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LONDON (Alliance News) - TMT Investments PLC Thursday said it has completed an additional investment in Adinch Inc as part of the real-time bidding mobile advert network's current USD3.0 million equity fundraising.
In a statement, TMT said it has acquired additional preferred shares in Adinch for USD600,000. If the current round is fully subscribed, TMT will own 19.99% of Adinch's fully diluted equity capital.
TMT originally acquired 20% of Adinch's fully diluted equity capital in February 2013 for USD1.0 million, a pre-money equity valuation of USD4.0 million.
"The current equity fundraising is an important vote of confidence in Adinch, and the new funds will provide additional firepower for the company's future growth. We are also pleased that the current fundraising is conducted at a substantially higher equity valuation (UD9.0 million pre-money), which will allow TMT to increase the fair value of its original investment in Adinch by 80%, or approx. USD800,000," said TMT Executive Director Alexander Selegenev in a statement.
In March this year, 101 Startup, a company owned by TMT senior managers German Kaplun, Alexander Morgulchik and Artyom Inyutin, acquired 60% of Adinch, also at USD9.0 million equity valuation.
TMT shares were Thursday quoted at USD1.93 cents per share, untraded.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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