Tern has delivered a strong set of first-half results and further positive developments post-period-end. All of Tern’s principal portfolio companies delivered significant progress with overall revenue up 75% year on year, compared to 62% in the comparative period. This demonstrates both a post COVID recovery and a fundamental shift in the adoption of Internet of Things (IoT) technologies. Employee headcount at portfolio companies – another important indicator of growth – increased by 14% in the half-year, driving an increase in revenue per employee of 53%. Despite investing £0.7m in its portfolio companies in the period, Tern held £0.4m in cash at 30 June 2021, which has since been boosted by a £4m fundraise in July 2021.