18th Aug 2022 11:25
Tern Plc - investor focused on the internet of things - Confirms that FVRVS Ltd - also known as FundamentalVR - has raised an additional USD20 million, which includes committed contingent funding yet to be received by FundamentalVR. Such funding will be at the same valuation as the FundamentalVR Series B second tranche and would not affect the book value of Tern's investment in FundamentalVR.
Last Thursday, Tern said that it had also closed a second tranche of its series B funding round, securing a further GBP5 million from a "new institutional investor". This comes after a GBP7 million fundraise at the end of May, with GBP1.2 million conversion of convertible loan notes. At that time, Tern converted GBP570,000 in loan notes, but did not participate in the second tranche. FundamentalVR has now raised GBP13.2 million total in the funding round.
Current stock price: 10.50 pence, down 4.6% in London on Thursday
12-month change: down 43%
By Sophie Rose; [email protected]
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