REG - TMT Investments - Portfolio Update

TMT InvestmentsAnnouncement

11/01/2022 07:05

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RNS Number : 9955X  TMT Investments PLC  11 January 2022

11 January 2022

 

TMT INVESTMENTS PLC

("TMT" or the "Company")

 

Portfolio Update

 

TMT Investments Plc (AIM: TMT.L), the venture capital company investing in
high-growth technology companies, is pleased to announce the following
developments in the Company's portfolio since the publication of the Company's
previous portfolio update on 19 October 2021.

 

Revaluations and Exits

 

·  TMT's portfolio company Bolt, a leading international ride-hailing and
food delivery company (www.bolt.eu (http://www.bolt.eu) ), announced today
that it has successfully raised €628 million (approx. US$711 million) in a
new equity finance round led by Fidelity, Sequoia Capital and a number of
other leading institutional investors (the "Bolt Fundraise").  The Bolt
Fundraise takes Bolt's valuation to €7.4 billion and represents a
substantial valuation uplift of approximately US$37.2 million (or 56%) in the
value of TMT's investment in Bolt, compared to the previously announced
valuation as of 30 June 2021.

 

·    Workiz, a leading SaaS provider for the field service industry
(www.workiz.com (http://www.workiz.com) ), completed a new equity funding
round.  The transaction represented a revaluation uplift of US$3.0 million
(or 298%) in the fair value of TMT's investment, compared to the previous
reported amount as of 31 December 2020.

 

·    As announced on 1 November 2021, Volumetric Biotechnologies. Inc.
("Volumetric") was acquired by 3D Systems (NYSE:DDD) (the "Acquisition").
 The Acquisition was structured as a US$45 million closing payment, with up
to US$355 million of further consideration due on an earnout basis subject to
the achievement of certain milestones linked to the attainment of significant
steps in the demonstration of human applications (the "Contingent
Consideration"), with all such payments comprising approximately half cash and
half equity in 3D Systems.  TMT received its part of the closing cash payment
equal to US$0.32 million, plus 11,810 shares of 3D Systems, worth, as of 31
December 2021, approximately US$0.25 million.  The initial part of the
transaction (i.e. excluding any potential future Contingent Consideration)
represented a revaluation uplift of US$0.36 million (or 177%) in the fair
value of TMT's investment, compared to the previous reported amount as of 31
December 2020.

 

·   Hinterview, a leading video recruitment software provider
(www.hinterview.com (http://www.hinterview.com) ), completed a new equity
funding round.  The transaction represented a revaluation uplift of US$0.2
million (or 35%) in the fair value of TMT's investment, compared to the
previous reported amount as of 31 December 2020.

 

The above revaluations are expected to result in a combined increase in the
Company's NAV equivalent to approximately US$1.29 per share (before
adjustments for the Company's ongoing operating expenses, accrued bonus,
potential future revaluations/impairments, and similar items).

 

New Investments

 

The Company has also made the following new and additional investments since
the publication of the Company's previous portfolio update on 19 October 2021:

 

· US$1,500,000 into Study space, Inc., trading as EdVibe, an all-in-one
language teaching platform (https://edvibe.com/en (https://edvibe.com/en) );

·   US$2,000,000 into Bafood Global Limited, a hyper local ready-to-eat
food delivery and cloud kitchen operator in Eastern Europe
(https://bafood.com.ua (https://bafood.com.ua) /en);

·   US$1,000,000 in Educate Online Inc., an education platform that allows
children aged 4-19 to study in leading international schools remotely
(www.educate-online.io (http://www.educate-online.io) );

·    US$850,000 in My Device Inc., trading as Whiz, a device-as-a-service
company that provides mobility, sports and high-tech devices on a subscription
basis to corporate and individual clients (www.getwhiz.co
(http://www.getwhiz.co) );

·    US$1,000,000 in Lulu Systems, Inc., trading as Mobilo, an
eco-friendly solution that allows users to digitally share contact details and
turn meetings into leads (www.mobilocard.com (http://www.mobilocard.com) );

·  Additional US$2,000,000 in Muncher Inc., a cloud kitchen and virtual
food brand operator in Latin America (www.muncher.com.co
(http://www.muncher.com.co) );

·    Additional £2,000,000 in 3S Money Club Limited, a UK-based online
banking service focusing on international trade (www.3s.money
(http://www.3s.money) ); and

·   US$500,000 in Alippe, Inc., trading as 1Fit, a mobile app with single
membership that gives access to multiple gyms and yoga studios in Kazakhstan
and Russia (www.1fit.app (http://www.1fit.app) ).

 

 

Alexander Selegenev, Executive Director of TMT, commented:

 

"TMT's portfolio continues to register strong progress and we are delighted to
announce today's update.

 

Bolt's €628 million funding round led by Sequoia Capital and Fidelity
Management and Research Company LLC is its largest to date and takes its
valuation to €7.4 billion.  The size of the funding round and calibre of
investors is a testament to Bolt's business model and growth trajectory.  TMT
is increasingly being recognised as a trailblazer in identifying promising
technology companies at an earlier stage of their development.  Bolt is one
of TMT's four unicorn investments to date, alongside Pandadoc, Wrike (exited
in 2019) and Pipedrive (exited in 2020).  At the current valuation, the value
of TMT's stake in Bolt is worth approximately US$103 million, compared to
TMT's original investment of US$0.32 million in 2014.

 

Bolt has grown to become one of the world's leading mobility companies since
TMT first invested in the company in 2014. Today, Bolt serves 100 million
customers in 45 countries and over 400 cities across Europe and Africa,
seeking to offer better alternatives for every use case including
ride-hailing, shared cars and scooters, and food and grocery delivery.

 

We have been busy investing the proceeds of TMT's October 2021 US$19.3 million
fund raise and are pleased to announce six new and two additional investments
today.  We continue to make additional investments into some of our best
performing companies when suitable opportunities arise, in this case an
additional US$2 million in Muncher Inc., a cloud kitchen and virtual food
brand operator in Latin America (www.muncher.com.co
(http://www.muncher.com.co) ), and an additional £2 million in 3S Money Club
Limited, a UK-based online banking service focusing on international trade
(www.3s.money (http://www.3s.money) ).

 

With over 50 companies in its portfolio and an established 11-year track
record as a publicly quoted company, TMT offers a diversified and liquid route
to access some of the fastest and best growing technology companies globally.

 

We look forward to keeping shareholders updated on relevant developments."

 

 

 

For further information contact:

 

 TMT Investments Plc                                      +44 (0)1534 281 800

 Alexander Selegenev                                      (Computershare - Company Secretary)

 Executive Director

 www.tmtinvestments.com (http://www.tmtinvestments.com)   alexander.selegenev@tmtinvestments.com

                                                        (mailto:alexander.selegenev@tmtinvestments.com)

 Strand Hanson Limited                                    +44 (0)20 7409 3494

 (Nominated Adviser)

 James Bellman / James Dance

 Cenkos Securities plc                                    +44 (0)20 7397 8900

 (Joint Broker)

 Ben Jeynes

 Hybridan LLP                                             +44 (0)20 3764 2341

 (Joint Broker)

 Claire Louise Noyce

 Kinlan Communications                                    +44 (0)20 7638 3435

 David Hothersall                                         davidh@kinlan.net (mailto: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 a current
investment portfolio of over 50 companies and net assets of US$218 million as
of 30 June 2021.  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 (http://www.tmtinvestments.com) .

 

Twitter (https://twitter.com/TMT_PLC)

 

LinkedIn (http://www.linkedin.com/company/tmt-investments-plc)

 

Facebook (https://www.facebook.com/TmtInvestmentsPlc/)

 

 

This announcement is released by TMT Investments Plc and contains inside
information for the purposes of Article 7 of EU Regulation 596/2014 (as
amended), which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018, as amended. Upon publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain.

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