Tern PLC SVV Fund investment in RETìníZE
16 Março 2022 - 4:01AM
RNS Non-Regulatory
TIDMTERN
Tern PLC
16 March 2022
REACH
16 March 2022
Tern Plc
("Tern" or the "Company")
SVV Fund investment in RETìníZE
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, is pleased to
note that following the agreement for Tern to participate in the
new Sure Valley Ventures UK Software Technology Fund (the "SVV
Fund"), announced on 2 March 2022, the new SVV Fund has undertaken
its first investment.
The SVV Fund has led a GBP2 million seed investment round, with
the SVV Fund providing a GBP1 million investment in RETìníZE
Limited ("RETìníZE"), an award-winning creative-technology company
based in Belfast, Northern Ireland. RETìníZE is developing an
innovative software product, Animotive, that is harnessing virtual
reality technologies to transform the 3D animation production
process. The investment is designed to drive RETìníZE's growth plan
for the next two-years and the global rollout of Animotive.
Tern's contribution to the SVV Fund's investment in RETìníZE
will be covered by the approximately GBP90,000 initially invested
by Tern in the SVV Fund, as previously announced.
The SVV Fund are joined in RETìníZE's investment round by
investors from the UK, USA, Ireland and the Netherlands, including:
TechStart Ventures, who are following on from their 2019 pre-seed
investment; VGC Partners; Clarendon/Co-fund NI; Lonely Horse
Investments; Bertram van Munster and Elise Doganieri, the multi
Emmy award-winning producers behind the CBS hit show 'the Amazing
Race'; and Ben Morrow, Senior Product Manager, Adobe Aero (Adobe's
AR creation tool).
Commenting, Al Sisto, CEO of Tern said: "We are delighted to see
the SVV Fund make their first investment. In RETìníZE they are
investing in an exciting company developing innovative technology
that fits very well with Tern's existing participation in the
virtual reality space. As a member of the SVV Fund's Investor
Committee, I look forward to working with RETìníZE, with a view to
benefiting both RETìníZE and Tern's wider network of
companies."
RETìníZE CEO, Phil Morrow, said: "We are thrilled to have Sure
Valley on board as our lead investor - they have a deep knowledge
of the creative tech sector and what impressed us most was the time
they took to really understand and challenge our long-term goals
and objectives. This investment will supercharge our growth
trajectory and will allow us to take Animotive to the international
market."
Sure Valley Ventures Principal, Isabelle O'Keeffe, said: "We are
delighted to be able to support RETìníZE as the first investment of
our recently launched software fund, as it enters this exciting new
phase. We recognise that the immersive software sector is poised
for exponential growth, and the plans that RETìníZE has for
Animotive will position the company at the forefront of this
expansion. We will continue to identify new opportunities in
Metaverse, AI and Cybersecurity as we deploy our Fund II capital,
with a focus on companies, like RETìníZE, which are bringing a
disruptive innovation to market."
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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