Some of these are already showing strong promise and have been revalued significantly higher since TMT's original investment. Many of TMT's investees entered this period of volatility with freshly raised funds and continued to successfully grow their businesses. Our portfolio's combination of globally established sector leaders and a highly diversified mix of companies provides a favourably hedged position against a backdrop of heightened global uncertainty. The remainder of the portfolio is highly diversified among over 50 early and mid-stage companies, as part of planning the next generation of the portfolio's potential winners across big data/cloud, e-commerce, marketplaces, EdTech, FinTech, SaaS (software-as-a-service) and FoodTech solutions.
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These are now well funded companies capable of raising large sums (in 2021-22 Bolt raised €1.23bn, Backblaze raised US$100m and PandaDoc raised an undisclosed Series C round), which are still expanding and represent approximately two thirds of TMT's total portfolio value. This is thanks to their excellent growth, having been early-stage start-ups when TMT first invested. Whilst TMT specialises in investing in earlier-stage technology companies, typically at pre-Series A and Series A stages, a material proportion of TMT's current NAV is now heavily weighted towards three large and globally established companies: Bolt, Backblaze and PandaDoc. It was also one of our busiest years for making new investments, with US$40.5 m deployed across 31 new and existing companies in 2021. "2021 was a very strong year for TMT, which saw excellent revaluations on its investments in Bolt and PandaDoc, a successful fundraise from current and new shareholders to fund new investments, and the IPO of its portfolio company Backblaze on Nasdaq. US$18.6 million in cash reserves as of 22 March 2021Īlexander Selegenev, Executive Director of TMT, commented:.Negative effect of the military conflict in Ukraine on portfolio companies is limited (US$4.6 million of potential new write-downs currently identified), with future impact dependent on how the situation unfolds in coming months.US$6.7 million of investments post year-end.Diversified global portfolio of over 50 companies focused mainly around big data/cloud, e-commerce, marketplaces, EdTech, FinTech, SaaS (software-as-a-service) and FoodTech solutions.US$19.3 million of new equity capital raised in October 2021, at US$8.50 per share.US$40.5 million of investments across 31 new and existing companies in 2021.
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