Vela Technologies notes Candy Ventures investment in Vibe Group

Tech-based disruptor investor Vela Technologies Plc (LON: VELA) has noted that Candy Ventures has bought up a 23% stake in Luke Massie’s ticket resale platform Vibe Group.

It is understood that Candy Ventures – private investment fund of property billionaire Nick Candy – paid a seven figure sum its stake in Vibe Group, and will now take its place alongside existing stakeholders Vela Technologies and Scott Fletcher.

In response to the update, Nick Candy commented,

“I recognise a lot of entrepreneurial qualities in Luke that I know are crucial for a tech start-up to achieve great things. He has identified real demand from consumers and developed some game-changing products. Candy Ventures is excited for the potential of this investment.”

He added that he was attracted to Vibe’s “game-changing products”

Luke Massie followed by saying that,

“This is a significant milestone for the Vibe Group. To have the backing from Nick Candy and his experienced team at Candy Ventures, as well as the continued support from Scott and Vela, is a huge endorsement for the brand.”

“We are gathering momentum at an incredible pace and making major progress in product development. We always put the consumer first and build products that add value to their everyday lives.”

Vela Technologies comment

Vela currently holds a 3.1% stake in Vibe Group, and following the update, the company’s statement wrote, “The Board of Vela (AIM: VELA) notes the media commentary regarding Vibe Group Holdings Limited (“Vibe Group”) and the investment by Candy Ventures, a private investment company owned by Nick Candy, in Vibe Group. Candy Ventures has made an undisclosed investment into Vibe Group for a 23 per cent. equity stake in Vibe Group.”

“Following this investment, and based on Companies House filings, Vela holds 5,674 ordinary shares in Vibe Group equivalent to approximately 3.1 per cent. of the issued share capital of Vibe Group.”

Share price update

The Company’s shares rallied following the regulatory update, up 6% or 0.0057p to 0.1p a share at the end of Tuesday trading 25/06/19 14:44 GMT.

Elsewhere in the tech-related sector; Remote Monitored Systems PLC (LON: RMS), Tekmar Group Plc (LON: TGP), Redcentric PLC (LON: RDN), Codemasters Group Holdings Limited (LON: CDM) and Amino Technologies Plc (LON: AMO) provided trading updates.

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.