Sure Ventures PLC (LSE:SURE) saw its shares soar 45% as one of its investments is heading to Nasdaq thanks to a $450mln deal.
One of the London-listed early-stage tech investor’s funds, Sure Valley Ventures (SVV1), 25.9% held by the listed vehicle, is a shareholder in a company called Landvault which is being acquired in an all-paper deal by Infinite Reality (iR), an American media-tech firm backed by high profile investors.
SVV1 has a 7% shareholding in Landvault.
Following the transaction, iR plans to float on Nasdaq via a separate SPAC deal (acquiring a shell vehicle called Newbury Street Acquisition Corp).
iR is described as a ‘next generation digital media and e-commerce’ company, and it is backed by a cohort of high-profile investors including Liberty Media (NASDAQ:LINTA), MGM, T-Mobile, LiveNation, Interscope Records, plus DJ and entrepreneur Steve Aoki.
The innovative media company is concurrently receiving a new $350 million investment from a ‘private multi-family office’ with that transaction setting a $5.1 billion valuation for iR ahead of its intended listing.
Landvault is described as an ‘immersive web company’ – it overlaps both AI and metaverse tech trends – and counts brands such as Heineken, Mars, Mastercard, Standard Chartered and the Government of Dubai among its customers.
What it all means for Sure Ventures
London-listed Sure Ventures told its investors that it expects the Landvault transaction to be worth $8.3 million net, depending upon the eventual value of iR’s shares.
That will translate to a 470% uplift to the carrying value assigned to the Landvault investment at the end of March by SVV1.
This significant uplift will be reflected in Sure Venture’s NAV for this quarter, due to be reported at the end of July.
Moreover, Sure Ventures said that the SVV1 portfolio has other maturing companies that are now at the stage of looking for realisation.
"This is a major development for the Landvault leadership team, the Sure Valley Ventures Investment team and Sure Ventures PLC (LSE:SURE) shareholders and board,” director Gareth Burchell said in a statement.
“This type of news illustrates the significant value creation at play from one portfolio company, the Sure Valley team have created a diverse portfolio, with numerous other potential exits of this magnitude".