Vela Technologies is investing £250,000 in Portr Ltd and funding this with a £550,000 bond issue.
Portr owns the on demand airport transfer service Airportr and it is raising money to scale up these operations. A off-airport bag check service has been launched by British Airways and other technologies are planned for this year.
Hargreave Hale AIM 1 VCT and Hargreave Hale AIM 2 VCT each has shares in Portr.
Vela had a 3.9% stake in Portr, which cost £251,000 and was valued at £1.08m at the end of September 2016, and the initial investment of £100,000 will maintain this stake. The other £150,000 investment has to wait until the cash is raised from the bond issue.
The bond auction will be held by UK Bond Network. There are already indications of total subscriptions of £250,000.
A pre-auction period will commence this month and that will enable eligible investors to review the terms of the offer. The auction period is likely to be two weeks.
The Vela share price dipped 0.1p to 0.15p.
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