LONDON (Alliance News) - Media and technology investment company TMT Investments PLC on Friday said portfolio company Depositphotos Inc has completed a USD5.0 million equity financing round, resulting in an uplift in the value of TMT's holding.
Depositphotos, a stock photo marketplace, raised the money in a round led by the European Bank for Reconstruction and Development, with TMT investing another USD1.0 million in the business.
The new funding round has resulted in an uplift of USD8.1 million in the fair value of TMT's investment in Depositphotos, more than two-and-a-half times higher than its June 30 valuation.
TMT shares were up 2.5% on the news to USD1.82.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Tmt Investments (TMT)