7th May 2015 09:23
LONDON (Alliance News) - TMT Investments PLC on Thursday said the value of its investment in software-as-a-service-based work platform Wrike Inc has more than doubled following a fundraising round.
Wrike recently completed a USD15 million equity financing round led by US venture capital fund Scale Venture Partners.
As a result, TMT now holds a 3.7% stake in Wrike's fully-diluted equity capital worth around USD4.3 million, an increase of USD2.3 million on the fair value of its investment in Wrike at the end of 2014.
TMT initially invested USD1 million in Wrike in June 2012.
"We are delighted that our expectations of seeing a number of significant positive portfolio revaluations announced in our 2014 annual report started to materialise so quickly," said Alexander Selegenev, TMT's executive director.
Shares in TMT were untraded Thursday, having last traded at 1.72 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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