Sure Ventures PLC (LON:SURE) said it is pleased with the progress of its portfolio so far as it reported improved returns on its investments in the first half.
The company, which invests in early-stage technology firms in the virtual reality, the internet of things and financial technology sectors, achieved a net asset value total return of 10.29% in the six months to September 30, compared to -7.88% last year.
That represents a life-to-date performance of 1.6%.
The improved performance of the fund was driven by the company’s first direct investment in UK virtual reality firm Immotion Group PLC. Sure Ventures invested £500,000 in Immotion in April.
“Immotion listed on AIM on 12 July 2018, at a price that represented a notable uplift in the value of the Company's original investment and has continued to perform positively,” chairman Perry Wilson said.
READ: Sure Ventures pleased with progress of tech investments this year
During the period, the group also entered into a €4.5mln commitment to Suir Valley Ventures, the sub-fund of Suir Valley Funds ICAV – a closed-ended Irish collective asset management vehicle.
While the company’s investment Suir Valley Ventures has fallen since the end of March, the life to date performance of the firm is 15.8%.
The firm’s investments were supported by a £200,000 share placing in January. Sure Ventures raised a further £1.08mln in September.
Wilson said the company has built a well-balanced portfolio with exposure to several rapidly growing companies.
“Overall our investments have grown at a healthy rate which we believe provides an encouraging outlook for further investments in our chosen sectors,” he said.
He added: “We look forward to providing further updates as further investments are made by the company directly and by the fund and the current investee companies continue to develop.”