Tekcapital shares jumped 22% to the highest level since September last year after shares in their portfolio company Innovative Eyewear surged in the US.
NASDAQ-listed Innovative Eyewear was over 200% higher at the time of writing on Thursday.
Tekcapital hold a 70% stake in Innovative Eyewear and today’s rise represents a gain in the value of TEK’s holding in the region of $14m.
Innovative Eyewear have developed a range of smart eyewear and partnered with major brands including Nautica, and more recently, Eddie Bauer.
“Few names are as renowned as Eddie Bauer in outdoor recreation,” said Harrison Gross, CEO of Innovative Eyewear, at the time the Eddie Bauer partnership was announced in December.
“Our Eddie Bauer smart eyewear collection, powered by Lucyd, will continue Eddie Bauer’s legacy of bold and beautiful craftsmanship, coupled with innovation, and will align perfectly with today’s adventurous lifestyles. We believe outdoor enthusiasts are looking for designer eyewear that both protects their vision and allows them to remain connected to their digital lives in an open-ear, handsfree format.”
Innovative Eyewear technology has the potential to save a great number of lives by reducing the distractions associated with handheld devices.