Tekcapital raises £2.25m to advance portfolio firms

20th Feb 2023 13:42

(Sharecast News) - Intellectual property investor Tekcapital has raised £2.25m, it announced on Monday, to accelerate the growth of its portfolio companies.

The AIM-traded firm said the funds were raised through the oversubscribed placing of 14,062,500 new shares at a price of 16p each, to both new and existing shareholders.

It said it would allocate £0.6m to build commercial inventory of MicroSalt, a company focused on improving the taste and reducing the harmful effects of salt in food.

Meanwhile, £1m would be used to purchase autonomous shuttles for Guident's remote control monitoring centre clients, and for the fabrication and testing of regenerative shock absorbers for prospective clients.

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

"We are pleased to announce this oversubscribed offering to facilitate the further good progress of our portfolio companies," said executive chairman Clifford Gross.

At 1322 GMT, shares in Tekcapital were down 16.76% at 16.91p.

Reporting by Josh White for Sharecast.com.