Published on: August 11, 2022

FundamentalVR fundraise at material uplift

Tern’s portfolio company FundamentalVR, the immersive technology and haptics specialist, has successfully closed the second tranche of its Series B fundraising. This tranche adds £5m new investment to the £7m raised in the first tranche in May, also at a significant uplift to Tern’s book valuation. The announcement demonstrates the success of the group’s investment strategy and hybrid VC model (see our note), delivering value from the portfolio and reducing dependence on Tern for future funding. Tern’s stake in FundamentalVR equity falls to 16.6% from 26.9% prior to the first tranche, with a book value of £4.8m, up 35% on the 31 December 2021 book value and a 62% uplift on the amount invested by Tern in FundamentalVR to date.