department as announced on 7 April 2021.  These customers are using the platform  for various purposes, including business collaboration, training and events.

This morning (18.06.2021) it was announced that the company raised £7.7m in an oversubscribed placing at 17p a share , which is a 70% premium to its initial IPO price. Sure Valley Ventures PLC has been invested in the company prior to its IPO in March 2018. This cash injection will allow the business to scale its sales and marketing team, continue to develop its industry leading product and pave the way for future growth.

Gareth Burchell Sure Ventures PLC

"Congratulations to Dave, Sandra and the team at VR Education for completing the oversubscribed placing. The recent growth trajectory of ENGAGE is very impressive and the scale and size of the corporate clients they are winning gives us great confidence in the future prospects of the business. The global Pandemic has accelerated the growth and highlighted the power of ENGAGE as a communication, training and social tool."

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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