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The company just posted a podcast on its Linked In

https://www.linkedin.com/posts/tmt-investments-plc_fintech-scaleup-tmt-activity-7445097373971746816-KXbB?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAAgEQABpDJvtfbJKMfzG7HJzpbmxL2vuYI

https://ukinvestormagazine.co.uk/selecting-leading-edge-ai-and-technology-companies-with-tmt-investments/

🚀 15 years investing in technology companies 🚀 - Alexander Selegenev, Executive Director at TMT Investments charts TMT’s growth, exits and outlook in this wide-ranging podcast with UK Investor Magazine.

✅ The first 15 minutes cover the why and how of TMT’s admission to AIM, the reasons for its outstanding 14% IRR since inception and day-to-day operations, and how TMT combines AI-driven as well as AI-resistant companies in its portfolio. Reviews TMT's largest investments including Scentbird, the fast growing US fragrance and wellness retailer with 1m+ subscribers.

👀 This is a valuable, in-depth podcast for long-term shareholders as well as recent and future investors

👉 Listen here 👉 https://lnkd.in/eMBKpvg9

In more detail:

🎤 21:10 How TMT got ahead of Meta. TMT’s investment in Scale AI prior to Meta’s ~$14.3 bn investment into Scale AI

- TMT’s investment into Praktika.ai (AI-led foreign language learning with avatars)

- How to hedge investments into AI

- The rationale for investing in mega cap AI companies such as Scale AI. Scale AI is one of the world’s largest AI data infrastructure provider.

- Hedging the AI bubble

🎤 27:10 TMT’s investment in Bolt, partial small exit from Bolt in 2025, potential IPO

🎤 31:10 TMT’s approach to valuing technology companies and write-downs focussed on writing down companies that are not performing. TMT continues to apply a highly prudent approach to valuing its portfolio investments and therefore regularly reviews and writes down investments that are not showing the progress the Board believes is required to justify the previously reported valuation level. In line with this approach, TMT partially or fully wrote down the value of nine of its investments during the period.

🎤 33:50 TMT’s pipeline of exits and its strategy to recycling capital into new investments, and the recent partial exit from Spin.AI

🎤 37:24 TMT’s new investment pipeline, opportunities TMT is currently reviewing

🎤 38:55 Additional future share buy-backs or special dividends?

🎤 40:50 TMT’s shares are currently trading at a 60-70% discount to Net Asset Value (NAV). What is the market missing?

🎤 45:15 Valuing private assets and assessing the quality of TMT’s portfolio

🎤 47:14 80% of TMT’s portfolio value is based on mid-market price, or cost or price of recent investment

🎤 47:36 What does success look like for TMT?

📈 Quoted on the Alternative Investment Market (AIM) of the London Stock Exchange since 2010, TMT manages a globally diversified investment portfolio of over 50 companies, focused primarily on Data Platforms, Enterprise Softwa

OneNotary Series A and partnership with DocuSign, world's number one electronic signing service ... not bad!!!

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hxxps://www.linkedin.com/feed/update/urn:li:activity:7178709187961487361

hxxps://x.com/TMT_PLC/status/1772951648152732030?s=20

And second part of article...

Bolt IPO to release hidden balance sheet value

It’s worth noting that TMT’s 1.26 per cent stake in international taxi and food delivery group Bolt is held in the accounts at $72.2mn (230¢) even though it had a read through valuation of $103.3mn following Bolt’s €628mn fundraising round in January 2022, led by Fidelity and Sequoia, that valued the fast-growing company at €7.4bn ($6.8bn). Since then Bolt has delivered double-digit annualised revenue growth, is forecast to move into profit this year and is planning to IPO in 2025.

Bearing this in mind, the stock price of closest comparable, Uber Technologies (US: UBER), a $160bn market capitalisation group, has surged 82 per cent since Bolt’s fundraising two years ago. In the real world, it’s highly unlikely TMT’s stake in Bolt is worth anything less than the $103mn implied valuation at the January 2022 fundraise, implying potential for a $31mn (99¢) revaluation in TMT’s accounts when Bolt launches its IPO. That’s simply not in the price.

Since I included TMT’s shares in my 2023 Bargain Share Portfolio they have risen 28 per cent in value, but they still trade on an unwarranted 45 per cent discount to proforma NAV of 690¢ and that excludes the hidden value in the Bolt stake. Buy.

Nice piece by long tiime follower Simon Thompson at IC today

A smart way to own US tech stocks

A cash-rich venture capital company is priced 45 per cent below book value even though its largest investee company is planning an IPO

March 20, 2024

by Simon Thompson

• Net asset value up from $201.7mn to $208.1mn (662¢)

• Net cash of $11mn in mid-March 2024

• Bolt holding conservatively valued at $72mn

• Backblaze stock price soars 34 per cent post year-end

TMT Investments (TMT: 378¢), a venture capital company with a portfolio of more than 50 high-growth, internet-based companies, reported an annual pre-tax profit of $6.4mn after booking $7.4mn net gains on its investment portfolio last year.

Notable uplifts include a $5.4mn gain on its listed holding in Nasdaq-quoted cloud storage group BackBlaze (US: BLZE) and $14.6mn of cumulative gains on 11 unlisted holdings to reflect higher valuations following equity funding rounds. TMT’s investments in Collectly, a US patient billing platform for medical organisations, and Educate Online, a distance education platform for children and young adults both trebled in value to $6.4mn and $2.85mn, respectively. TMT’s stake in UK-based challenger bank 3S Money Club increased $3mn in value to $17.1mn, too.

Of course there were also negative valuation movements, one of which reduced the carry value of TMT's holding in Pandadoc, a proposal automation and contract management software provider, by $2.8mn to $8mn. It was based on an independent secondary share sale offer received by TMT. However, this should not negate the fact that the portfolio still delivered growth.

Since the period end, BackBlaze’s stock price has risen sharply following earnings upgrades, which has lifted TMT’s proforma NAV per share to 690¢. Management has taken the opportunity to sell down a further $4.2mn of its stake, which boosts the debt free group's cash pile to $11mn to fund follow-on or new investments, and still retains a holding in BackBlaze worth more than $30mn (95¢).

Article continued:

This has clearly not helped sentiment towards TMT.

Furthermore, investors may have been spooked by the fact that 78 per cent of TMT’s 31.45mn shares in issue are held by a concert party of Russian investors. However, all the group’s investments are domiciled in the U.S.A. and Europe, TMT is registered in Jersey, and only four members of the 11-strong investment team are based in Moscow.

Of course, given the possibility of a Russian invasion into Ukraine, and potential for the West to impose sanctions on both the sovereign state and companies operating within the country, then there is geopolitical risk to factor in. However, the fundamentals supporting the portfolio of investee companies and the strength of TMT’s investment team are the same as they were before. What has changed is the risk premium investors embedded in the company’s shares. That premium is at a heightened level, the primary reason why TMT’s share price has pulled back from the 850¢ placing price when TMT raised $19.3mn from investors (‘Exploiting market anomalies’, 25 October 2021).

If you have been following my advice I would hold your nerve. That’s because TMT’s 33 per cent share price discount to my spot NAV estimate should narrow dramatically in the event of an easing of geopolitical tensions with Russia. That is still the default position of financial markets. Hold.

Good piece in IC lookng at value play and get all the rest of the portfolio for next to nothing with Bolt, Backblaze and cash making up most of the current low market cap. Backblaze share price has been all over the place on NASDAQ but hard to see it dropping more.

'Bargain hunting in the tech sector carnage.' By Simon Thompson, 21st February 2022.

TMT’s heightened risk premium offers value opportunity.

**Portfolio company Bolt raises $628mn in equity raise to value TMT’s stake at $103.6mn.
**Stake in cloud storage company Backblaze worth $33.6mn.
**Proforma cash of $33mn post disposal of entire shareholding in Depositphotos.

TMT Investments (TMT:560¢), a $176mn market capitalisation venture capital company with a portfolio of high-growth, internet-based companies, has reported over $40mn of portfolio valuation gains since the start of 2022.

Bolt, the international taxi and food delivery company that serves 100mn customers in 45 countries and over 400 cities across Europe and Africa, raised €628mn (£523mn) last month in a new equity finance round led by Fidelity and Sequoia that valued the fast-growing company at €7.4bn. In 2014, TMT invested $0.32mn in Bolt, a holding that is now worth $103.6mn, or 56 per cent higher than the carrying value in TMT’s last accounts. In addition, Workiz, a leading SaaS provider for the field service industry, has completed a new equity funding round that resulted in a $3mn (298 per cent) uplift in the value of TMT’s stake.

By my reckoning, and after factoring in the cash exits from delivery and transportation technology company Hugo and Depositphotos, a leading stock and video marketplace, TMT now has cash of around $33mn on its balance sheet. TMT also holds a valuable stake worth $33.6mn in Nasdaq quoted cloud storage group BackBlaze (BLZE:NMQ).

Effectively, the stakes in Bolt, Backblaze and cash on TMT’s balance sheet back up $170mn of the group’s $176mn market capitalisation which means than TMT’s portfolio of 50 plus other unquoted investments are in the price for $6mn even though they are cumulatively worth around $95mn (302¢). Clearly, this is at odds with TMT’s investment team’s enviable track record of spotting early stage technology investments and realising hefty gains on exit. In fact, my spot proforma NAV per share estimate of 841¢ is 173 per cent higher than when I included the shares, at 250¢, in my market beating 2019 Bargain Shares Portfolio. The board have paid out a special dividend of 20¢ a share, too.

Admittedly, the general de-rating of technology stocks on Nasdaq has severely dented investor sentiment. Backblaze’s stock has performed even worse than the market. Having raised $100mn at $16 a share in November’s IPO, and seen its stock price double to a closing high of $31.50 shortly thereafter, Backblaze’s shares plunged a further 29 per cent to a record low of $9.89 on 18 February 2022 after the company’s quarterly net loss widened from $3.4mn to $9.6mn. This has

Been monitoring this for a while and strong set of results with NAV up +27% and a divi planned on the back of the Wrike exit! The new annual report also has a lot of very good info on the investment portfolio, a lot of them US companies that are selling worldwide

http://tmtinvestments.com/wp-content/uploads/2019/06/TMT-Annual-Report-2018-1.pdf

https://www.proactiveinvestors.co.uk/LON:TMT/TMT-Investments/rns/LSE20190709070009_14140936

http://tmtinvestments.com/wp-content/uploads/2019/01/2019.01.02-TMT-Disposal-of-Wrike-and-Portfolio-update-Final.pdf

$25m in cash on balance sheet soon out market cap of only £50m ($63m) to account for all the other portfolio companies ... seems very cheap ... high cash bolster will put TMT in very strong position

TMT Investments PLC (AIM: TMT.L), the venture capital company investing in high-growth technology companies, is pleased to announce that it has agreed to dispose of its entire holding in Wrike, Inc. (“Wrike”) for a net aggregate cash consideration of US$22.9 million (the “Disposal”). The Disposal will result in a substantial increase in the Company’s cash resources and its net asset value (“NAV”).

The Board of TMT believes that the Disposal demonstrates the Company’s ability to identify and invest in early-stage high-growth companies within the technology sector that have the ability to create significant shareholder value through capital appreciation.

The Disposal represents a substantial uplift in the valuation of TMT’s investment in Wrike of approximately US$14.5 million and will, on receipt of funds, result in a material increase in the Company’s available cash to over US$25.0 million. The Company will continue to seek to identify and invest in opportunities within the technology sector and will keep shareholders updated of developments in this regard as appropriate.