Dev Clever Holdings has secured a £35 million funding facility for global growth.
The education technology provider, based in Tamworth, expects trading in its shares to resume on the main market of the London Stock Exchange once it has secured approval from the Financial Conduct Authority.
Trading was suspended at the start of the year as it finalised a reverse takeover which saw it acquire Veative’s Indian subsidiary in a £6.5m deal recently.
The three-year facility with RiverFort Global Opportunities at 10% annual interest will enable it to pursue the ‘global EdTech growth opportunity with sustained confidence’’ Dev Clever said.
Upon readmission to the LSE, an initial amount of $5m will be available.
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“I am delighted to announce this facility with RiverFort that secures a funding pipeline which underpins the execution of our growth ambitions,” said Chris Jeffries, CEO.
“It provides us with the balance sheet strength that enables us to continue delivering our growth strategy with confidence alongside our funding partners at RiverFort.
“We are committed to ensuring our shares are re-listed as soon as possible and are continuing to prioritise this. We look forward to updating the market on this in due course.”
Ankur Aggarwal, CEO of Veative Labs in Singapore, was recently appointed joint CEO of Dev Clever following the completion of the acquisition.
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