9th Mar 2020 18:06
(Alliance News) - Venture capital firm Catena Group PLC on Monday completed its first investment, taking a stake in a data science and machine learning firm.
Catena has spent GBP1.5 million for a 9.1% holding in Insight Capital Partners. It also has a six-month option to increase this stake to just over 30% on the same terms.
The company said the investment is in line with its new strategy of investing in "fast-growing companies".
The deal was first announced a week ago. Catena, until recently known as Ultimate Sports Group, at the time raised GBP2 million through issuing convertible loan notes to help fund the deal.
Matthew Farnum-Schneider, the chief executive of London-based Catena, said: "We are delighted to have secured this investment in Insight. Machine learning is set to revolutionise the asset management and financial services industries and we believe that Insight is ideally placed to capitalise on the exponential growth in the sector.
"Insight's demonstrated performance of delivering near-term tangible commercial benefits via its machine learning solutions has already generated profitable growth. Today's investment should accelerate Insight's reach and is the first step in our growing alliance. We look forward to working with Steve Cracknell and his team in realising Insight's enormous potential."
Shares ended 5.5% lower on Monday in London at 26.00 pence each.
By George Collard; [email protected]
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