In afternoon trade the market is on course for another day in the red.
Fortunately, not all shares are in the red today. In fact, these three small cap shares have surged notably higher despite the market sinking lower. Here's why they are on the rise:
The Bailador Technology Investments Ltd (ASX: BTI) share price has risen 4% to 89.5 cents after the growth capital fund focused on the information technology sector announced an upgrade to its net tangible assets. Bailador increased its pre-tax NTA per share to $1.15 thanks to an increase in the value of its holding in Canberra-based Instaclustr. The provider of an open source data platform for cloud-based solutions that require immense scale recently raised US$15.7 million in a round led by New York-based growth equity fund Level Equity.
The Eden Innovations Ltd (ASX: EDE) share price has rocketed 14% higher to 4.1 cents after it appointed Parchem as its exclusive ANZ distributor of its EdenCrete product. Parchem is a leading manufacturer and supplier of products and equipment to the Australian & New Zealand concrete and construction markets and arguably a great fit for Eden Innovations. However, I feel it may be a little soon to get excited and investors ought to wait to see how this impacts its sales before making a move.
The Food Revolution Group Ltd (ASX: FOD) share price has surged 26.5% higher to 11 cents after providing an update on a sell down by the Victoria Clean Technology Fund (VCTF). According to the release, the orderly sell down has been cornerstoned by Perpetual Limited (ASX: PPT) and multi award-winning boutique fund manager SG Hiscock. VCTF provides financial and management support for early stage ventures with the view to promote jobs and economic growth in Victoria. It sold down its stake in the food processing company so that it could allocate funds to early stage ventures which required seed capital.
