Sure Ventures
PLC
Infinite Reality agrees to
acquire Landvault, Sure Valley Ventures Fund 1 (ICAV) Company
for
$450,000,000
Sure Ventures PLC is pleased
to announce that Infinite Reality ("iR")
has agreed to acquire Landvault for US$450 million in an all-share
transaction. Landvault is a portfolio company of the Sure
Valley Ventures Fund ("SVV1").
SVV1 has a 7% shareholding in
Landvault and Sure Ventures PLC owns 25.9% of Sure Valley Ventures
("SVV1"). The purchase consideration for Landvault would comprise
new shares in iR and it is expected that this company will be
seeking a listing on Nasdaq in Q3 2024 through a combination with
its SPAC partner, Newbury Street Acquisition Corp.
Based on the figures set out above,
this disposal has the potential to generate proceeds for Sure
Ventures PLC of circa $ 8.3 million depending on the value of iR
shares, a circa 470% uplift on SVV1's
carrying value of Landvault as at end of March
2024.
Furthermore, iR has also
today announced a US$350 million minority
investment from a private multi-family office focused on global
technology, media, and real estate, increasing iR's valuation to
$5.1 billion. Further details will
become available once iR publishes details of its proposed listing
on Nasdaq, although there can be no guarantee that a listing of iR
will ultimately take place.
iR is an innovation company powering
the next generation of digital media and ecommerce through AI and
immersive technologies. iR's virtual worlds enable brands and
creators to fully control how they distribute content, engage
audiences, and monetize their creations while maintaining ownership
of their data. With deep expertise in Hollywood production and
extended reality ("XR"), iR is redefining the infinite
possibilities of connected digital environments in the modern age.
iR's portfolio of brands includes
the Drone Racing
League, XR production
facility Thunder
Studios, creator talent
management firm TalentX, and digital marketing
agency Fearless
Media.
The company is backed by a number of
investors including RSE Ventures, Liberty Media, Lux Capital, Lerer
Hippeau, MGM, CAA, T-Mobile Ventures, Courtside VC, Exor, Terracap,
IAC, Live Nation, DJ and producer Steve Aoki, rock band Imagine
Dragons, NBA player Rudy Gobert, Interscope Records, and more. For
more information, go to theinfinitereality.com.
This represents a significant uplift
in value within SVV1 fund and will have a significant impact on our
NAV for this quarter, which will be announced towards the end of
July. The SVV1 portfolio has maturing companies that are now at the
stage of looking for realisation and this highlights the talent of
the team, the value being created and the potential uplift
available to shareholders.
Gareth Burchell-Sure Ventures
PLC
"This is a major development for the
Landvault leadership team, the Sure Valley Ventures Investment team
and Sure Ventures PLC shareholders and board. This type of news
illustrates the significant value creation at play from one
portfolio company, the Sure Valley team have created a diverse
portfolio, with numerous other potential exits of this
magnitude".
For further information, please
visit www.sureventuresplc.com or contact:
Gareth Burchell
Sure Ventures plc
+44 (0) 20 7186 9918