NetScientific portfolio company Ventive secures £900,000 investment
Summary
NetScientific PLC (AIM:NSCI)s portfolio company Ventive has successfully secured more than \xa3900,000 in new investment, comprising \xa3316,000 from existing shareholders and \xa3600,000 from the conversion of existing convertible loans.Proceeds of the investment will support the completion of the design and test phase and factory build for Ventives 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.It marked the first closing as part of Ventives proposed \xa31 million to \xa31.5 million investment programme, with further new investment anticipated before the end of April 2024.The investment was led and syndicated by EMV Capital, NetScientifics venture capital subsidiary. "This investment is a strong endorsement of our work, and recognition of Ventive as a pioneer in the design of naturally intelligent ventilation systems to deliver fresh air at minimal energy cost, said Rob Morrison, managing director of Ventive. "EMV Capital has provided invaluable support to our fundraising efforts and growth strategy planning, and we are grateful to our shareholders for their continued support in a tough macro-economic climate. "Ed Hooper, executive director of NetScientific and investment director at Ventive, added: This transaction again demonstrates the strength of our capital-efficient investment model and the successful execution of our strategy to increase the net asset value and fair value of our business by progressing cohort portfolio companies through value creation stages, obtaining third party investment, and providing proactive portfolio management. "In addition to the latest round, Ventive has ongoing non-dilutive funding via a \xa31.5 million grant from the Department for Business, Energy and Industrial Strategy (BEIS) and a recently awarded \xa3100,000 UK Government grant focused on net zero HVAC systems.NetScientific now has an 11% equity holding in Ventive on a fully diluted basis.