REG - Chrysalis Invs Ltd - Portfolio Update

Chrysalis InvestmentsAnnouncement

12/07/2022 07:00

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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The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, any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 £51m of cash. In addition,
the Company also has significant further liquidity available, most notably its
holdings in listed assets, which currently total approximately £64m.

 

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

 Charlotte McMullen / Georgia Colkin / Lesley Kezhu Wang   +44 (0) 7542 846 844

                                                           chrysalis@montfort.london
 Jupiter Asset Management:                                 +44 (0) 20 3817 1696

 James Simpson

 Liberum:                                                  +44 (0) 20 3100 2000

 Chris Clarke / Darren Vickers / Owen Matthews

 Numis:                                                    +44 (0) 20 7260 1000

 Nathan Brown / Matt Goss

 Maitland Administration (Guernsey) Limited:               +44 (0) 1481 749364

 Elaine Smeja / Aimee Gontier

 

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at
https://www.chrysalisinvestments.co.uk
(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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