IP Group raises £55m with placing
IP Group, a developer of intellectual property based businesses which acquired Derby-based Tracsis earlier this week, has raised £55m through a share issue.
The business said the cash would be used to increase its overall rate of investment into its portfolio to help the group maintain or increase its stakes through subsequent financing rounds and provide it with greater flexibility to lead subsequent investment rounds in existing and future post-seed companies, decreasing its reliance on external capital.
Chief executive Alan Aubrey said: "A number of the group's portfolio businesses have made excellent recent progress towards achieving key commercial milestones. This proposed equity raise will enable the group to maintain or increase stakes in these post-seed opportunities whilst also increasing its overall rate of investment.
"Strengthening the balance sheet in this way provides the group with greater flexibility to lead investment rounds whilst decreasing its reliance on external capital, thereby ensuring that we are able to maintain significant minority stakes in the most promising opportunities. We remain confident that our strategy will generate significant long-term returns for shareholders."
