Tekcapital has secured £2.25m growth capital to be used to accelerate growth of their portfolio companies, namely MicroSalt and Guident.
The oversubscribed placing will provide MicroSalt with £0.6m to help build commercial inventory as the food technology company prepares for their IPO.
Guident will be allocated £1m to purchase autonomous shuttles for their autonomous vehicle safety technology clients. Guident will also further develop their regenerative shock absorbers. Guident’s regenerative shock absorbers capture irregularities in roads and braking forces to help increase the range of electric vehicles.
Tekcapital will use the remaining funds for working capital.
The placing was completed at 16p with £2.25m raised before expenses.
“We are pleased to announce this oversubscribed offering to facilitate the further good progress of our portfolio companies,” said Dr Clifford Gross, Chief Executive of Tekcapital.
Tekcapital shares had traded as low as 16.70p early on Monday but the dip was bought into and TEK shares traded as high as 18p at the time of writing.
