Seed Capital’s Windar Photonics in £38.2m AIM introduction

Seed Capital's stake in Windar Photonics was valued at around £11.24m when it was admitted to trading on AIM on 30 March.

Windar listed with a share price of 100 pence, valuing the company at around £38.2m. The share price had risen to 121 pence by close of trading on the first day –meaning the VC's 29.45% stake was then worth £13.5m.

Seed Capital partner Lars Andersen told unquote" the VC did not divest its shares in the listing, and that it has been very happy with the investment and its performance after admission to AIM.

The VC continues to own the 18.51% stake it acquired in 2011 through its Seed Capital Denmark II fund, as well as the 10.94% stake it manages through the holding DTU Symbion Innovation.

Windar had raised approximately £5.88m through initial private offerings between August and December last year.

The listing marks another success for Seed Capital, which recently reported a profit of $34m in its annual results, helped by the VC's largest ever exit when Endomondo was sold to Under Armour for $87.5m. Seed Capital's held a 40% in the fitness app development company.

Previous funding
Seed Capital first backed Windar in September 2011, investing DKK 7m through its 2010-vintage DKK 610m Seed Capital Denmark II vehicle, in exchange for a minority stake.

Company
Founded in 2008 at the Danish Technical University in Lyngby, where Seed Capital is also based, Windar Photonics develops and manufactures WindEye, a light detection and ranging (Lidar) sensor for wind turbines.

The company had revenues of DKK 5.9m in 2014 and currently employs 23 people.

People
Niels Vejrup Carlsen is an investment director at Seed Capital and a non-executive director of Windar Photonics. Lars Andersen is a partner at Seed Capital. Martin Rambusch is the CEO of Windar Photonics.

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