30th May 2018 11:22
LONDON (Alliance News) - TMT Investments PLC said Wednesday a portfolio revaluation will increase the company's net asset value as the venture capitalist achieved its first "unicorn".
TMT has seen its net asset value increase about USD12.8 million after a series of developments within its investments.
Ride-hailing app Taxify completed a USD175 million funding round, led by Daimler AG. This puts Taxify's valuation at USD1 billion, making it the first billion dollar startup in TMT's portfolio, it said.
The transaction represents a revaluation increase of USD13.3 million in the fair value of TMT's investment compared to the reported amount at the end of 2017.
The technology startup venture capitalist also said it sold its "small holding" in customer relationship management software company Pipedrive. The USD2.0 million sale represents a total revaluation uplift of USD3.1 million in the fair value of TMT's investment compared to the end of 2017.
Subscription-based luxury fragrance service Scentbird recently announced it completed a funding round to raise USD18.6 million. The transaction represented a reduction of USD3.6 million in the fair value of TMT's investment in Scentbird, compared to the end of 2017.
Executive Director Alexander Selegenev said: "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."
He added: "TMT shares now trade at a discount to the company's estimated net asset value."
Shares in TMT Investments were up 6.0% Wednesday to USD2.64 each.
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