Intellectual property-based business developer IP Group announced on Wednesday that its North American platform, IP Group, Inc., has secured an additional $50m (£36.5m) of funding, including $40m from a new US blue-chip institutional investor.
The FTSE 250 company said it committed $10m of funding, and now had a 61.3% interest in the platform.
That brought the total funds raised by the team over the last 12 months to $63.5m, including $15m from IP Group.
“This additional funding is consistent with the group’s strategy of financing IP Group, Inc. alongside third-party strategic investors,” the board said in its statement.
“The funds will support the continued growth of the platform’s maturing portfolio as well as its pipeline of new opportunities.”
At 0939 GMT, shares in IP Group were up 0.04% at 106.24p.