Merian Chrysalis Investment Co. Ltd Portfolio Update (4339W)
December 11 2019 - 2:00AM
UK Regulatory
TIDMMERI
RNS Number : 4339W
Merian Chrysalis Investment Co. Ltd
11 December 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is not for publication, release or distribution in the United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 and the Republic of Ireland),
Canada, Australia, Japan or the Republic of South Africa.
Merian Chrysalis Investment Company Limited
11 December 2019
Merian Chrysalis Investment Company Limited (the "Company")
Portfolio Update
-- Investment in FinanceApp AG (wefox Group)
-- Acquisition of additional shares in Graphcore Limited
-- Update on portfolio composition
Investment in FinanceApp AG ("wefox Group")
The Company is pleased to announce an investment of EUR14.4
million, as part of a funding round conducted by wefox Group. Other
investors in the round include OMERS Ventures, Samsung Catalyst
Fund and Mubadala Ventures. The Company invested by way of a
convertible loan note.
wefox Group was founded in Berlin in 2015 and has already
established itself as one of Europe's largest and fastest growing
insurtech assets. The wefox Group consists of two subsidiaries:
wefox and ONE.
-- wefox is Europe's largest digital insurance platform with
significant existing scale in Germany, Austria and Switzerland. The
wefox platform enables over 350,000 customers, 1,500 insurance
broker agents and 300 insurance providers to transact and manage
insurance products digitally. The wefox app and website acts as a
digital wallet, where consumers can store details of their
insurance policies, and also allows third-party insurance companies
and brokers to achieve efficiencies through a high degree of
automation.
-- ONE was launched in February 2018 and is a fully digital
insurance company distributing private liability and household
policies in Germany. ONE is fully integrated with wefox and
leverages the platform's distribution capability and data sets to
deliver best-in-class loss ratios and customer acquisition
cost.
This funding round follows a successful Series B raise of
US$125m in March 2019. wefox Group will use the proceeds of both
rounds to consolidate broker pools in existing markets and for
expansion across Europe, Asia and the US.
Nick Williamson, co-portfolio manager, comments:
"The insurance industry is ripe for disruption and wefox Group
is well placed to transform the sector through its digital
proposition. The wefox Group management is incredibly ambitious,
evidenced by the impressive progress made to date, and we look
forward to working with them."
Acquisition of additional shares in Graphcore Limited
In accordance with the intentions announced at the time of the
recent Placing, the Company also confirms that it has acquired an
additional GBP11.6 million holding in Graphcore Limited from the
open-ended UK small- and mid-cap equity funds managed by the
Company's Investment Adviser, Merian Global Investors (UK)
Limited.
Update on portfolio composition
Following the completion of the wefox Group investment and the
acquisition of additional shares in Graphcore Limited, the Company
will be approximately 75% fully invested.
-ENDS-
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:
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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