Cryptosoft Limited is an investee company operating in the cloud and mobile technology sector. Tern Plc has agreed to provide up to an additional £400,000 to support Cryptosoft's growth plans, in addition to a previously announced £300,000. The funds are intended to build the salesforce, improve the company's web presence, and extend capabilities to pursue opportunities in the UK and North America. The financing comprises a £10,000 subscription for 10,000 A Ordinary Shares issued at par and a £390,000 loan facility. Following the subscription, Tern will continue to own 100% of the A Shares while management retains all 150 B Ordinary Shares, with Tern owning approximately 98.6% of the aggregate A and B shares. The loan is secured by a first charge over all assets, carries 5% interest, allows drawdowns in £50,000 instalments, and is repayable in instalments by 31 December 2017; outstanding balances are convertible into A Shares at par. The facility includes a £25,000 arrangement fee.

Total raised

$15M

Funding rounds

2

Latest round

Series A

Latest activity

Mar 2015