Chrysalis Investments Limited Portfolio Update (5327B)
10 June 2021 - 11:17PM
UK Regulatory
TIDMCHRY
RNS Number : 5327B
Chrysalis Investments Limited
10 June 2021
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, any member state of the European Economic Area,
Canada, Australia, Japan or the Republic of South Africa.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
10 June 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
As reported on 1 June 2021, the Company's net asset value
("NAV") per ordinary share was 206.15p as of 31 March 2021.
The Company notes the announcement by Klarna Holding AB
("Klarna") of a new equity funding round of $639 million led by
SoftBank that values the company at $45.6 billion post new
money.
This new investment in Klarna has been undertaken at a valuation
that represents a material mark up in the Company's current
carrying value of the asset. Given investment restrictions, the
Company did not participate in the round.
It is estimated that the revised valuation of the Company's
investment in Klarna due to this latest funding round would result
in a gross increase in the NAV per ordinary share of approximately
20 pence (based on Swedish Krona foreign exchange rates as of 31
March 2021) as compared to the Company's NAV per ordinary share as
of 31 March 2021. Shareholders should note that the gross increase
does not include the fees that may accrue as a result of the
changes to this valuation, or any other portfolio company
revaluations and associated foreign exchange movements that may be
included when the Company next calculates its NAV per ordinary
share as of 30 June 2021.
This significant increase in the valuation of Klarna follows a
successful funding round in March 2021 when it reached a valuation
of $31 billion and reflects the business's strong growth over 2020
and into 2021. Klarna's published first quarter results for 2021
shows growth in all markets and exceptional momentum in its US
business. As of April 2021, over 17m US consumers are using
Klarna's platform, which represents a doubling of numbers
year-on-year. App downloads in the US increased 125% year-on-year
and US customers can now use Klarna in 24 of the top 100 US
retailers. However, Klarna's growth is not just limited to the US.
In March 2021, Klarna expanded its Open Banking solution into eight
new countries across Europe and now represents the largest open
banking network in Europe, covering more than 6,000 banks across 24
countries. Klarna also went live in New Zealand in May 2021.
This latest investment has helped Klarna re-affirm its position
as the highest-valued private fintech in Europe and the second
highest globally.
Nick Williamson and Richard Watts (co-portfolio managers)
comment:
"Klarna's exceptional growth over the course of 2020 and into
2021, combined with its leading market position and proposition,
have now been reflected in a further valuation uplift, which
confirms its position as one of the world's leading fintech
companies.
Klarna's performance continues to impress. In US dollar terms,
growth in Gross Merchandise Volume over 1Q 2021 accelerated to 91%
year-on-year, compared to 51% year-on-year over 2020 as a whole,
demonstrating the potency of Klarna's growth potential.
Given this growth trajectory, we remain optimistic over future
prospects for this investment, and look forward to continued
progress in the year ahead."
-ENDS-
For further information, please
contact:
Media: +44 (0) 20 3770 7920
Montfort Communications chrysalis@montfort.london
Charlotte McMullen/ Toto Reissland-
Burgh art/ Miles McKenzie
Jupiter Asset Management:
Magnus Spence +44 (0) 20 3817 1325
Liberum:
Chris Clarke / Darren Vickers
/ Owen Matthews +44 (0) 20 3100 2000
Numis:
Nathan Brown/ Matt Goss +44 (0) 20 7260 1000
Maitland Administration (Guernsey)
Limited:
Elaine Smeja / Aimee Gontier +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at
https://www.jupiteram.com/uk/en/professional/chrysalis-investments-limited/
The information contained in this announcement regarding the
Company's investments has been provided by the relevant underlying
portfolio company and has not been independently verified by the
Company. The information contained herein is unaudited.
This announcement is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision.
The value of investments may fluctuate. Results achieved in the
past are no guarantee of future results. Neither the content of the
Company's website, nor the content on any website accessible from
hyperlinks on its website for any other website, is incorporated
into, or forms part of, this announcement nor, unless previously
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such content be relied upon in reaching a decision as to whether or
not to acquire, continue to hold, or dispose of, securities in the
Company.
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