REG - TMT Investments - Half-year Report
12/08/2025 07:00
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RNS Number : 8860U TMT Investments PLC 12 August 2025
12 August 2025
TMT INVESTMENTS PLC
("TMT" or the "Company")
Half-year report for the six months to 30 June 2025
TMT Investments Plc (AIM: TMT), the venture capital company investing in
high-growth technology companies, is pleased to announce its unaudited interim
results for the half-year ended 30 June 2025.
Highlights:
· NAV per share of US$6.80 (up 3.8% from US$6.55 as of 31 December
2024)
· Total NAV of US$213.9 million (US$205.9 million as of 31 December
2024)
· IRR from inception to 30 June 2025 of 14.3% per annum (14.5% from
inception to 31 December 2024)
· US$0.5 million of additional investments in the first half of 2025
(US$1.9 million in the first half of 2024)
· US$1.9 million of cash disposals and dividends received in the first
half of 2025 (US$5.8 million in the first half of 2024)
· As of 30 June 2025, the Company cash and cash equivalent reserves of
US$5.3 million (31 December 2024: US$5.2 million); US$5.1 million as of 11
August 2025
Alexander Selegenev, Executive Director of TMT, commented:
"In the first half of 2025, TMT's net asset value increased 3.8%, mainly as a
result of the significant positive currency exchange impact on the Company's
Sterling Pound and Euro-denominated investments. This was a period of
continuing macroeconomic and political instability, as well as of subdued
venture capital, IPO, and M&A activity.
TMT's portfolio benefited from positive revaluations for three of its investee
companies (Bolt, Scale AI, and Rhino), which have been partly offset by full
and partial write-downs in the value of seven of the Company's investments
(Backblaze, MTL Financial, Sonic Jobs, Qumata, Soax, Prodly, and Go X), in
line with TMT's highly prudent valuation approach.
The majority of TMT's portfolio companies continue to demonstrate good
business progress and are adapting well to the challenges of the current
environment. Despite the reduced revenue growth rates for some investees in
this environment, many of them have managed to reach either profitability or
positive operating cash flow levels.
Given the continued high level of market uncertainty and volatility in the
first half of 2025, TMT maintained its cautious investment approach, and made
one new investment (excluding capitalised transaction costs) of US$500,000 in
Spendbase Inc., a SaaS subscription management and software cost optimisation
platform backed by Google (www.spendbase.co (http://www.spendbase.co) ).
With no financial debt and strong cash and cash equivalent reserves, TMT is
well positioned to not only ride out the current market volatility, but also
continue making investments and realising full and partial disposals when the
right opportunities present themselves.
We look forward to keeping shareholders updated on relevant developments in
due course."
For further information contact:
TMT Investments Plc +44 370 707 4040
Alexander Selegenev (Computershare - Company Secretary)
Executive Director alexander.selegenev@tmtinvestments.com
(mailto:alexander.selegenev@tmtinvestments.com)
www.tmtinvestments.com (http://www.tmtinvestments.com)
Strand Hanson Limited +44 (0)20 7409 3494
(Nominated Adviser)
James Bellman / James Dance
Cavendish Capital Markets Limited +44 (0)20 7220 0500
(Joint Broker)
Ben Jeynes / George Lawson
Hybridan LLP +44 (0)20 3764 2341
(Joint Broker)
Claire Louise Noyce
Kinlan Communications +44 (0)20 7638 3435
David Hothersall davidh@kinlan.net (mailto:davidh@kinlan.net)
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.
About TMT Investments Plc
TMT Investments Plc invests in high-growth technology companies globally
across a number of core specialist sectors. Founded in 2010, TMT has a
current investment portfolio of over 50 companies and net assets of US$214
million as of 30 June 2025. The Company's objective is to generate an
attractive rate of return for shareholders, predominantly through capital
appreciation. The Company is traded on the AIM market of the London Stock
Exchange. www.tmtinvestments.com (http://www.tmtinvestments.com) .
Twitter (https://twitter.com/TMT_PLC)
LinkedIn (http://www.linkedin.com/company/tmt-investments-plc)
Facebook (https://www.facebook.com/TmtInvestmentsPlc/)
EXECUTIVE DIRECTOR'S STATEMENT
In the first half of 2025, the venture capital segment, along with the broader
markets, continued to experience a higher degree of volatility.
In line with the market, TMT's portfolio has continued to see an increased
divergence between its stronger and weaker performers. Despite the ongoing
challenges in the macroeconomic and political environment in the first half
(which marks the fourth "stress year" for the venture capital industry
following the tech market correction in early 2022), investors have continued
to back fast-growing, high-quality digital technology companies, especially in
the currently popular AI segment, although at notably more subdued levels.
We were pleased to see Scale AI and Rhino receive further validation of their
progress by raising fresh capital at valuation levels that have resulted in
positive revaluations for TMT as of 30 June 2025. In particular, on 12 June
2025, Scale AI, Inc., the "humanity-first" AI company (https://scale.com
(https://scale.com) ), announced a significant new investment from Meta
Platforms, Inc. (Nasdaq: META) that valued Scale at over US$29 billion. The
transaction represented a revaluation uplift of 138% (US$0.7 million) in the
fair value of TMT's holding in Scale, compared to the previous reported amount
as of 31 December 2024. As part of the transaction, TMT also received a US$0.6
million cash dividend. This positive revaluation of 2.38 times in only eight
months represents another example of how notable returns can be generated from
risky, but carefully selected, AI opportunities.
In addition, the current fair value of TMT's investment in Bolt was further
updated by an US$0.8 million partial disposal by TMT to an independent buyer.
In parallel, TMT continues to apply a highly prudent approach to valuing its
portfolio investments and therefore regularly reviews and writes down
investments that are not showing the progress the Board believes is required
to justify the previously reported valuation level. As a result, during the
period, TMT partially or fully wrote down the value of seven of its
investments.
NAV per share
The Company's NAV per share of US$6.80 as of 30 June 2025 was notably driven
by the upward revaluations of Bolt, ScaleAI and Rhino, as well as a
significant positive currency exchange impact at the period-end.
Operating expenses
In the first half of 2025, the Company's administrative expenses of US$0.67
million were broadly in line with the corresponding 2024 levels (H1 2024:
US$0.66 million), reflecting the Company's subdued level of investment and
business development activities during the period.
Financial position
As of 30 June 2025, the Company had no financial debt and cash and cash
equivalent reserves of US$5.3 million (31 December 2024: US$5.2 million). As
of 11 August 2025, the Company had cash and cash equivalent reserves of US$5.1
million.
Outlook
TMT has a globally diversified investment portfolio of over 50 companies,
focused primarily on Big Data/Cloud, SaaS (software-as-a-service), Mobility,
and FinTech.
Despite the ongoing market and political volatility, investors continue to
invest in high-quality technology businesses at appropriate valuation levels.
TMT is continuing to identify such opportunities selectively, whilst employing
a generally very cautious investment approach. With no financial debt and
strong cash and cash equivalent reserves, TMT is well positioned to not only
ride out the current market volatility, but also continue making investments
and realising full and partial disposals when the right opportunities present
themselves.
Alexander Selegenev
Executive Director
11 August 2025
PORTFOLIO DEVELOPMENTS
The following developments have had an impact on, and are reflected in, the
Company's NAV and/or unaudited financial statements as of 30 June 2025 in
accordance with applicable accounting standards.
Profitable full and partial cash exits, and positive revaluations:
· TMT disposed of a portion of its shareholding in Bolt Technology OÜ
for a total net cash consideration of US$0.8 million.
· TMT disposed of a portion of its shareholding in NASDAQ-traded
Backblaze for a total net cash consideration of US$0.4 million.
· TMT received a US$0.6 million cash dividend from Scale AI, Inc., as
part of a significant new investment Scale AI received from Meta Platforms,
Inc. in June 2025. Scale AI, Inc. also announced a significant new investment
from Meta Platforms, Inc. (Nasdaq: META) that valued Scale at over US$29
billion. The transaction represented a revaluation uplift of 138% (US$0.7
million) in the fair value of TMT's holding in Scale, compared to the previous
reported amount as of 31 December 2024.
· TMT received a US$30,000 cash consideration for the disposal of its
entire equity stake in Accern.
The following of the Company's portfolio investments were positively revalued
as of 30 June 2025:
Portfolio company Portfolio company description Positive revaluation amount (US$) As % of fair value reported as of 31 Dec 2024 Basis for revaluation
Bolt Technology OÜ A leading international ride-hailing and mobility company (www.bolt.e 11,318,531* 17% Partial disposal
(http://www.bolt.eu) u (http://www.bolt.eu) )
Rhinocorn Inc., trading as Rhino Provider of first-class armoured car rides in Latin America 520,000 87% New funding round (simple agreement for future equity ("SAFE"))
(www.vamosrhino.com/en (http://www.vamosrhino.com/en) )
Scale AI Inc. A leading data labelling company for the AI industry (www.scale.com 708,501 138% New funding round (equity)
(http://www.scale.com) )
Other 900
Total 12,547,932
* - incl. foreign exchange effect
In addition to the above, the following of TMT's non-USD denominated
investments increased in value by a total of US$2,676,571 purely thanks to
exchange rate fluctuations as of 30 June 2025: eAgronom, Timbeter, 3S Money,
Feel, FemTech, Outvio, EstateGuru, Laundryheap, and Entytech.
Negative revaluations:
The following of the Company's portfolio investments were negatively revalued
as of 30 June 2025:
Portfolio Company Write-down amount (US$) Reduction as % of fair value reported as of 31 Dec 2024 Reasons for write-down
SOAX 2,000,000 50% TMT's estimate of likely current valuation
Backblaze 1,492,864 8% Based on the closing mid-market price of US$5.50 per share on 30 June 2025
(incl. US$0.4 million net partial disposal proceeds received in the first half
of 2025)
MTL Financial Ltd (trading as Outfund) 959,827 63% Merger transaction
Prodly, Inc. 900,000 50% Challenging current market environment
SonicJobs App Ltd. 676,869 76% New funding round (equity)
Qumata 454,706 100% Chances of repositioning the company's product seem very low
Go X 175,000 100% Lack of information from the company's management; prospects unclear
Total 6,659,265
Key developments for the five largest portfolio holdings in the first half of
2025 (Source: TMT's portfolio companies):
Bolt (ride-hailing and food delivery service):
· Double-digit annualised revenue growth
· Active in over 850 cities globally (up from over 700 cities as of 31
December 2024)
· EBIT positive
Backblaze (cloud storage provider):
· 16% annualised revenue growth
· Adjusted EBITDA positive
3S Money (provider of global business accounts and payment solutions):
· Double-digit annualised revenue growth
· Single-digit negative EBITDA margin
Scentbird (Perfume, wellness and beauty product subscription service):
· Double-digit annualised revenue growth
· Net Profit positive
· Launched in the UK
PandaDoc (proposal automation and contract management software):
· Double-digit annualised revenue growth
· Over 65,000 customers (from over 60,000 as of 31 December 2024)
· Single-digit negative EBITDA margin
Further investments:
Given the continued high level of market uncertainty and volatility in the
first half of 2025, TMT maintained its cautious investment approach and made
the following investment in the period (excluding capitalised transaction
costs):
New investments during the reporting period:
· US$500,000 in Spendbase Inc., a SaaS subscription management and
software cost optimisation platform (www.spendbase.co
(http://www.spendbase.co) ).
FINANCIAL STATEMENTS
Statement of Comprehensive Income
For the six months ended 30/06/2025 For the six months ended 30/06/2024
Notes USD USD
Gains on investments 3 8,000,595 467,250
Dividend income 564,655 -
Total investment gain 8,565,250 467,250
Expenses
Administrative expenses 5 (671,255) (661,876)
Operating gain/(loss) 7,893,995 (194,626)
Finance income, net 78,947 184,770
Currency exchange loss (9,573) (17,756)
Gain/(Loss) before taxation 7,963,369 (27,612)
Taxation 7 - -
Gain/(Loss) attributable to equity shareholders 7,963,369 (27,612)
Total comprehensive gain/(loss) for the year 7,963,369 (27,612)
Earnings/(Loss) per share
Basic and diluted earnings/(loss) per share (cents per share) 8 25.32 (0.09)
Statement of Financial Position
At 30 June At 31 December
2025 2024
USD USD
Unaudited Audited
Notes
Non-current assets
Financial assets at FVPL 4, 9 209,210,208 202,023,938
Total non-current assets 209,210,208 202,023,938
Current assets
Trade and other receivables 10 56,909 64,553
Cash and cash equivalents 11 5,271,258 5,200,828
Total current assets 5,328,167 5,265,381
Total assets 214,538,375 207,289,319
Current liabilities
Trade and other payables 12 661,364 1,375,677
Total current liabilities 661,364 1,375,677
Total liabilities 661,364 1,375,677
Net assets 213,877,011 205,913,642
Equity
Share capital 13 53,283,415 53,283,415
Retained earnings 160,593,596 152,630,227
Total equity 213,877,011 205,913,642
Statement of Cash Flows
For the six months ended 30/06/2025 For the six months ended 30/06/2024
Notes USD USD
Operating activities
Operating gain/(loss) 7,893,995 (194,626)
Adjustments for non-cash items:
Changes in fair value of financial assets at FVPL 3 (7,999,695) (526,105)
Dividend income (564,655) -
Currency exchange loss (9,573) (17,756)
Loss on receivables - 53,891
(679,928) (684,596)
Changes in working capital:
Decrease in trade and other receivables 10 7,644 18,067
Decrease in trade and other payables 12 (714,313) (182,448)
Net cash used in operating activities (1,386,597) (848,977)
Investing activities
Dividends received from portfolio companies 564,655 -
Purchase of financial assets at FVPL 9 (500,000) (1,900,336)
Proceeds from sale of financial assets at FVPL 9 1,313,425 5,849,216
Net cash received from investing activities 1,378,080 3,948,880
Financing activities
Interest received on treasury bills and deposits 78,947 184,770
Net cash received from financing activities 78,947 184,770
Increase in cash and cash equivalents 70,430 3,284,673
Cash and cash equivalents at the beginning of the period 11 5,200,828 6,590,935
Cash and cash equivalents at the end of the period 11 5,271,258 9,875,608
Statement of Changes in Equity
Share capital Retained earnings Total
USD USD USD
Balance at 1 January 2024 53,283,415 154,828,288 208,111,703
Loss for the year - (2,198,061) (2,198,061)
Total comprehensive loss for the year - (2,198,061) (2,198,061)
Balance at 31 December 2024 53,283,415 152,630,227 205,913,642
Gain for the period - 7,963,369 7,963,369
Total comprehensive income for the period - 7,963,369 7,963,369
Balance at 30 June 2025 53,283,415 160,593,596 213,877,011
The financial statements were approved by the Board of Directors on 11 August
2025 and were signed on its behalf by:
Alexander Selegenev
Executive Director
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
1. Company information
TMT Investments Plc ("TMT" or the "Company") is a company incorporated in
Jersey with its registered office at 13 Castle Street, St Helier, JE1 1ES,
Channel Islands.
The Company was incorporated and registered on 30 September 2010 in Jersey
under the Companies (Jersey) Law 1991 (as amended) with registration number
106628 under the name TMT Investments Limited. The Company obtained consent
from the Jersey Financial Services Commission pursuant to the Control of
Borrowing (Jersey) Order 1985 on 30 September 2010. On 1 December 2010 the
Company re-registered as a public company and changed its name to TMT
Investments Plc. The Company's ordinary shares were admitted to trading on
the AIM market of the London Stock Exchange on 10 December 2010.
The memorandum and articles of association of the Company do not restrict its
activities and therefore it has unlimited legal capacity. The Company's
ability to implement its Investing Policy and achieve its desired returns will
be limited by its ability to identify and acquire suitable investments.
Suitable investment opportunities may not always be readily available.
The Company seeks to make investments in any region of the world. The Company
invests in high‑growth technology companies globally across a number of core
specialist sectors. The Company's objective is to generate an attractive
rate of return for shareholders, predominantly through capital appreciation.
Financial statements of the Company are prepared by and approved by the
Directors in accordance with International Financial Reporting Standards, UK
adopted International Accounting Standards and their interpretations issued or
adopted by the International Accounting Standards Board ("IFRSs"). The
Company's accounting reference date is 31 December.
2. Summary of significant accounting policies
2.1. Basis of presentation
Interim financial statements for the six months ended 30 June 2025 and 2024
are unaudited and were approved by the Directors on 11 August 2025. They do
not constitute statutory accounts as defined in section 434 of the Companies
Act 2006. The financial statements for the year ended 31 December 2024 were
prepared in accordance with International Financial Reporting Standards as
adopted by the United Kingdom. The report of the auditor on those financial
statements was unqualified and did not draw attention to any matters by way of
emphasis of matter.
The principal accounting policies applied by the Company in the preparation of
these unaudited financial statements are set out below and have been applied
consistently.
The financial statements have been prepared on a going concern basis, under
the historical cost basis as modified by the fair value of financial assets at
("FVTPL"), as explained in the accounting policies below, and in accordance
with IFRS. Historical cost is generally based on the fair value of the
consideration given in exchange for assets.
2.2. Foreign currency translation
Functional and presentation currency
Items included in the financial statements of the Company are measured in
United States Dollars ('US dollars', 'USD' or 'US$'), which is the Company's
functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into US$ using the exchange rates
prevailing at the dates of the transactions. Foreign currency monetary items
are translated using the closing rate (i.e. mid‑market price investments).
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
measured. (i.e. comparable company analysis and cost-based investments as
these are effectively re-fair valued at each year-end).
Exchange differences arising from the translation at the year-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the statement of comprehensive income.
Currency At 30/06/2025 Average rate, for six months ended 30/06/2025
British pounds, £ 1.3703 1.2984
Euro, € 1.1738 1.0940
2.3. New IFRSs and interpretations
The following standards and amendments became effective from 1 January 2025,
but did not have any material impact on the Company:
· amendment to IAS 21 - Lack of Exchangeability.
3. Gains/(Losses) on investments
For six months ended 30/06/2025 For six months
ended 30/06/2024
USD USD
Gross interest income from convertible notes receivable - 3,098
Net interest income from convertible notes receivable - 3,098
Gains on changes in fair value of financial assets at FVPL 7,999,695 526,105
Other gain/(losses) on investment 900 (61,953)
Total gains on investments 8,000,595 467,250
4. Segmental analysis
Geographic information
The Company has investments in the following four geographical areas - USA,
Estonia, the United Kingdom and the Cayman Islands.
Non-current financial assets
USA Cayman Islands Estonia United Kingdom Total
As at 30/06/2025 USD USD USD USD USD
Equity investments 78,128,016 - 79,809,207 31,664,924 189,602,147
Convertible notes & SAFEs 18,564,851 515,000 528,210 - 19,608,061
Total 96,692,867 515,000 80,337,417 31,664,924 209,210,208
USA Cayman Islands Estonia* United Kingdom Total
As at 31/12/2024 USD USD USD USD USD
Equity investments 78,382,247 - 69,145,646 33,551,818 181,079,711
Convertible notes & SAFEs 19,963,252 515,000 465,975 - 20,944,227
Total 98,345,499 515,000 69,611,621 33,551,818 202,023,938
* As of 1 January 2025, the Company's US$53,990 additional investment in
Timbeter made in 2024 was reclassified from Equity to Convertible notes.
5. Administrative expenses
Administrative expenses include the following amounts:
For six months ended 30/06/2025 For six months ended 30/06/2024
USD USD
Staff expenses (note 6) 477,795 454,170
Professional fees 127,283 136,935
Legal fees 4,394 17,088
Bank and LSE charges 8,327 12,170
Audit and accounting fees 13,289 8,215
Other expenses 40,167 33,298
671,255 661,876
6. Staff expenses
For six months ended 30/06/2025 For six months ended 30/06/2024
USD USD
Directors' fees 123,945 117,170
Wages and salaries 353,850 337,000
477,795 454,170
Wages and salaries shown above include fees and salaries relating to the six
months ended 30 June 2025.
The Directors' fees for the six months ended 30 June 2025 and 2024 were as
follows:
For six months ended 30/06/2025 For six months ended 30/06/2024
USD USD
Alexander Selegenev 65,625 62,500
Yuri Mostovoy 31,500 30,000
James Joseph Mullins 16,505 15,182
Andrea Nastaj 10,315 9,488
123,945 117,170
The Directors' fees shown above are all classified as 'short term employment
benefits' under International Accounting Standard 24. The Directors do not
receive any pension contributions or other benefits. The average number of
staff employed (excluding Directors) by the Company during the six months
ended 30 June 2025 was 7 (six months ended 30 June 2024: 7).
Key management personnel of the Company are defined as those persons having
authority and responsibility for the planning, directing and controlling the
activities of the Company, directly or indirectly. Key management of the
Company are therefore considered to be the Directors of the Company. There
were no transactions with the key management, other than their fees, bonuses
and reimbursement of business expenses.
7. Income tax expense
The Company is incorporated in Jersey. No tax reconciliation note has been
presented as the Company's current income tax rate in Jersey is 0%.
8. Gain/(Loss) per share
The calculation of basic gain per share is based upon the net gains for the
six months ended 30 June 2025 attributable to the ordinary shareholders of
US$7,963,369 (for the six months ended 30 June 2024: net loss US$27,612) and
the weighted average number of ordinary shares outstanding calculated as
follows:
Gain/(Loss) per share For the six months ended 30/06/2025 For six months ended 30/06/2024
Basic gain/(loss) per share (cents per share) 25.32 (0.09)
Gain/(Loss) attributable to equity holders of the entity 7,963,369 (27,612)
The weighted average number of ordinary shares outstanding was calculated as
follows:
For the six months ended 30/06/2025 For the six months ended 30/06/2024
Weighted average number of shares in issue
Ordinary shares 31,451,538 31,451,538
31,451,538 31,451,538
9. Non-current financial assets
Reconciliation of fair value measurements of non-current financial assets:
At 30 June At 31 December 2024
2025
USD
USD
Investments held at fair value through profit and loss, USD:
- listed and unlisted shares (i) 189,602,147 181,079,711
- promissory notes (ii) 2,618,690 2,611,775
- SAFEs (iii) 16,989,371 18,332,452
209,210,208 202,023,938
At 30 June At 31 December 2024
2025
USD
USD
Opening valuation 202,023,938 203,086,676
Purchased (including consulting fees) 500,000 5,928,341
Disposal proceeds (1,313,425) (5,912,637)
Impairment losses in the period (1,148,771) (4,358,118)
Realised (losses)/gains (1,993,752) 1,100,592
Unrealised gains 11,142,218 2,179,084
Closing valuation 209,210,208 202,023,938
Movement in unrealised gains
Opening accumulated unrealised gains 131,862,993 133,189,507
Unrealised gains 11,142,218 1,928,434
Transfer of previously unrealised losses to realised reserve on disposal of (1,275,904)
investments
(3,254,948)
Closing accumulated unrealised gains 141,729,307 131,862,993
Impairment losses above represent the cost value of investments fully impaired
in the first half of 2025. The difference between cost and fair value before
impairment in the amount of US$519,065 (gain) is shown as unrealised gains
movement. The total amount of fully impaired investments in the first half of
2025 was US$629,706, the breakdown of which is presented within the
"Write-offs" column for each relevant individual investment in the detailed
tables below.
Reconciliation of investments, if held under the cost and price of recent
investment model:
Historic cost basis
Opening book cost 70,160,945 69,897,169
Purchases (including consulting fees) 500,000 5,928,341
Disposal on sale of investment (2,031,273) (1,306,447)
Impairment losses in the period (1,148,771) (4,358,118)
Closing book cost 67,480,901 70,160,945
Valuation methodology
Level 1 ‑ Mid-market price 16,658,274 18,581,103
Level 2 ‑ Comparable company analysis 30,818,477 97,634,716
Level 3 ‑ Cost or price of recent investment 161,733,457 85,808,119
209,210,208 202,023,938
The estimate significant to the financial statements during the period and at
the period-end is the consideration of the fair value of financial assets at
FVPL as set out in the relevant accounting policies. A number of the financial
assets at FVPL held by the Company are at an early stage of their
development. The Company cannot yet carry out regular reliable fair value
estimates of some of these investments. Future events or transactions
involving the companies invested in may result in more accurate valuations of
their fair values (either upwards or downwards) which may affect the Company's
overall net asset value.
Valuation methodologies can be changed from time to time. The following table
lists TMT's portfolio companies whose valuation methodology has changed during
the period. Those portfolio companies had a total value of US$74,980,609 as of
31 December 2024:
Company name 30 June 2025 31 December 2024
Bolt Cost and price of recent investment Comparable company analysis
MTL Financial (OutFund) Cost and price of recent investment Comparable company analysis
Prodly Comparable company analysis Cost and price of recent investment
SOAX Comparable company analysis Cost and price of recent investment
The list of fully impaired or materially disposed investments, in which the
Company still maintained ownership as of 30 June 2025, was as follows:
Company name Investment amount (USD) Year of impairment/ material disposal
Rollapp 450,000 2018
UsingMiles/Help WW/Source Inc. 250,000 2018
Favim 300,000 2018
AdInch 1,600,000 2018
E2C 124,731 2020
Drupe 285,750 2019
Virool/Turgo 600,000 2017
Sixa 900,000 2019
Usual Beverage Co. 300,000 2022
StudyFree 1,000,000 2022
Wanelo 350,000 2023
Rocket Games (Legionfarm) 1,650,000 2023
Scalarr 1,999,999 2023
Academy of change 1,000,000 2023
Conte.ai/Postoplan 1,784,185 2023
Metrospeedy 1,000,000 2023
BaFood 2,500,000 2023
Hinterview Limited 641,121 2024
Hugo Technologies 1,201,250 2024
Moeco IoT, Inc 1,000,000 2024
Bairro (BAIRRÍSSIMO, LDA) 1,107,638 2024
GameOn 1,000,000 2024
Cheetah (Go-X) 350,000 2025
Qumata 798,771 2025
Total 22,193,445
Financial assets at fair value through profit or loss are measured at fair
value, and changes therein are recognised in profit or loss.
When measuring the fair value of a financial instrument, the Company uses
relevant transactions during the period or shortly after the period end, which
gives an indication of fair value and considers other valuation methods to
provide evidence of value. The "price of recent investment" methodology is
used mainly for venture capital investments, and the fair value is derived by
reference to the most recent financing round or sizeable partial disposal.
Fair value change is only recognised if that round involved a new external
investor. From time to time, the Company may assess the fair value in the
absence of a relevant independent equity transaction by relying on other
market observable data and valuation techniques, such as the analysis of
revenue multiples of comparable companies and/or comparable transactions. The
nature of such valuation techniques is highly judgmental and dependent on the
market sentiment at the time of the analysis.
(i) Equity investments as at 30 June 2025:
Investee company Date of initial investment Value at Conversions from / to loan notes and SAFEs, USD Gain/(loss) from changes in fair value of equity investments, USD Disposals, USD Write-offs, USD Value at 30 June 2025, USD Fully diluted equity stake owned
1 Jan 2025,
USD
Backblaze 24.07.2012 18,581,103 - (1,492,851) (429,978) - 16,658,274 5-10%
Remote.it 13.06.2014 131,200 - - - - 131,200 <5%
Bolt 15.09.2014 67,659,570 - 11,318,531 (853,447) - 78,124,654 <5%
PandaDoc 11.07.2014 8,013,824 - - - - 8,013,824 <5%
Full Contact (Fideo) 11.01.2018 244,506 - - - - 244,506 <5%
ScentBird 13.04.2015 14,074,244 - - - - 14,074,244 <5%
Workiz 16.05.2016 3,971,659 - - - - 3,971,659 <5%
MEL Science (Inquisitive) 25.02.2019 905,656 - - - - 905,656 <5%
Qumata 06.06.2019 454,706 - - - (454,706) - <5%
eAgronom 31.08.2018 372,913 - 49,805 - - 422,718 <5%
Timbeter * 05.12.2019 207,100 - 27,660 - - 234,760 <5%
3S Money Club 07.04.2020 18,578,690 - 1,740,872 - - 20,319,562 10-15%
Virtual Mentor (Allright) 12.11.2020 772,500 - - - - 772,500 <5%
NovaKid 13.11.2020 2,949,855 - - - - 2,949,855 <5%
MTL Financial (OutFund) 17.11.2020 1,521,039 - (959,827) - - 561,212 <5%
Accern 21.08.2019 30,000 - - (30,000) - - <5%
Feel 13.08.2020 3,801,910 - 356,249 - - 4,158,159 5-10%
Affise 18.09.2019 2,611,317 - - - - 2,611,317 5-10%
3D Look 03.03.2021 500,000 - - - - 500,000 <5%
FemTech 30.03.2021 450,515 - 42,214 - - 492,729 5-10%
Muncher 23.04.2021 1,426,849 - - - - 1,426,849 5-10%
CyberWrite 20.05.2021 1,156,341 - - - - 1,156,341 <5%
Outvio 22.06.2021 517,750 - 69,150 - - 586,900 <5%
Collectly 13.07.2021 6,449,328 - - - - 6,449,328 <5%
VertoFX 16.07.2021 1,132,999 - - - - 1,132,999 <5%
EstateGuru 06.09.2021 388,313 - 51,862 - - 440,175 <5%
Prodly 09.09.2021 1,800,000 - (900,000) - - 900,000 <5%
Sonic Jobs 15.09.2021 888,220 - (676,869) - - 211,351 <5%
OneNotary (Adorum) 01.10.2021 - 924,377 - - - 924,377 <5%
EdVibe (Study Space, Inc) 02.11.2021 750,000 - - - - 750,000 5-10%
1Fit (Alippe, Inc) 24.12.2021 1,580,320 - - - - 1,580,320 <5%
Agendapro 03.09.2021 910,609 (546,365) - - - 364,244 5-10%
Laundryheap 28.01.2022 2,951,082 - 276,524 - - 3,227,606 <5%
My Device Inc 30.11.2021 1,789,241 - - - - 1,789,241 5-10%
SOAX 21.01.2022 4,000,000 - (2,000,000) - - 2,000,000 5-10%
Spin.ai 17.12.2018 964,102 - - - - 964,102 <5%
Property Mate Inc. (Jome) 16.02.2024 1,030,000 - - - - 1,030,000 <5%
ScaleAI 16.10.2024 514,157 - 143,846 - - 658,003 <5%
Phoenix 29.05.2023 1,300,020 - - - 1,300,020 <5%
Montera 02.08.2023 721,000 - - - 721,000 <5%
Rain Technologies Inc. 17.10.2023 - 1,865,389 - - - 1,865,389 <5%
Praktika.ai Company 29.12.2023 4,977,073 - - - 4,977,073 <5%
Total 181,079,711 2,243,401 8,047,166 (1,313,425) (454,706) 189,602,147
(ii) Convertible loan notes as at 30 June 2025:
Investee company Date of initial investment Value at 1 Jan 2025, Additions to convertible note investments during the period, USD Conversions from equity, USD Gain/(loss) from changes in fair value of convertible notes, USD Write-offs, USD Value at 30 Jun 2025, USD
USD
Timbeter * 05.12.2019 51,775 - - 6,915 - 58,690
MedVidi 27.09.2021 2,560,000 - - - - 2,560,000
Total 2,611,775 - - 6,915 - 2,618,690
* As of 1 January 2025, the Company's US$53,990 additional investment in
Timbeter made in 2024 was reclassified from Equity to Convertible loan notes.
(iii) SAFEs as at 30 June 2025:
Investee company Date of initial investment Value at 1 Jan 2025, Additions to SAFE investments during the period, USD Conversions from / to equity, USD Gain/loss from changes in fair value of SAFE investments, USD Write-offs, USD Value at 30 June 2025, USD
USD
Cheetah (Go-X) 29.07.2019 175,000 - - - (175,000) -
Adwisely (Retarget) 24.09.2019 800,000 - - - - 800,000
Aurabeat 03.05.2021 515,000 - - - - 515,000
Synder (CloudBusiness Inc) 26.05.2021 3,428,571 - - - - 3,428,571
Agendapro 03.09.2021 - - 546,365 - - 546,365
OneNotary (Adorum) 01.10.2021 924,377 - (924,377) - - -
Educate online 16.11.2021 5,694,915 - - - - 5,694,915
Mobilo (Lulu Systems, Inc) 09.12.2021 1,885,000 - - - - 1,885,000
1Fit (Alippe, Inc) 19.04.2023 500,000 - - - - 500,000
Rain Technologies Inc. 17.10.2023 1,865,389 - (1,865,389) - - -
Entytech OU 20.06.2024 414,200 - - 55,320 - 469,520
For Good AI Inc. (Zencoder) 20.09.2024 1,030,000 - - - - 1,030,000
Rhinocorn Inc 13.12.2024 600,000 - - 520,000 - 1,120,000
Expert Remote Inc (Global Work AI) 30.12.2024 500,000 - - - - 500,000
Spendbase Inc 15.01.2025 - 500,000 - - - 500,000
Total 18,332,452 500,000 (2,243,401) 575,320 (175,000) 16,989,371
10. Trade and other receivables
At 30 June At 31 December 2024
2025
USD USD
Prepayments 36,708 44,352
Other receivables 20,201 20,201
Interest receivable on promissory notes - -
Interest receivable on deposit - -
56,909 64,553
The fair values of trade and other receivables approximate to their carrying
amounts as presented above. During the six months ended 30 June 2025 and 2024
no balances were past due or impaired, and no credit losses had been expected.
Other receivables as of 30 June 2025 and 31 December 2024 represented amounts
due from the disposed investment in Hugo.
11. Cash and cash equivalents
The cash and cash equivalents as at 30 June 2025 include cash and cash
equivalents in banks and brokers.
Cash and cash equivalents comprise the following:
At 30 June At 31 December 2024
2025
USD USD
Treasury bills 2,179,456 2,473,851
Bank balances 3,091,802 2,726,977
5,271,258 5,200,828
The following table represents an analysis of cash and equivalents by rating
agency designation based on Moody`s rating or their equivalent:
At 30 June At 31 December 2024
2025
Bank balances USD USD
C rating 35,915 88,982
Caa2 rating 3,016,285 2,606,210
Baa3 rating 554 882
Not rated 39,048 30,903
3,091,802 2,726,977
At 30 June At 31 December 2024
2025
Treasury bills USD USD
AAA rating 2,179,456 2,473,851
2,179,456 2,473,851
12. Trade and other payables
At 30 June At 31 December 2024
2025
USD USD
Salaries payable 31,500 59,500
Directors' fees payable 22,516 11,891
Bonuses payable 595,696 1,206,217
Trade payables 8,201 44,037
Other current liabilities - 45
Accruals 3,451 53,987
661,364 1,375,677
The fair value of trade and other payables approximate to their carrying
amounts as presented above.
13. Share capital
On 30 June 2025 the Company had an authorised share capital of unlimited
ordinary shares of no par value and had issued ordinary share capital of:
At 30 June At 31 December 2024
2025
USD USD
Share capital 53,283,415 53,283,415
Issued capital comprises: Number Number
Fully paid ordinary shares 31,451,538 31,451,538
Number of shares Number of shares
Balance at 31 December 2024 31,451,538 31,451,538
Issue of ordinary shares - -
Balance at 30 June 2025 31,451,538 31,451,538
There have been no changes to the Company's ordinary share capital between 30
June 2024 and the date of approval of these financial statements.
14. Related party transactions
The Company's Directors receive fees and bonuses from the Company, details of
which can be found in Note 6.
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