Last checked at 30 May 2018 07:00
30 May 2018
TMT INVESTMENTS PLC
("TMT" or the "Company")
Portfolio company revaluations and first "unicorn"
TMT Investments PLC (AIM: TMT.L), the venture capital company investing in high-growth technology companies across a number of core specialist sectors, is pleased to announce the following revaluations of the Company's core portfolio investments.
These developments collectively have generated an estimated increase of approximately US$12.82 million in the Company's net asset value ("NAV"), equivalent to approximately 43.9 cents per share (before adjustments for the Company's ongoing operating expenses, bonus provisions, insignificant revaluations, potential future impairments, and similar items). This represents an uplift in the Company's NAV of 18.1% from the previously stated figure of US$2.43 per share as at 31 December 2017.
Taxify
Taxify, a leading international ride-hailing company (www.taxify.eu), has announced that it has completed a US$175 million funding round led by global automotive leader Daimler AG. European venture capital fund Korelya Capital and TransferWise's co-founder Taavet Hinrikus joined Didi Chuxing and a number of Taxify's other existing shareholders in the round that brings Taxify's valuation to US$1 billion. Daimler will also join Taxify's board. The transaction represents a revaluation uplift of US$13.30 million (or 350%) in the fair value of TMT's investment in Taxify, compared to the previous reported amount as of 31 December 2017.
Pipedrive
TMT has sold a small holding in Pipedrive, a leading sales CRM (Customer Relationship Management) software provider (www.pipedrive.com), for a total consideration of US$2.0 million. The transaction represents a revaluation uplift of US$3.14 million in the fair value of TMT's residual investment in Pipedrive, compared to the previous reported amount as of 31 December 2017.
Scentbird
Scentbird, a subscription-based service for luxury fragrances and other beauty products (www.scentbird.com), has recently announced that it has completed a further funding round to raise US$18.6 million from a group of investors led by Goodwater Capital, the consumer technology investment firm, and joined by Y Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum Ventures, ERA, and others. The transaction represented a reduction of US$3.61 million in the fair value of TMT's investment in Scentbird, compared to the previous reported amount as of 31 December 2017.
Alexander Selegenev, Executive Director of TMT, commented:
"We are delighted with the continuing trend of positive revaluations in our portfolio, especially from Taxify, which has now become the first "unicorn" in our portfolio, and for which we previously announced an upward revaluation less than a year ago. This is an enormous achievement for Taxify, which was co-founded by then 19-year-old Markus Villig, who borrowed his college money from his parents to launch the company in Estonia in 2013. Today, Taxify is one of the fastest-growing ride-hailing companies in the world with over 10 million passengers and 500,000 drivers in more than 25 countries.
Notwithstanding that Scentbird's latest funding round valuation represents a discount to the valuation achieved by TMT at the time of a partial sale of its investment in Q4 2017, we are pleased to see that Scentbird's superb growth to date has allowed it to raise a significant round of $18.6m from a group of prestigious and experienced investors. This will enable Scentbird to further increase market penetration and accelerate growth. According to Forbes Magazine, Scentbird's capital raise was "one of the largest Series A funding rounds secured by a direct-to-consumer brand led by a female CEO".
TMT shares now trade at a discount to the Company's estimated NAV."
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information contact:
TMT Investments PLC Alexander Selegenev Executive Director www.tmtinvestments.com
| +44 1534 281 843 alexander.selegenev@tmtinvestments.com
|
Smith & Williamson Corporate Finance Ltd Nominated Adviser Russell Cook David Jones Ben Jeynes
| +44 (0)20 7131 4000 |
Hybridan LLP Broker Claire Louise Noyce
| +44 20 3764 2341 |
Kinlan Communications David Hothersall
| +44 20 7638 3435 davidh@kinlan.net |
About TMT Investments PLC
TMT Investments PLC invests in high-growth technology companies across a number of core specialist sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has invested in over 40 companies to date and has latest audited net assets of US$67m. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com