Greenbank Capital said the value of its stake in portfolio company CodiKoat has "increased significantly" following fundraising and other recent positive developments at the company.
Greenbank said it invested C$928,792 in ISO-certified anti-viral surface coating technology developer CodiKoat in May 2021 and, based on the latest valuation, the company is now worth approximately C$1.9 million
Noting that this was yet unrealized, Greenbank said if this valuation were to be sustained on a sale of its stake in the company it would represent a return more than two times its initial investment.
In addition to raising funds, CodiKoat recently announced the appointment of a new CEO, the expansion of its labs, and the recruitment of additional staff, Greenbank noted in a statement.
Greenbank is a business-transformation firm that aims to nurture early-stage and growth companies to their full potential.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie