Primorus Investments PLC Second Round Investment in WeShop (6464X)
28 November 2017 - 6:00PM
UK Regulatory
TIDMPRIM
RNS Number : 6464X
Primorus Investments PLC
28 November 2017
Primorus Investments plc
("Primorus" or the "Company")
Second Round Investment in WeShop
Primorus Investments plc (AIM: PRIM, NEX: PRIM) pleased to
announce it is making a further GBP675,000 equity investment in
WeShop ("WeShop") on a fully-diluted valuation of approximately
GBP30m. Primorus previously invested GBP200k in WeShop in August
2017 on a pre-new money valuation of approximately GBP25m.
The funds are proposed to be used for marketing activity to grow
user acquisition and engagement on the platform to a target of over
1 million users. Since the last investment round, Primorus has been
informed by management that:
- there has been strong growth in user numbers and the platform
is now in a position to be marketed across a number of mechanisms
including digital marketing, PR, influencer marketing, "above the
line" campaigns and grass root initiatives.
- To date, the platform has had over 600,000 unique users with
over 70,000 registrations of users posting more than 360,000
products to their profiles and driving sales of over GBP350,000 to
retailers in the UK.
- The platform hosts over 9m products from 314 UK retailers.
Based on the current trajectory of user acquisition vs digital
marketing spend, it is anticipated that WeShop will have over 1
million registered users by Q4 2018. At this point, management of
WeShop believe that the valuation of the business would be
significantly higher than the current level.
The management of WeShop expect to raise further funds by the
end of Q1 2018 to to help it achieve its growth targets on the way
to a planned IPO in late 2018.
Alastair Clayton, Executive Director commented:
"It is very pleasing to see the great progress made by the
management of WeShop since our initial investment in the summer.
All key management are now in place and under the stewardship of
Matthew Hammond and his accomplished senior management and product
teams including CTO John Pervanas, formally CTO of QuidCo."
"Having set their Key Performance Indicator as a minimum of 1m
registered users by Q4 2018 we look forward to updating
shareholders on the progress WeShop makes towards this target over
the coming quarters."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments
plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers
LLP
James Caithie / Sandy
Jamieson
Broker: +44 (0) 20 3621 4120
Turner Pope Investments
Andy Thacker
This information is provided by RNS
The company news service from the London Stock Exchange
END
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