Tekcapital raises £3m to pour into portfolio companies

Intellectual property investor Tekcapital has raised £3m, it announced on Wednesday, in a bid to “accelerate the growth” of its portfolio companies.

The AIM-traded firm said the money was raised in an oversubscribed placing with existing and new shareholders, through the issue of 10,714,286 new shares at a price of 28p each.

It said £1.5m would be used to build inventory and progress product development for Lucyd, while £0.5m would expand inventory for Salarius, and £0.5m would be used to provide capital expenditure for Guident's remote monitoring and control centre.

The rest of the funds raised would primarily be used for additional working capital.

“We are delighted with the support from existing and new shareholders in the placing which will contribute to the additional near term progress of our portfolio companies,” said executive chairman Clifford Gross.

At 1200 GMT, shares in Tekcapital were down 12.21% at 30.2p.