(Alliance News) - SuperSeed Capital Ltd on Monday said net asset value rose its latest financial year.

The Guernsey-based venture capital fund, which backs early-stage technology companies, said its NAV per share at December 31 was 113.33 pence, up 1.3% from 111.91p at September 30.

However, it was up 15% from 97.31p per share at December 31, 2022.

SuperSeed, which focuses on artificial intelligence and software as a service companies, said it spent GBP299.683 aggregate on new portfolio investments during the three months to December 31.

It said it added three new AI and SaaS companies to its portfolio during the quarter. Revenue growth for the portfolio SaaS companies increased by 13% compared to the third quarter of 2023.

Investment fair value increased 35% in 2023 to GBP2.4 million, from GBP1.8 million in 2022. Total income increased 98% to GBP523,299 from GBP262,307.

SuperSeed had a cash balance of GBP99,185 at December 31, down 58% from GBP235,089 at the end of 2022.

For the fourth quarter, SuperSeed said total income more than doubled to GBP77,653 from GBP29,524 in the third quarter. It made a GBP33,765 total gain, following the third quarter's GBP3,712 loss.

Going forward, the company said: "As we look to the rest of 2024, we continue to look for the best founders that create AI companies focusing on either vertical or horizontal applications, or in the AI tooling layer.

"We expect to complete two investments in Q1 2024 and to keep this cadence for the remainder of the year."

SuperSeed also reassured investors that it believes AI will be "an accelerator for the SaaS industry", making software "even more valuable".

SuperSeed shares were untraded at 85.00p on Monday afternoon in London. They last traded at 81.00p on February 20.

By Emma Curzon, Alliance News reporter

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