The share placing and retail offer via the PrimaryBid platform were “comfortably oversubscribed”, the company said.
The intellectual property investor said it intends to use the funds raised to support the working capital needs of the business, including taking on more staff to increase the group’s capacity to provide commercialisation and development services for its portfolio companies.
Frontier IP said it also wants to “flex the company’s business model” to include bridge funding and direct participation in investment rounds of the companies in which it has stakes.
“The group and its portfolio have made highly encouraging progress over the past year, rising to meet the opportunities and challenges presented by COVID-19,” Neil Crabb, the chief executive officer of Frontier IP said in a statement.
“Several companies are now at important inflexion points in their development, having achieved significant commercial and technical advances. This fundraising gives us the wherewithal to respond flexibly and nimbly to the opportunities now emerging,” he added.
Crabb and non-executive director Mike Bourne participated in the share offer, with the former acquiring 54,545 shares, lifting his stake to 5.43%, while Bourne bought 55,000, raising his stake to 0.83%.