Commenting on the results, Tern CEO, Al Sisto said: As a proactive investor which backs innovation, it has been very rewarding to see the commercial progress made by our portfolio companies reflected in our net asset value, which has increased during the period.

This rise included a successful Series A fundraise for FundamentalVR, with an outstanding syndicate of new investors we helped solidify at an implied valuation 27% higher than when we took a position in the company just a year earlier.

The positive momentum developed in 2018 continued throughout 2019 with important milestones achieved across our business and the businesses of our principal portfolio companies.

We expanded our Tern team and we again continued to increase turnover and employees within our principal portfolio companies.