Frontier IP Group PLC on Monday said its portfolio company Alusid Ltd has raised £500,000.
Shares in the London-based intellectual property commercialisation company rose 14% to 40.97 pence each in London on Monday around midday.
Frontier said Alusid has raised £500,000 through equity funding from Octopus Investments via the Octopus AIM VCT PLC and Octopus AIM VCT 2 PLC funds.
The investment, the first in the company from Octopus, is part of a larger funding round raising £1.1 million from existing and new investors. The round values Alusid at £9.5 million post investment.
Frontier IP now holds a 35% stake in Alusid.
‘Proceeds from the fund raising will be used to support Alusid’s expansion into new product ranges and territories. 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 initial public offering later this year,’ Frontier said.
Shares in Octopus AIM VCT rose 2.5% to 61.50p each in London on Friday. Meanwhile, shares in Octopus Aim VCT 2 were flat at 46.10p each.
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