13th May 2020 10:44
(Alliance News) - IP Group PLC on Wednesday announced the completion of a GBP30 million funding round by portfolio company Featurespace Ltd, to which IP Group committed GBP1 million.
Chrysalis Investment Co Ltd led the funding round in Featurespace, which provides adaptive behavioural analytics for use in financial crime prevention. Other funding contributors included IP Group, TTV Capital, Highland Europe, MissionOG, and Invoke Capital Partners.
Once the fundraise is complete, intellectual property-based business developer IP Group will hold an undiluted beneficial stake of 19.7% in Featurespace. The deal is expected to result in an approximately GBP10 million fair value gain for IP Group compared to the previous Featurespace financing round.
Following the fundraise, IP Group's holding in Featurespace will be valued at around GP40 million.
Jon Edington, a partner in Technology at IP Group, said: "Featurespace continues to go from strength to strength, having expanded within financial services, and is working with a wide range of financial institutions across Europe and the US. The company has been recognised with a string of awards including being named in the 2020 CB Insights AI 100 list, being the 25th fastest growing technology company in the Sunday Times Hiscox Tech Track 100, and being among RBS's strong partners in the 2019 Results and Investor update.
"Featurespace is a great example of a high growth technology asset that we have helped nurture over the last 8 years. We are delighted to support the team with this fundraising which will help drive further international growth."
Shares in IP Group were down 1.1% at 54.00 pence in London on Wednesday morning.
By Anna Farley; [email protected]
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