22nd May 2014 13:34
LONDON (Alliance News) - Vela Technologies PLC Thursday said it is investing GBP100,000 in a funding plan for The Social Superstore in return for 2.5% of the company.
The investment company, which focuses on early stage and pre-initial public offering technology investments, said the investment was in a GBP1 million series B funding plan for the social commence platform.
The company said The Social Superstore is moving towards launch in the fourth quarter, initially in the UK.
Vela Technologies said the funding, which is due for payment on or before July 3, will be applied to building the platform and places a pre-money valuation on The Social Superstore of GBP3 million.
The company said it believes that the social commerce space is one which has the potential to be monetised by consumers across a range of sectors.
Vela Technologies shares were down 3.2% to 0.75 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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