Chrysalis Investments Limited Portfolio Update (0930S)
July 12 2022 - 2:00AM
UK Regulatory
TIDMCHRY
RNS Number : 0930S
Chrysalis Investments Limited
12 July 2022
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is not for publication, release or distribution in the United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 to professional investors in the Republic of Ireland),
Canada, Australia, Japan or the Republic of South Africa.
12 July 2022
Chrysalis Investments Limited ("Chrysalis" or the "Company")
Portfolio Update
Wefox Holding AG ("wefox"), the Berlin-based insurtech platform,
has successfully closed a Series D funding round. The company has
raised $400m (comprising equity and debt) which values the business
at $4.5 billion post new money. The current valuation makes wefox
the world's most valuable privately held insurtech asset.
Wefox, which was launched in 2015, grew revenues to more than
$320 million in 2021 and is on track to reach more than $600
million revenues by the year end, growth of almost 100%. The
current valuation compares against the $3 billion post money
valuation achieved as part of the Series C funding round
approximately twelve months ago, a 50% uplift.
The round was led by Mubadala Investment Company with
participation from LGT, Horizons Ventures and OMERS Ventures. The
company intends to use the proceeds of the funding round to enhance
product innovation and drive global expansion, particularly across
Europe.
The Company did not participate in the funding round and the
achieved valuation underpins the current carrying value of the
asset. As noted in the Company's announcement on 11 July 2022, the
resulting NAV per share would therefore be c.179.55p, based on 31
March valuations for all unlisted assets except Klarna and
valuations of listed investments based on closing prices as at 8
July 2022 and FX movements since 31 March 2022. Wefox is the
Company's second largest asset and represents 13.3% of the
portfolio.
As of 11 July 2022, the Company held approximately GBP51m of
cash. In addition, the Company also has significant further
liquidity available, most notably its holdings in listed assets,
which currently total approximately GBP64m.
Richard Watts (co-portfolio manager) comments:
Wefox has been one of our strongest performing assets in recent
years and this has been reflected by a successful funding round in
a tough environment. Three of our largest assets have raised a
total of $1.4 billion in recent weeks, with participation from some
of the world's leading investors, and this highlights the continued
confidence investors have in our assets.
The impact of this funding round has further improved the
financial position of the portfolio, in addition to Klarna's $800
million funding round. Two thirds of our portfolio is now either
profitable or has the required level of capital to reach
profitability and Chrysalis has more than sufficient liquidity to
support the remaining portfolio assets, where necessary.
-ENDS-
For further information, please
contact
Media
Montfort Communications +44 (0) 7542 846 844
Charlotte McMullen / Georgia chrysalis@montfort.london
Colkin / Lesley Kezhu Wang
Jupiter Asset Management:
James Simpson +44 (0) 20 3817 1696
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
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such content be relied upon in reaching a decision as to whether or
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Company.
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END
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