The information contained within this announcement
is deemed by the Company to
constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part
of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018. Upon the publication of
this announcement via
the Regulatory Information Service,
this inside information is now considered to be in
the public domain.
6 September 2024
Pitch Pit
PLC
("Pitch
Pit" or the "Company")
Placing and Appointment of
Advisory Board
Pitch Pit (AQSE: PICH), an
artificial intelligence (AI) and technology accelerator, is pleased
to announce that the Company intends to raise up to £500K by way of
a placing (the "Fundraise") of new Ordinary Shares at a pre-money
valuation of circa £1.5m. The funds will be used for working
capital and staff costs for the launch of the Pitch Pit Accelerator
where Pitch Pit will assist companies to procure funding from third
party sources and assist them with their scale up and
development. It is intended that revenue will be generated by
Pitch Pit for providing these services and it will also seek equity
positions in these companies in lieu of fees. As some of
these companies grow and attract additional funding and achieve
exits, Pitch Pit would hope to make capital gain on its equity
positions. Further announcements will be made once the
fundraise is complete.
We are currently working with over
10 companies that are or will be part of Pitch Pit's initial
cohort. These companies have successfully completed the initial
screening process, and the majority have received funding or
grants. We also have a robust pipeline of
companies that we are preparing to bring into our cohort.
Additional information on these companies will be provided in
further announcements. There are also two events planned in
September. One in Leicester on 24th September that
Pitch Pit put together with Barclays Eagle Labs, the division of
Barclays Bank UK plc that offers support to start up and scale up
businesses, and one on 25 September with Pitchflix, an event
focussed on female founders to be held in Canary Wharf.
Advisory Board
The Company is pleased to announce
the formation of an Advisory Board ("Advisory Board"), with the
purpose of offering the Company's leadership team valuable advice
and industry insight spanning technical, operational, commercial
and strategic matters as well as supporting the Company in the
realisation of its growth goals and objectives of developing the
Pitch Pit Accelerator.
The Advisory Board comprises of the
following members:
Alexander Easdale is a
billionaire Scottish businessman renowned for his significant
contributions to the transportation sector, particularly as the
co-owner of McGill's Buses, Scotland's largest independent bus
company. Beyond transportation, Sandy is also well-known for his
involvement in Scottish football, notably through his connection
with Rangers Football Club. His extensive experience spans various
industries, and his sharp business acumen and financial success has
earned him a place on the Times Rich List.
Saleem Arif is Entrepreneur in
Residence at London Business School and an Honorary Fellow of the
University of Leicester School of Business. Saleem is also
Chairman and Co-founder of ReviewSolicitors, the UK's largest legal
review platform. Over 6 million people visited the site last year
to decide which law firm to use. Over 4000 law firms have chosen
ReviewSolicitors as their review collection
partner. Previously, Saleem was the founder of
QualitySolicitors, which became the UK's first national legal brand
with 400 branches nationwide. The business grew to £7m turnover in
under 3 years and a majority stake was sold to private
equity. Along with an Economics degree from Jesus College,
Cambridge, he holds an MBA from London Business School.
Luis Miguel Lancos is founder
and CEO of DataWhisper LTD, pioneering safe and compliant AI
solutions where he successfully raised SEIS funding.
Previously he led European technology as senior vice president at
Elavon /U.S. Bank Corp, $71bn market cap, with a 300+
technology team in Europe, driving a multi-million-dollar digital
transformation and leading mergers and acquisitions, including
the $300m acquisition of Sage Pay. He held key roles at Atos
Group and Worldline, €2.3bn market cap.
The Company believes that the
composition of this Advisory Board will be instrumental as we begin
enrolling companies into the Pitch Pit Accelerator. The
Advisory Board members bring a diverse array of skills, ranging
from advanced technological expertise to proven strategies for
running successful businesses.
As we continue to grow, we will seek
additional Advisory Board members with diverse skill sets to ensure
we are well-positioned to provide the best possible guidance to our
cohort members.
For more information, please visit
the Company's website at https://pitchpit.ai/
The Directors of the Company take
responsibility for this announcement.
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Pitch Pit PLC
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Jeremy
Woodgate
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Via Alfred Henry
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Alfred Henry Corporate Finance Ltd
Corporate Advisor
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Nick Michaels, Maya Klein
Wassink
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+44 (0) 20 3772
0021
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