Cyber-security venture joins IP Group’s portfolio
INTELLECTUAL property development business IP Group, whose portfolio of interests include a series of Yorkshire ventures, invested £5.6m in 16 portfolio companies over the last four months.
The figure, invested in 16 portfolio companies since June 30, is an increase of more than £3m when compared to the same period last year.
The group’s portfolio now consists of holdings in 66 companies, including Leeds-based Tissue Regenix and new addition Cryptographiq.
The Leeds University spin-out is developing cyber-security tools.
Chief executive Alan Aubrey said: “I am pleased to report that further positive progress has been made by the group since our half-year results, with the portfolio producing net unrealised fair value gains of £7m.
“In line with previous commitments the group has continued its increased rate of capital deployment yet has maintained a strong cash and financial position, helped in part by the £15m initial proceeds received as a result of the Proximagen sale to Upsher-Smith.”
Investments for the year to date now total £21.4m.
IP Group said it has no borrowings, cash of £53m, a portfolio valued at £168m and net assets of £257m.
