Mode is a UK-based Fintech Group, building a modern financial services business to support an increasingly digitised economy and financial system, combining the best of banking, payments, investment, loyalty and digital assets.
- Mode app – a groundbreaking digital banking app that allows users to manage their traditional and digital assets all in one place.
- Bitcoin Jar – one of the highest-yielding and most flexible interest-generating accounts for Bitcoin in the market (accessible through the Mode app).
- Business payments (WeChat and Alipay) – payment processing services for UK and European businesses to tap into the Chinese market. Mode has secured key partnerships with Tencent (WeChat) and Alipay.
- Business marketing services (WeChat) – marketing and social media services for UK and European businesses on one of China’s most popular apps.
At Modes IPO, Vela invested £250,000 representing 0.68% of the issued capital
St George Street (SGS) is a UK-based medical-charity led by a group of highly decorated academics and ex-pharma executives formed to deliver much needed treatments to patients. SGS’s strategy is to take clinical-ready assets from pharmaceutical companies and to progress them through Phase II medical trials, before licensing them on for Phase III trials and commercialisation in order to create a return for investors and the charity alike.
Under an agreement entered into in August 2019, SGS has acquired the right to develop and commercialise two assets from a major global pharmaceutical company, one of which includes the licence to a drug that could be beneficial to diabetic patients suffering with COVID-19 (the “Asset”). Diabetics have significantly higher mortality compared with non-diabetic patients in COVID-19 and in clinical studies this drug, SGS002, has been found to be safe in almost 1,000 patients with diabetes and has a blood glucose lowering effect for four months. Blood glucose control has been proposed as a key factor in reducing complications from COVID-19 in diabetics.
SGS is proposing to recruit up to 150 patients for a clinical trial to test SGS002, which it estimates will take 5 months to complete. SGS is working to a compressed timescale given the urgency of the COVID-19 situation and anticipates reaching clinical stage in early May 2021.
Vela paid £2.35m for an 8% economic interest. Following the transaction SGS holds 9.37% of Vela
Aeristech is a producer and supplier of efficient, power-dense compressors, which are used to maximise the power output and efficiency of hydrogen fuel cells. Aeristech’s unique turn-key motor and controller technology provides many benefits for hydrogen cells, including reducing high power switching events, enabling high-speed and high-power motors, reducing heat loss and reducing costs by removing the need for high-cost specialist components.
Aeristech is currently partnered with three leading automotive partners and a number of tier-one suppliers. Several of Aeristech’s fuel cell customers are exhibiting strong performance as the hydrogen fuel cell market continues to grow, especially within the energy and transport sectors. The equity funds raised will enable Aeristech to draw down on UK Government grant funding of £9.6 million.
Cornerstone is focused on the provision of cross border payment services for SMEs. On 9 September 2020, Cornerstone acquired FXPress Payment Services Limited (“FXPress”), following approval by Cornerstone shareholders and approval by the Financial Conduct Authority of the change of control in FXPress.
Cornerstone is a provider of advanced foreign exchange and international payment systems to SMEs. Cornerstone uses its proprietary technology platform to provide the payment services and, since 2018, has been actively building its trading business and client base. For the 9 months ended 31 December 2019, FXPress generated revenue of £1.24 million and recorded a net loss of £0.08 million. As at 30 June 2020, FXPress had unaudited net assets of £117,439.
Kanabo is an Israel based research and development company which currently sells a range of THC-free retail cannabidiol (CBD) products in its primary markets of the UK and Germany. Following completion of the acquisition, Kanabo’s core strategy will be to increase revenues from the sale of Kanabo’s existing retail CBD products (vaporisation devices) and to grow the Kanabo brand through marketing initiatives.
Kanabo is currently undertaking a pilot scheme to measure a number of key performance indicators in relation to the sale of its products, including consumer preferences, demand for products, effectiveness of the supply chain and compliance with quality controls. Following completion of this pilot, the enlarged group will implement the second phase of its strategy aimed at delivering growth in sales of its products, based upon the findings of the pilot. Kanabo Group plc’s long-term strategy involves continued research and development, in order to establish a range of unlicensed medical cannabis oils, to be sold alongside its vaporisation device, the VapePod Medical.
Headquartered in Israel, MTI is an AIM quoted technology group (AIM:MWE) focused on comprehensive communication and radio frequency solutions across multiple sectors through three core divisions:
– Antenna Division: MTI is a world leader in the design, development and production of high quality, state-of-the-art, and cost-effective antenna solutions including Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless applications. MTI supplies antennas for both military and commercial markets from 100 KHz to 90 GHz.
– Water Control & Management Division: Via its subsidiary, Mottech Water Solutions Ltd (“Mottech”), MTI provides high-end remote control solutions for water and irrigation applications based on Motorola’s IRRInet state-of-the-art control, monitoring and communication technologies.
– Distribution & Professional Consulting Services Division: Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting, representation and marketing services to foreign companies in the field of RF and Microwave solutions and applications including engineering services (including design and integration) in the field of aerostat systems and the ongoing operation of Platform subsystems, SIGINT, RAD
AR, communication and observation systems which is performed by MTI.
EnSilica focuses on the design and supply of custom mixed signal ASICs to system companies and original equipment manufacturers, managing the manufacturing process end-to-end. The fabless mixed signal ASIC supply model is a proven scalable platform to deliver both growth and profitability.
EnSilica has ASICs developed or under development across the satellite communication, automotive, industrial and healthcare markets. Mixed signal and radio frequency ASICs play a key role in differentiating EnSilica’s customers’ products in these markets.
Vela has entered into an agreement with EnSilica, by which it has subscribed for £750,000 of unsecured interest-bearing convertible loan notes in EnSilica.
The key terms of the Loan Notes are as follows:
– Interest accrues on the Loan Notes at a rate of 10 per cent. per annum
– The Loan Notes will be repayable on 9 January 2023 (“the Repayment Date”) to the extent not previously repaid or converted
– Interest will accrue and be paid on the Repayment Date
– The Loan Notes will automatically convert on an IPO of EnSilica into new ordinary shares in EnSilica at a 12% discount to the price at which such shares are subscribed in the IPO
– The Loan Notes are transferable only with the prior consent of EnSilica.
Skillcast provides software and content subscriptions and related professional services to enable companies to implement their staff compliance and training obligations. Operating from its two bases, in London and Malta, Skillcast helps companies across a broad spectrum of industry sectors in the UK, EU and the rest of the world, to train their staff and demonstrate compliance with various laws, regulations, and standards that are relevant for their business.
Skillcast, through its subsidiaries, has been operating for 20 years, and its client base includes several blue-chip companies such as Schroders, Fresnillo, GKN, British Land, Oxford University Press, Vattenfall, Allergan and a number of other constituents of the FTSE 100 Index.
Skillcast has a track record of delivering sustained growth and profitability and generating positive cash flows over the past five years.
Vela holds 675,676 ordinary shares of 0.1 pence each representing 0.76 per cent of Skillcast’s share capital.
Northcoders, headquartered in Manchester, is an independent provider of training programmes for software coding. It offers a range of training and software development solutions to individual and corporate customers. Northcoders’ offering includes ‘bootcamp’ training courses, government funded apprenticeships, bespoke training courses and software development solutions. In addition, Northcoders’ proprietary IP in its platform allows the Group to streamline and automate elements of the delivery of its courses.
Northcoders operates a hybrid delivery model by providing its services in person, at one of Northcoders’ regional office ‘hubs’ currently located in Manchester and Leeds, and also digitally via its online platform. The online element has been a growing part of Northcoders’ offering since the beginning of the COVID-19 pandemic.
Vela holds 341,666 new ordinary shares of 1 penny each representing 4.9 per cent. of Northcoders’ share capital.
WeShop is a digital social network platform with ambitious plans to become a global leader in the rapidly growing and highly valuable social e-commerce sector.
WeShop’s digital platform is focused on enhancing the online shopping experience by combining social media’s assets of reviews, likes, and shares with an engaging retail e-commerce offering, specifically tailored to the individual user. Users benefit from gaining access to 1,000s of brands and millions of products on one platform plus a two-way sharing of ideas with friends to participate in a rewards system; while brands/retailers benefit from increased sales and awareness. To date £10million has been invested in the
WeShop platform, which has been successfully tested by over one million users.
WeShop is led by a highly experienced team including Matthew Hammond as non-executive Chairman, current managing director and CFO of mail.ru, Russia’s largest internet business in terms of mobile daily audience and Andrew Lawley, former Group Strategy Director of Dixons Carphone plc, WeShop has secured retail partnerships with major brands and retailers including ASOS, Harrods, Nike, Tesco and Boots.
The Revolve Technologies business provide engineering services for a number of OEM’s, and has had much success in the development of Low Carbon technologies for both passenger car and rail, and commercial vehicle applications.
Following on from success within the motorsports business unit, Revolve has also developed the mountune brand into a global aftermarket tuning business, supported by automotive OEMs. In 2013 Revolve opened a dedicated facility in California, to support the mountune activity.
Revolve continue to provide customer focused and engineered solutions for a wide range of industries, through our dedication, commitment and innovation.
Disruptive Tech Limited (DTL) is an investor in a number of technology businesses. The portfolio includes holdings in BookingBug, Freeformersand Nektan.
DTL is in a wind down phase and will not be making any further investments.