UK intellectual property investment group Tekcapital has secured additional funding to accelerate growth at their portfolio companies.
Tekcapital raised £2m by way of a placing at 15p per share. The funds will be allocated primarily to the growth of MicroSalt and Guident, with £1m designated to MicroSalt inventory.
“We are pleased to announce this oversubscribed offering to facilitate the further significant progress of our portfolio companies,” said Clifford M. Gross PHD., Executive Chairman of Tekcapital plc.
Tekcapital said MicroSalt were preparing for ‘significant forthcoming orders,’ suggesting the capital is required to build out inventories to meet demand.
MicroSalt has recorded several commercial achievements, including their SaltMe crisps being available in over 2,000 Kroger stores and inking deals with food manufacturers.
Having appointed Zeus Capital as their NOMAD late last year, investors will eagerly await further MicroSalt commercial updates, and this morning’s developments suggest momentum is gathering.
Guident will receive a £500k share of the funding raised to develop their Remote Control Monitoring Centre further and conduct additional testing of their regenerative shock absorbers for clients.