Tern Plc (LON:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, has announced that, further to its announcements on 27 December 2023 and 28 December 2023, Device Authority Limited, a company in which Tern had a 35.7% shareholding at 28 December 2023, has completed an additional Second Closing of Tranche One of the Series B type fundraising round, securing a further US$2.0 million in new equity investment from Mercato Partners, a private equity firm in Cottonwood Heights, Utah, USA.
Highlights
· Device Authority and the investor group in the first closing from late December 2023 (T1) have agreed to a further US$2.0 million to be invested in addition to the planned US$7.3 million Fundraising announced on 27 December 2023. This brings the new planned total Fundraising to US$9.3 million. The US$2.0 million Second Closing has been secured and is in addition to the US$3.7 million from Ten Eleven Ventures and US$0.3 million from Alsop Louie Capital 3, L.P via conversion of short-term loans secured in the first closing of T1 on 28 December 2023.
