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(Sharecast News) - Tekcapital announced on Monday that it has raised 1.25m through a placing and subscription of new shares at 7p each, as it looked to accelerate growth across its portfolio, with a particular focus on mobility and generative AI.
The AIM-listed intellectual property investment group said 0.5m of the proceeds would be used to support Guident, its autonomous vehicle technology company, by expanding its sales team and covering costs ahead of a planned initial public offering in 2025.
It said the remaining funds would be directed toward increasing Tekcapital's exposure to generative AI and for general working capital.
The fundraising involved the issue of 17.4 million new ordinary shares through a placing led by SP Angel, and a further 428,571 shares via subscription.
Application had been made for the new shares to be admitted to trading on AIM, with admission expected on or around 5 June.
Following the issue, Tekcapital said the total number of shares in issue would rise to 234.76 million.
Executive chairman Clifford Gross said the raise followed a strong 2024 performance, adding that it positioned the company for a "transformative" year in 2025.
At 1152 BST, shares in Tekcapital were down 14.45% at 7.7p.
Reporting by Josh White for Sharecast.com.
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