Merian Chrysalis Investment Co. Ltd Portfolio Update (1264I)
August 06 2019 - 9:20AM
UK Regulatory
TIDMMERI
RNS Number : 1264I
Merian Chrysalis Investment Co. Ltd
06 August 2019
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is not for publication, release or distribution in the United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
(other than the United Kingdom), Canada, Australia, Japan or the
Republic of South Africa.
Merian Chrysalis Investment Company Limited
6 August 2019
Merian Chrysalis Investment Company Limited (the "Company")
Portfolio Update
-- Investment in Klarna Holding AB
-- Update on portfolio composition
Investment in Klarna Holding AB
The Company is pleased to announce an investment of US$50
million as part of a US$460 million funding round conducted by
Klarna Holding AB. Other investors in the round include Dragoneer
Investment Group and Commonwealth Bank of Australia. This follows a
previous funding round in April of this year, which drew strong
demand from Klarna's existing investor base and closed above the
target amount of $100 million.
Klarna is a leading global payments provider that's
revolutionising the payment experience. Klarna now works with
130,000 retail partners, including Adidas, IKEA, Expedia, ASOS,
Ticketmaster, Zara, Nike and H&M, to offer payment solutions to
users across Europe and North America. The company offers direct
payments, pay after delivery options and instalment plans in a
smooth one-click purchase experience that allows consumers to pay
when and how they prefer. Klarna is active in 14 countries and is
currently backed by a number of institutional investors including
Sequoia Capital, Bestseller Group, Permira, Visa and Atomico.
Founded in Stockholm, Sweden in 2005, Klarna is one of Europe's
most innovative and disruptive technology companies. The proceeds
of the funding round will be used to build on the business's strong
momentum, accelerating its scaling across markets and continuing
its journey to fundamentally change the shopping and payment
experience for consumers, while adding value for merchants. The
user base continues to develop rapidly and Klarna welcomed almost
26 million new consumers during 2018.
Richard Watts, portfolio manager, comments:
"Klarna has built a highly-impressive, digital payments system,
trusted by both retailers and consumers. By simplifying and
improving the flexibility of the payments process, retail partners
working with Klarna have seen considerable improvement in customer
engagement and sales. Klarna is one of Europe's great FinTech
success stories and the company continues to develop truly
innovative payment solutions. This latest funding round will enable
the company to execute on its ambitious international growth
plans."
Update on portfolio composition
As a result of its investment in Klarna, and subject to
completion of its previously disclosed investment in Embark Group,
the Company's capital is approximately 73 per cent invested.
The Company continues to explore a range of further
opportunities and will update the market as appropriate.
For further information, please
contact:
Merian Global Investors:
Amelie Shepherd +44 (0) 20 7332 7500
Liberum:
Gillian Martin / Owen Matthews +44 (0) 20 3100 2000
Maitland Administration (Guernsey)
Limited:
Aimee Gontier / Elaine Smeja +44 (0) 1481 749364
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at https://www.merian.com/chrysalis/. 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.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations (including
development plans and objectives relating to the Company's products
and services) are forward-looking statements.
Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These factors include but are not limited to those
described in the formal Prospectus. These forward-looking
statements speak only as at the date of this announcement. The
Company expressly disclaims any obligation or undertaking to update
or revise any forward-looking statements contained herein to
reflect actual results or any change in the assumptions, conditions
or circumstances on which any such statements are based unless
required to do so by the Financial Services and Markets Act 2000,
the Listing Rules or Prospectus Rules of the Financial Conduct
Authority or other applicable laws, regulations or rules.
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END
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