Sapphire Capital Partners has been engaged to act as the investment manager and to establish an enterprise investment scheme (EIS) aimed at professional and qualifying retail investors.
The proposed fund will seek to invest in companies that focus on the integration of biological and digital systems. The AIM-listed investment company said in a business update that it hopes the new venture will receive all the necessary approvals and be able to start raising funds within the next six months.
“We will be investing in only the most innovative companies in the new frontier area of the merger of biological and digital systems. This new frontier industry has been the focus of extensive research work carried out between myself and a former colleague at the Milan University during the last two years, under a formal cooperation agreement with the Medical School of the same university,” said Francesco Gardin, the executive chairman and chief executive officer of Clear Leisure.
Clear Leisure has opted to make the investment in technology companies via an EIS rather than through raising funds directly in order to limit the dilution to its shareholder base.
In other news concerning its activities, the company informed the market that it has now received €1,480,932, being the first tranche (89%) of the court-approved Mediapolis settlement.
Meanwhile, Forcrowd, the Italian crowdfunding platform in which Clear Leisure has a 20% interest, has launched its second crowdfunding campaign, for an Italian technology company, Meta Wellness.
Meta Wellness has developed a proprietary communications bracelet for sport and wellness.
Clear Leisure will be paid 1% of any funds raised by Meta Wellness on Forcrowd as part of the existing shareholder agreement with Forcrowd.
Elsewhere, PBV, in which Clear Leisure has a 10% interest, intends to launch its new Intelligence Search online service in September 2020, while continuing its editorial and seminars activity.
The company has noted the recovery in the Bitcoin price and has put arrangements in place to transfer its data mining “container” to Italy from Serbia so it can resume profitable cryptocurrency extraction.