AI Venture Capital Trust Increases Funding Activity

May 31, 2024

Superseed Capital, a venture capital trust focused on early-stage AI and software as a service (SaaS) companies, has announced nearly half a million pounds in investments over the past three months. The £2 million trust reported a 5p increase in its net asset value per share, now at £1.16 per share, for the first quarter of 2024.

The trust, listed on the Aquis Stock Exchange, saw its SaaS holdings achieve approximately 50% annualized revenue growth. Despite this, the company’s share price has remained unchanged for the last nine months and currently trades at a 19% discount on its underlying assets.

In the first quarter, Superseed added a new company, Messium, to its portfolio. Messium is an agricultural technology firm that utilizes satellite imagery and machine learning to optimize fertilizer use on wheat crops. The trust also made additional investments in existing portfolio companies, including logistics firm Freightcore, AI company Octaipipe, and decentralized finance provider Finteum.

Superseed Capital anticipates making one to three investments per quarter for the rest of the year. Mads Jensen, managing partner of Superseed’s investment manager, highlighted a positive start to 2024 with the new investment in Messium and robust progress across the portfolio. Jensen noted that the investment environment remains favourable for early-stage B2B AI/SaaS companies.

In his investment manager’s review, Jensen remarked on the return of market volatility, drawing parallels to the dotcom bubble with the recent surge and subsequent plateau in US tech company growth. He indicated a shift in focus towards smaller companies and suggested that the venture capital sector has shown signs of recovery in recent months.