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1 Jun 2021 14:38
The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South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.
1 June 2021
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
The Company is pleased to announce that FinanceApp AG (''wefox''), the Berlin-based digital insurance company, has successfully raised $650m for its Series C funding round resulting in a post-money valuation of US$3 billion.
wefox is Europe's leading digital insurance company and the round is the largest for an 'insurtech' business globally and one of the largest Series C rounds ever recorded. wefox intends to invest the proceeds in strengthening its presence in existing markets and expanding globally within the next two years.
The funding round was significantly oversubscribed with strong participation from existing investors as well as new investors such as LGT, Partners Group, EDBI and Lightrock. The Company participated in the funding round with an investment of €30m. This takes the Company's total investment in wefox to date to €74.4m.
Prior to this funding round, the Company had completed four investments into wefox via a series of convertible loans. These four separate investments totalled €44.4m. The current valuation represents a 2.2x return on those four investments and an IRR of 157%.
Due to visibility over the funding round, the reported valuation has already been captured in the Company's reported 31 March NAV.
The Company's convertible loan notes have now converted to equity as a result of this transaction.
Nick Williamson and Richard Watts (co-portfolio managers) comment:
"We would like to congratulate the team at wefox on their successful fundraise. wefox has been an extremely successful investment for Chrysalis and demonstrates our ability to identify attractive opportunities across Europe.
We have now completed five investments in the company, and this is further evidence of Chrysalis utilising its scale to drive successful outcomes and extraordinary returns for its shareholders. We look forward to supporting wefox through its ambitious plans for 2021 and beyond."
-ENDS-
For further information, please contact:
Media: Montfort Communications Charlotte McMullen, Toto Reissland-Burghart, Miles McKechnie
|
Chrysalis@montfort.london +44 (0) 20 3770 7920 |
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.chrysalisinvestments.co.uk
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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