04 January 2024
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NetScientific Plc (AIM: NSCI), the deep tech and life sciences VC investment group, announces that its portfolio company Ventive has successfully closed a c.£900,000 investment (“Investment”).
The Investment included £316,000 from existing shareholders and the conversion of two existing convertible loans (and interest thereon) valued at c.£600,000. This is the first closing as part of Ventive’s proposed £1 million to £1.5 million investment programme, with further new investment anticipated prior to 30 April 2024 in one or more additional closings.
This additional funding is complemented by ongoing non-dilutive funding from, amongst other grants awarded, a £1.5 million BEIS grant secured in 2022, as well as a recently awarded £100,000 UK Government grant focused on ‘net zero HVAC’ systems.
The Investment was led and syndicated by EMV Capital, the Company’s wholly owned venture capital and corporate finance firm. It follows the initial investment led and syndicated by EMV Capital that was announced (via RNS Reach) on 20 October 2022, where EMV Capital secured an initial c.16% stake in partial settlement of its fees. Since that initial investment, the value creation team of EMV Capital has worked closely with Ventive to stabilise and develop its business plan and product range.
The proceeds of the Investment will support the completion of the design and test phase and factory build for Ventive’s modular heat pumps, further enhancements to its passive air ventilation product range, and build-up of its marketing and sales capacity to drive sales of its existing product range.
https://netscientific.net
