- Portfolio attracts high-profile technology investor
- 50 per cent share price discount to NAV
Edinburgh-based Frontier IP (FIPP:40p), a technology investment company that provides commercialisation services to university spin-outs in return for ‘free equity’ stakes, has announced a successful capital raise for portfolio company Alusid. Alusid creates premium-quality tiles and architectural surfaces by recycling industrial waste ceramics, glass and other materials, much of which would end in landfill.
As part of a larger £1.13mn funding round, Octopus AIM VCT funds are investing £0.5mn in Alusid, which values the company at £9.5mn. Frontier IP holds a 35.4 per cent equity stake in Alusid worth £3.3mn. The cash proceeds will be used to support Alusid's expansion into new product ranges and territories. For instance, the company is developing hard-wearing floor tiles, which are expected to launch commercially this year, and is in discussions with potential distributors in Scandinavia and Northern Europe. It is also exploring options for an IPO later this year.