London-listed Clear Leisure (AIM:CLP)  has offered up update to investors regarding its technology investment portfolio comprising  companies PBV Monitor and ForCrowd. 

Firstly, the group said that Italian legal database firm, PBV, of which the company holds a 10% stake in, received €300,000 from an Italian investment firm that also holds a minority stake in Clear Leisure.

The funds have been raised at a pre-new money valuation of €3m, the company noted, similar to the valuation at which Clear Leisure made its own investment in PBV back in December 2018.

The €300,000 will comprise an investment of €150,000 in PBV equity and a €150,000 subscription a PBV 18-month convertible loan note at a 10% annual interest rate.

Clear Leisure noted that it intends to maintain its holding in PBV at 10% by subscribing for €15,000 in PBV equity and €15,000 in the PBV convertible loan on the same terms.

Shares in Clear Leisure were trading flat at 0.24p on Tuesday morning.

The company added that the process to integrate PBV services with Italy’s second largest financial news publishing group, as announced on 31 October 2019, had taken longer than originally anticipated.

It added that the board remained confident in the PBV investment which it believes represents ‘a unique opportunity’ -- a view it said was shared by the new investor. 

“We believe the Company’s technology investment strategy is taking shape with PVB’s new fundraising being the first example of this,” said Chairman and CEO of Clear Leisure, Francesco Gardin.

Meanwhile, the company said it had appointed Gardin as the Chairman of ForCrowd which they believe will “better facilitate” ForCrowd’s approach with potential institutional investors.

Currently, ForCrowd is reviewing applications to raise funds from three Italian firms operating in renewable energy, real estate and online business cost optimisation services, respectively, the statement detailed.

“The strategy will be to offer these institutions framework agreements to enable their many start-up vehicles special terms for fundraising on the ForCrowd platform,” added Gardin.

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