TMT Investments - Half-year Report

TMT Investments

12/08/2025 07:00

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).

 

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
Alexander Selegenev
Executive Director
www.tmtinvestments.com
+44 370 707 4040
(Computershare - Company Secretary)
alexander.selegenev@tmtinvestments.com
Strand Hanson Limited
(Nominated Adviser)
James Bellman / James Dance
+44 (0)20 7409 3494
Cavendish Capital Markets Limited
(Joint Broker)
Ben Jeynes / George Lawson
+44 (0)20 7220 0500
Hybridan LLP
(Joint Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
Kinlan Communications
David Hothersall
+44 (0)20 7638 3435
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.

 

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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), 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 TechnologyOÜ
A leading international ride-hailing and mobility company (www.bolt.eu)
11,318,531*
17%
Partial disposal
Rhinocorn Inc., trading as Rhino
Provider of first-class armoured car rides in Latin America (www.vamosrhino.com/en)
520,000
87%
New funding round (simple agreement for future equity ("SAFE"))
Scale AI Inc.
A leading data labelling company for the AI industry (www.scale.com)
708,501
138%
New funding round (equity)
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 priceof US$5.50 per share on 30 June 2025 (incl. US$0.4million 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).

 

 

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
2025
USD
At 31 December
2024
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
 2025
USD
At 31 December 2024
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
 2025
USD
At 31 December 2024
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 investments
(1,275,904)
(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 thefirst half of2025. 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 thefirst half of2025 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
1 Jan 2025,
USD
Conversions from / to loan notesand 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
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,
USD
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
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,
USD
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
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
2025
At 31 December 2024
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
2025
At 31 December 2024
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
2025
At 31 December 2024
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
2025
At 31 December 2024
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
2025
At 31 December 2024
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
2025
At 31 December 2024
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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