EMV Capital (“EMVC”), the VC investor specialising in early-stage high-growth deep tech companies, is delighted to announce that it has led the completion of a c.£900,000 investment into its portfolio company Ventive. Ventive designs and manufactures intelligent heating and ventilation solutions to make buildings healthy, comfortable, efficient, and affordable.
The deal syndicated by EMV Capital is an investment package which includes £316,000 of new investment from existing shareholders and the conversion of two existing convertible loans (and interest thereon) valued at c.£600,000. This is the first closing of Ventive’s proposed investment programme, with a further closing expected in early 2024. The package also includes ongoing non-dilutive funding from the £1.5 million BEIS grant secured in 2022, as well as a recently awarded £100,000 UK Government grant focused on ‘net zero HVAC’ systems.
The funding will support the completion of the design and test phase and factory build for Ventive’s modular heat pumps, further enhancements to its passive air ventilation product range, and build-up of its marketing and sales capacity to drive sales of its existing product range. The Ventive balance sheet is also streamlined following the conversion of the convertible loans.
Ventive’s passive air ventilation system has been delivered to over 30 schools and five leisure centres, achieving excellent air quality results. Its novel heat pump product, which is in advanced stages of development, is a comprehensive solution for residential applications, with a unique modular design and a novel thermal store. Momentum for the business is underpinned by significant regulatory changes, increasing energy prices, and climate change policies.
Ed Hooper, Director of EMV Capital and Investment Director of Ventive, said:
“We are pleased to see Ventive close out the first tranche of this important fundraising programme, which includes both fresh investment and the conversion of existing convertible loans. This transaction again demonstrates the strength of our capital efficient investment model and the successful execution of our strategy to increase the net asset value and fair value of our business by progressing cohort portfolio companies through value creation stages, obtaining third party investment, and providing proactive portfolio management.
“We believe that this fundraising positions Ventive well for further growth and we look forward to continuing to work closely with Ventive in this rapidly growing high-impact market segment.”
Rob Morrison, Managing Director of Ventive, also commented:
“The demand for more efficient domestic heating solutions has never been greater. This need has been compounded by the threat of climate change, and the current cost of living crisis, largely caused by energy bills soaring. We are therefore delighted with this first close, which will allow us to accelerate the launch of our heat pump division, and equally importantly, we welcome an experienced team of active investors who have significant industry expertise.”
About EMV Capital
EMV Capital is an award-winning VC investor specialising in early stage high-growth deep tech companies in the life science, sustainability, and industrials sectors in the UK and internationally.
EMV Capital develops unique investment strategies for each portfolio company, drawing on its EIS fund and extensive network of private investors, family offices, institutions, and corporate VCs. Delivery and successful execution of these investment strategies enables innovative portfolio companies to raise funding to drive transformational growth.
EMV Capital is a wholly owned subsidiary of NetScientific plc (AIM:NSCI), an AIM-listed VC investment group with a focus on deep tech and life sciences.
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About Ventive
Experts in building physics and airflow dynamics, Ventive designs and manufactures heating and ventilation solutions that solve some of the biggest problems facing the construction sector. Their early innovation (Windhive®) has already secured a position in the commercial HVAC market as a go-to technology for creating healthy spaces in multi-occupancy buildings, without the usual running costs associated with incumbents. Their all-in-one HOME heat pump has been designed to address the challenges of the Energy Transition, moving people away from fossil fuel burning systems to clean-running, super-efficient heating and cooling solutions. All of Ventive’s products are intelligent and automatically react to their environment, allowing them to optimize performance over time, ensuring buildings are comfortable, efficient and cost effective.
www.ventive.co.uk