NetScientific PLC (AIM:NSCI), the international life sciences and sustainability technology investment and commercialisation group, has supported the latest financing by Martlet Capital.
The company said its corporate finance and venture capital subsidiary, EMV Capital, syndicated roughly £740,000 of its investment in Martlet Capital to its investor network and invested a further £730,000 or so, which will also be syndicated to its investor network soon.
This brings the total direct and syndicated investment in Martlet Capital to a total of £1.72mln, which represents 11.2% of Martlet Capital's issued share capital (1.6% direct holding and 9.6% advised), and £0.52mln of convertible loan notes (£0.075mln direct holding and £0.445mln advised), NetScientific (NSCI) said.
"This provides yet another example of the use of NetScientific's capital-light investment to add value. The £1mln original investment by NetScientific in September enabled the execution of a complex deal, while the use of EMV Capital's investment network enabled the completion of the deal through further advised investment into Martlet Capital - enabling the return of much of the original investment to NSCI's balance sheet,” said Ilian Iliev, the chief executive officer of NetScientific.
Paul Bailey, the managing director of Martlet Capital, said Martlet was delighted to have the continued support of NetScientific.
“The European technology sector is booming and as reported in The Times recently, Britain is leading the way in tech investment with Cambridge being chosen as the unicorn capital of Europe. Early-stage investment levels are now on a par with the US for the first time and with the transatlantic links that NetScientific can offer Martlet's portfolio companies then we are in a great position to nurture founders, invest at seed stage, provide scale-up capital and talent management expertise to these amazing technology companies,” Bailey said.