2nd Jul 2019 11:46
(Alliance News) - Augmentum Fintech on Tuesday said it has raised approximately GBP26 million as it looks for new investments both in the UK and elsewhere.
Augmentum has raised GBP25.8 million from the issue of 23.1 million shares at 112 pence each. Shares in Augmentum were down 0.4% at 112.59p shortly before noon in London.
The venture capital investor, which focuses on financial technology, conducted an initial placing, offer for subscription, and intermediaries offer.
Of the 23.1 million shares, 15.1 million are from the initial placing, 3.0 million from the offer for subscription, and 5.0 million from the intermediaries offer. Augmentum is expecting net proceeds of GBP24.9 million.
Canaccord Genuity, which holds a more than 10% stake in Augmentum, invested around GBP2.6 million in the initial issue.
The share placing was announced in mid-June, with Chair Neil England saying at the time: "There is a significant opportunity for fintech businesses in the UK and wider Europe. We are uniquely positioned to take advantage of this and our previously stated ambition is for a much more substantial fund over time; expected to come from a combination of underlying NAV growth and the introduction of new capital.
"We have successfully delivered on our investment strategy following our IPO last year and now that the company is substantially fully committed, the board believes the time is right to raise further funds. This will enable us to take advantage of some interesting opportunities in our identified pipeline."
Related Shares:
Augmentum Fint.