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Barclays paid out on 12th, lifting the charge on the assets would have been a prerequisite for the deal.
The Sky article suggests that of the £130m the founders are sharing £70m, angel investors £30m leaving potentially another £30m for Molten.
Tech Crunch article on the 2019 funding round only mentions angel investors and Draper (Molten).
Think they had a Barclays loan to pay off but could be a tidy sum.
From Molten's annual report in 2021 they had invested £14m with no further funding rounds.
The additional link seems to imply that GROW had invested around $30m. Anyway, brilliant spot and thank you for bringing it to our attention.
To be clear the value of £18-20m was what Molten valued their holding at- not the actual whole company valuation
Well spotted. Up until 2021 Perkbox was one of the core portfolio companies with a value of £18-20m and Draper Esprit (Molten) led the last round in 2019.
Companies house has shown them breaking even on revenue of about £30m the last couple of years
Sounds like margins are tight in the industry so 4x revenue valuation not bad.
Nice one to exit as they have been invested there for about 10 years.
Some info here with MV investment numbers:
https://tracxn.com/d/companies/perkbox/__oY0_doyjBx37KAvP1e0BbAdGK7IvDGT3HfcbgtkeJpM/funding-and-investors
Excellent news from Sky that Perkbox has been bought by a US private equity firm, Great Hill Partners, for about £130m. Perkbox is still listed on MV's website and a 2017 article said that their investment was $12m but I haven't managed to find more recent valuations in a quick search. Anyone else?
Let's hope this is the first of many sales and that the realisation for MV is registered in March to help the bottom line for this financial year.
https://news.sky.com/story/perkbox-founders-to-celebrate-35m-windfalls-from-great-hill-deal-13094069
I’ve been toppling up a bit and will of course put 20,000 pounds into my ISA April 6th. No brainer for an ISA and 5 to 10 year perspective.
Stars aligning for a big SP push up but as always who knows when. I note all my small holdings in UK trust equivalents are also below 2020 buy in points (pre covid boost) so sector (and not just us) still badly hit.
I had always thought that tech market recovery would occur in parallel with our sector’s recovery but seems to be a lag. Also tech market boom limited to the 4 biggest firms. Smaller listed tech players not at record highs.
Anyhow I am a great believer of “trickle down” (not the Reaganite variety). Solidity in seed funds plus top end booming at record high means our pipeline in between will recover it’s mojo and at least achieve valuations and SP at 2019 levels plus organic growth of portfolio -which has been substantial in the 2019 to 2024 period.
None I can see? I just repeatedly top up my £5k holding when it goes down to £4.5k and sell when it’s £5.5k. Takes all the worry out of it TBH ! Will buy shortly.
Any particular reason(s) sp down so much today?
Consultation on the ISA has started. This is quite a good run down for the professional pick
https://citywire.com/investment-trust-insider/news/how-the-world-s-best-fund-managers-would-invest-a-british-isa/a2437727
So I presume this means a UK investor will be able to invest say up to £5000 annually in MV shares - and put this into the new British ISA...
https://www.theguardian.com/uk-news/2024/mar/06/british-isa-will-be-created-to-encourage-investment-in-uk-firms-hunt-confirms
And a few more today. Will need to have a look down the back of the sofa
Sang
Would not be the first tec company to IPO ahead of profitability. Maybe the sector so hot some investors would take a punt based on future potential.
They probably need a new version of their chip and solve some software support issues before a successful IPO. Thus as you say hard to avoid a funding round first to get them through at least the next 12 months. That’s circa 200m.
I wasn't referencing their solvency.
Just unlikely they are in a position to IPO with revenue of £2m
They are surviving long after they should have run out of money. So maybe a secret white knight (maybe loans from someone who is willing to convert them to shares) or really generous share options in lieu of salaries.
In any case staff and management think able to continue as a going concern. Hot sector. Some sort of plan must be in place.
If they can't even get a funding round away hard to see how they can list on a public market.
An interesting read from a Solicitor, presumably with a connection to IP rights.
FWIW, I have no problem if Graphcore were spun out on the Nasdaq. Aside from attracting possibly a better price, might have additional benefit from a regulatory perspective
Https://www.uktech.news/guest-posts/semiconductor-ip-graphcore-20240305
From Bloomberg today:
By Aisha S Gani
03/04/2024 10:12:05 [BN]
(Bloomberg) -- Citigroup Inc.’s David Livingstone said his firm’s underwriters and dealmakers have seen a pick-up in activity this year as corporate chiefs around the world have adjusted to higher interest rates.
Let’s gooooo
Couple of chunky bargains today in quick succession
Having just watched today's investors' presentation on Investor Meet, I was hugely impressed by the CEO of Form3, Mike Walters, and impressed by Paul Taylor, the CEO of Thought Machine. If that is the standard of CEO of the companies which Molten Ventures invest in, there is a real chance my investment in GROW will be succesful. (I was less taken with Teo Blidarus, the CEO of Thought Machine largely because he did not explain what his product did in a way I could understand - no doubt his company will be the most succesful...).
The cases of Wincanton are Currys recently have shown how price discovery on the FTSE is broken.
The former has received 2 buyout bids that have doubled it's price from what it was trading at. Currys has also had a bid at a substantially higher price than what it was trading at.
So we can carry on marking to market or maybe be a bit more open minded about the value here.
A positive indicator this week was that Stripe updated it's value from 50bn to 65bn dollars. Still well down on it's 95bn high but something that can be read across to Revolut where we probably don't need to be cutting it's value in half.
I had a dream last night about the Isar Aerospace rocket taking off.
Don't believe this rise will hold in the current environment. Might buy back in again around 220
Good luck to all