Tern subsidiary secures £1 million funding

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Tern, the investment company specialising in the Internet of Things, has announced that its portfolio company, Wyld networks, has received funding in the form of a loan from a third party to drive its development.

The loan agreement is for £1 million, to be lent by Formue Nord.

Commenting Al Sisto, CEO of Tern, said: ‘We are very pleased with how Wyld Networks is performing and being quoted on a public market enables it to access funding solutions to accelerate its future growth that would not be available to a private company.’

‘This funding structure provides Wyld Networks with access to capital without any significant dilution to the Tern position.’ Tern holds 60.7% of Wyld’s issued share capital.