TMT Investments PLC Statement re Portfolio Revaluations (6014P)
30 May 2018 - 4:01PM
UK Regulatory
TIDMTMT
RNS Number : 6014P
TMT Investments PLC
30 May 2018
30 May 2018
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio company revaluations and first "unicorn"
TMT Investments PLC (AIM: TMT.L), the venture capital company
investing in high-growth technology companies across a number of
core specialist sectors, is pleased to announce the following
revaluations of the Company's core portfolio investments.
These developments collectively have generated an estimated
increase of approximately US$12.82 million in the Company's net
asset value ("NAV"), equivalent to approximately 43.9 cents per
share (before adjustments for the Company's ongoing operating
expenses, bonus provisions, insignificant revaluations, potential
future impairments, and similar items). This represents an uplift
in the Company's NAV of 18.1% from the previously stated figure of
US$2.43 per share as at 31 December 2017.
Taxify
Taxify, a leading international ride-hailing company
(www.taxify.eu), has announced that it has completed a US$175
million funding round led by global automotive leader Daimler AG.
European venture capital fund Korelya Capital and TransferWise's
co-founder Taavet Hinrikus joined Didi Chuxing and a number of
Taxify's other existing shareholders in the round that brings
Taxify's valuation to US$1 billion. Daimler will also join Taxify's
board. The transaction represents a revaluation uplift of US$13.30
million (or 350%) in the fair value of TMT's investment in Taxify,
compared to the previous reported amount as of 31 December
2017.
Pipedrive
TMT has sold a small holding in Pipedrive, a leading sales CRM
(Customer Relationship Management) software provider
(www.pipedrive.com), for a total consideration of US$2.0 million.
The transaction represents a revaluation uplift of US$3.14 million
in the fair value of TMT's residual investment in Pipedrive,
compared to the previous reported amount as of 31 December
2017.
Scentbird
Scentbird, a subscription-based service for luxury fragrances
and other beauty products (www.scentbird.com), has recently
announced that it has completed a further funding round to raise
US$18.6 million from a group of investors led by Goodwater Capital,
the consumer technology investment firm, and joined by Y
Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum
Ventures, ERA, and others. The transaction represented a reduction
of US$3.61 million in the fair value of TMT's investment in
Scentbird, compared to the previous reported amount as of 31
December 2017.
Alexander Selegenev, Executive Director of TMT, commented:
"We are delighted with the continuing trend of positive
revaluations in our portfolio, especially from Taxify, which has
now become the first "unicorn" in our portfolio, and for which we
previously announced an upward revaluation less than a year ago.
This is an enormous achievement for Taxify, which was co-founded by
then 19-year-old Markus Villig, who borrowed his college money from
his parents to launch the company in Estonia in 2013. Today, Taxify
is one of the fastest-growing ride-hailing companies in the world
with over 10 million passengers and 500,000 drivers in more than 25
countries.
Notwithstanding that Scentbird's latest funding round valuation
represents a discount to the valuation achieved by TMT at the time
of a partial sale of its investment in Q4 2017, we are pleased to
see that Scentbird's superb growth to date has allowed it to raise
a significant round of $18.6m from a group of prestigious and
experienced investors. This will enable Scentbird to further
increase market penetration and accelerate growth. According to
Forbes Magazine, Scentbird's capital raise was "one of the largest
Series A funding rounds secured by a direct-to-consumer brand led
by a female CEO".
TMT shares now trade at a discount to the Company's estimated
NAV."
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
For further information contact:
TMT Investments PLC +44 1534 281 843
Alexander Selegenev alexander.selegenev@tmtinvestments.com
Executive Director
www.tmtinvestments.com
Smith & Williamson Corporate
Finance Ltd
Nominated Adviser
Russell Cook
David Jones
Ben Jeynes +44 (0)20 7131 4000
Hybridan LLP
Broker
Claire Louise Noyce +44 20 3764 2341
Kinlan Communications +44 20 7638 3435
David Hothersall davidh@kinlan.net
About TMT Investments PLC
TMT Investments PLC invests in high-growth technology companies
across a number of core specialist sectors and has a significant
number of Silicon Valley investments in its portfolio. Founded in
2010, TMT has invested in over 40 companies to date and has latest
audited net assets of US$67m. The Company's objective is to
generate an attractive rate of return for shareholders,
predominantly through capital appreciation. The company is traded
on the AIM market of the London Stock Exchange.
www.tmtinvestments.com
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END
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