Tern announced on 21 February that it has raised £221k gross via a placing at an issue price of 1.15p, a 10% discount to the closing price on 20 February. The proceeds will be used to contribute towards Tern's commitment to invest in Sure Valley Ventures Enterprise Capital Fund (SVV2), to invest in the existing Tern portfolio, thus strengthening its negotiating position, and for general operating and legal expenses. Tern is well placed to benefit from the increased appetite in early-stage software and the generative AI space. This fundraising underpins Tern’s focus on creating shareholder value, protects its position and generates additional income opportunities. We see a strong similarity with Tern’s strategy in the proactive investment style of Sure Ventures plc, now leveraging Tern’s hands-on approach.