Chrysalis Investments Limited Portfolio Update (4641A)
June 01 2021 - 8:38AM
UK Regulatory
TIDMCHRY
RNS Number : 4641A
Chrysalis Investments Limited
01 June 2021
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is not for publication, release or distribution in the United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 EUR 30m.
This takes the Company's total investment in wefox to date to EUR
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 EUR 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:
Chrysalis@montfort.london
Media: +44 (0) 20 3770 7920
Montfort Communications
Charlotte McMullen, Toto Reissland-Burghart,
Miles McKechnie
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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END
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