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24 Jun 2021 07:00
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South Africa.
24 June 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
The Company is pleased to announce a further follow-on investment into Starling Bank ("Starling") of approximately £35 million.
This investment is connected to Starling's successful Series D funding round, which was announced in April 2021, and saw a total of £322 million raised at a valuation of approximately £1.3 billion post new-money. At the time of this transaction, the Company's Investment Adviser negotiated a structure that gave Chrysalis the option to participate, which has now been exercised.
As of April 2021, Starling's deposit base topped £6 billion, compared with approximately £1 billion a year before, continuing its strong run of growth.
At the time of the March 2021 NAV announcement, the Investment Adviser referenced it had line-of-sight to two follow-on opportunities. Following the announcement on 1 June 2021 of a €30 million investment in FinanceApp AG ("wefox") as part of its Series C funding round, this investment in Starling represents completion of these two potential deals.
Nick Williamson and Richard Watts (co-portfolio managers) comment:
"Starling made huge strides over 2020, seeing substantial growth in customer numbers, deposits and lending. This drove approximately 400% revenue growth over the year to January 2021 and positioned the bank into sustainable profitability. We are delighted to continue our support of Anne and her team as they build on this success, and are optimistic about the company's future prospects."
-ENDS-
For further information, please contact:
Media: Montfort Communications Charlotte McMullen/ Toto Reissland- Burghart/ Miles McKenzie
|
+44 (0) 20 3770 7920 chrysalis@montfort.london
|
Jupiter Asset Management: Magnus Spence
| +44 (0) 20 3817 1325 |
Liberum: Chris Clarke / Darren Vickers / Owen Matthews
| +44 (0) 20 3100 2000 |
Numis: Nathan Brown/ Matt Goss
| +44 (0) 20 7260 1000 |
Maitland Administration (Guernsey) Limited: Elaine Smeja / Aimee Gontier | +44 (0) 1481 749364 |
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's website at
https://www.jupiteram.com/uk/en/professional/chrysalis-investments-limited/
The information contained in this announcement regarding the Company's investments has been provided by the relevant underlying portfolio company and has not been independently verified by the Company. The information contained herein is unaudited.
This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
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