Business
Further investment of c.£150,000 in Portr Limited
Further investment of c.£150,000 in Portr Limited.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 3908J Vela Technologies PLC 29 March 2018 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n29 March 2018\n \nVela Technologies plc\n(\"Vela\" or the \"Company\")\n \nFurther investment of c. £150,000 in Portr Limited\n \nCompletion by Portr Limited of £5.3 million Series A funding\n \nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce that the Company has elected to take up its pre-emption rights in connection with a fundraising round undertaken by Portr Limited (\"Portr\") and has invested a further £148,466 in Portr (the \"Investment\"). Portr is the owner of Airportr, the app enabled service that allows airline passengers to check-in bags from home and travel to and through the airport without their baggage.\n \nThe Investment by Vela is part of a Series A funding round which has been completed by Portr and which has raised £5.3 million for Portr (the \"Series A Fundraise\"). Investors in the Series A Fundraise include Stobart Group and Hargreave Hale VCT's. The Series A Fundraise is the largest funding round undertaken to date by Portr.\n \nThe Series A Fundraise follows a year in which Portr has seen rapid growth of adoption for its home bag check-in service with global partner British Airways, and more recently the addition of American Airlines to the service platform, initially in London. This progress has seen Airportr repeatedly recognised as a powerful emerging technology in aviation, creating an integrated and seamless experience for the passenger, from doorstep to plane door, while providing handling and operating efficiencies to airlines and airports.\nPortr will use the new funding to increase investment and development in the following three areas;\n· Continued growth with existing and new airline partners; including development of deeper integration in direct (airline) and in-direct (OTA's and GDS) online distribution channels\n· Service e...