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Vela Technologies, an Aim-listed investing company focused on early-stage and pre-IPO disruptive technology investments, is raising £550,000 in debt finance through UK Bond Network, the alternative finance provider that specialises in structuring and distributing investment opportunities in secured corporate bonds.
Vela is to invest an initial £100,000 of its existing cash resources in Portr Limited, the on-demand airport luggage transfer service which trades as AirPortr.
Vela will now use £150,000 of this new bond issue as a follow-on investment, increasing its existing 3.9% shareholding to 4.28%. The balance of the proceeds will be used for working capital and will enable Vela to take advantage of further investment opportunities as and when they arise.
Portr has already secured more than £2.5 million, including Vela’s participation, as part of a larger fundraise. Portr is scaling operations to support the growth in demand for its innovative bag check-in service, which was recently integrated and launched exclusively with British Airways.
Antony Laiker, executive director of Vela, said: “This fundraising through UK Bond Network enables our current as well as new investors to support our continued investment strategy by participating in a non-dilutive structure. The launch of Portr’s partnership with British Airways in October 2016 was an important milestone, significantly raising the profile and visibility of the AirPortr brand to a wider travel audience.”
Chris Maule, chief executive and founder of UK Bond Network, added: “Vela has a track record in identifying promising growth companies. UK Bond Network is assisting Vela with additional funding to boost its existing stake in the growing travel technology company, Portr. UK Bond Network chairman Scott Fletcher is an existing shareholder in Portr and to demonstrate his belief in the company, is personally guaranteeing the bond’s repayment.”
The investment follows the addition of a free skis promotion with British Airways, where customers can check in their skis and snowboards at their doorstep.
The standard AirPortr + Bag Check-In is available on scheduled British Airways flights on flights departing Heathrow, Gatwick and London City Airports, and the Ski Pass offer is for bookings made online with promotional code SKIPASS.
