Forward Partners Group PLC Portfolio Exits and New Investments (3581I)
12 August 2021 - 4:00PM
UK Regulatory
TIDMFWD
RNS Number : 3581I
Forward Partners Group PLC
12 August 2021
Forward Partners Group plc
("Forward Partners" or the "Company")
Portfolio Exits and New Investments
-- Exited investments in Wonderbly and Heights, realising cash returns of GBP5m
-- GBP1m investment in delivery platform Ryde in a GBP2.5m round
alongside TriplePoint and existing investors
Forward Partners, the London-based venture capital firm
specialising in supporting high growth, early-stage technology
businesses, announces its first portfolio company exits since its
admission to AIM in July. Forward Partners has exited its
investments in Wonderbly, the publishing platform for personalised
children's books, and Heights, the brain health and cognition
supplements company for a total of GBP5 million. The proceeds from
the divestments will be reinvested in Forward Ventures and Forward
Advances, in line with the IPO strategy.
The Company, which invests in start-ups across eCommerce,
digital marketplaces, and applied AI, exited from Wonderbly
following private equity firm Graphite Capital's acquisition of the
direct-to-consumer platform. Since its initial investment in May
2014, Forward Partners has helped Wonderbly to accelerate sales and
expand into over 150 countries. In 2020, Wonderbly sold more than
one million books and recently won 'Children's Publisher of the
Year' at the British Book Awards. Forward Partners realised GBP2.8m
in this transaction. The total cash return from the Wonderbly
investment, including GBP0.5m from a partial sell-down in 2015,
stands at GBP3.3m, valuing its stake at 0.98x the carrying NAV held
at 31 March 2021. It represents a 13.1x cash on cash return and
103% IRR.
Forward Partners has also exited from supplements brand Heights,
facilitated by a third-party investment. Heights, which produces
smart supplements to boost health and cognitive ability, has built
a large and loyal customer following, garnering a rating of 4.8/5
on TrustPilot and public endorsements that include Stephen Fry.
Forward Partners has realised a total cash return of GBP2.2
million, valuing its stake at 2.05x the carrying NAV held at 31
March 2021. It represents a 2.3x cash on cash return and 29%
IRR.
Forward Partners also announces a GBP1 million investment in
Ryde, the on-demand delivery driver platform, as part of a GBP2.5
million fundraise round alongside Triple Point and existing
investors including Seedcamp. Ryde supplies delivery drivers on
demand to grocery and e-Commerce businesses, empowering riders to
regain control in the gig economy and connecting businesses to high
quality drivers that deliver faster and better. The company plans
to use the funds to launch its fleet and rider management tools,
enabling customers to manage internal and external delivery
personnel under one platform.
Nic Brisbourne, CEO of Forward Partners, said : "After our
successful IPO, it's fantastic to announce two strong exits and our
new investment in Ryde. It's been great to partner with both
Wonderbly and Heights to accelerate their growth and we're pleased
to welcome Ryde to the Forward family.
With significant cash returns to our balance sheet and a strong
pipeline of potential investments, our momentum is robust. The UK
really is leading the charge when it comes to eCommerce, AI and
Marketplace innovation. Our 'permanent capital' approach means we
are perfectly positioned to grow strong businesses that will be the
building blocks to our economic recovery. Exciting times are
ahead."
FORWARD PARTNERS GROUP PLC Via Maitland/AMO
Nic Brisbourne, Chief Executive Officer
Liberum Capital Limited Tel: +44 20 3100 2222
(Nominated Adviser and Broker)
Neil Patel
Lauren Kettle
Edward Phillips
Cara Murphy
Maitland/AMO (Financial PR) forwardpartners@maitland.co.uk
Sam Turvey Tel: +44 (0) 207 379 5151
Kate Pledger
Notes to editors:
Founded in 2013, Forward Partners is a well-established and
respected London-based venture capital firm, specialising in
supporting high growth, early-stage technology businesses.
The Group brings together venture capital provider Forward
Ventures, equity-free revenue-based financing through Forward
Advances and highly specialised growth support from Forward Studio.
This model supports founders to build stronger businesses and meet
strategic goals faster - ultimately aiming to provide better
outcomes for companies and investors alike.
The Group has historically made 65 unique equity investments in
early-stage, high growth UK companies (which includes Forward
Advances), of which nine have been realised, and has built a
portfolio that has an Initial Portfolio NAV of c.GBP103.0 million
as of 31 March 2021. It holds an eight-year track record of making
venture capital investments, with a Gross IRR of 25.4% over that
period to 31 March 2021.
The management team brings together highly experienced venture
capitalists, entrepreneurs, and expert consultants. Since 2015,
Forward Partners has been backed by BlackRock, one of the largest
institutional investors in the world. The Group receives over 4,000
start-up funding applications every year.
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