Merian Chrysalis tops up holdings – Having raised £175m in September 2019, Merian Chrysalis has made a number of investments. All three are additions to existing holdings – in line with its statement at the time of the fund raise that it would use half the proceeds for this purpose.
Starling Bank
Merian Chrysalis has announced a follow-on investment of GBP20 million as part of a GBP30 million funding round conducted by Starling Bank Limited. Richard Watts, the fund’s co-portfolio manager, said: “Starling is already proving to be a disruptive force in the banking industry, with its efficient, user-friendly platform gaining popularity among digitally savvy consumers and businesses. The new capital secured in this funding round will allow its management team to pursue its ambitious development programme and we’re delighted that we’re able to provide additional backing for this exciting business.”
TransferWise
Merian Chrysalis has successfully acquired a further GBP36.3 million holding in TransferWise Limited at a modest discount to the latest valuation (as flagged when this deal was previously announced).
The Hut Group
Merian Chrysalis has signed an agreement to acquire a further GBP20.7 million holding in The Hut Group Limited. Completion of this transaction is subject to certain consents being obtained by the company. It is anticipated that these shares will be acquired at a modest discount to the latest valuation (again, as previously announced).
Following the completion of the Starling investment and the acquisition of additional shares in TransferWise and THG, the company will be approximately 65.5% fully invested, with TransferWise being 13% of the portfolio, Starling Bank 11% and The Hut Group 5%.
Corporate update
Nick Williamson, one of the company’s co-managers, has returned from a period of leave. He has resumed portfolio management responsibilities.
MERI : Merian Chrysalis tops up holdings