10th Feb 2021 09:20
(Alliance News) - IP Group PLC on Wednesday announced its US investment platform IP Group Inc has secured an additional USD50.0 million, or GBP36.5 million, of funding, including USD40.0 million from an undisclosed new US blue-chip institutional investor.
The London-based intellectual property commercialisation company committed the remaining USD10.0 million of funding itself towards the US platform, in which it now has a 61% interest.
IP Group said the additional funding brings the total funds raised by IP Group Inc over the past 12 months to USD63.5 million. This includes a total of USD15.0 million that IP Group PLC has committed to its US platform during the year.
"This additional funding is consistent with the group's strategy of financing IP Group Inc alongside third-party strategic investors. The funds will support the continued growth of the platform's maturing portfolio as well as its pipeline of new opportunities," IP Group said.
Shares in IP Group were flat at 106.20 pence in London on Wednesday.
By Zoe Wickens; [email protected]
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