Superseed Capital, a venture capital fund investing in early stage companies focusing on AI and software as a service, has invested almost half a million pounds over the last three months.
In its results covering the first three months of 2024, the £2m trust said its net asset value per share had jumped by 5p, now sitting at £1.16 per share.
Its software as a service holdings have seen revenue growth continue strong, it added, at about 50 per cent on an annualised basis.
Listed on the Aquis Stock Exchange, the company has seen no share price movement in the last nine months.
The trust currently sits on a 19 per cent discount to its underlying assets.
One new company was added to Superseed’s holdings, Messium, an agricultural tech business that uses satellite imagery and machine learning algorithms to optimise the use of fertiliser on wheat.
Additional investments were made in existing holdings of logistics company Freightcore, AI firm Octaipipe and decentralised finance provider Finteum.
The fund said it expected to make between one to three investments on a quarterly basis throughout the rest of the year.
Mads Jensen, managing partner of Superseed’s investment manager, said: “The fund has had a good start to 2024, landing a new investment in Messium and with solid progress across the wider portfolio. The investment climate continues to be positive for early stage B2B AI/SaaS companies.”
In his investment manager’s review, Jensen said that it seemed “volatility is back” as the strong growth of US tech companies seems to have finally ended, after previously comparing their surge to the dotcom bubble.
He warned of further headwinds to the American Magnificent 7, instead looking for smaller companies and adding that the venture capital space seemed to have rebounded in the past few months.