Augmentum hails successful fundraisings – Augmentum Fintech has highlihted announcements by portfolio companies Onfido and Previse that they have successfully closed fundraisings.
Onfido (www.onfido.com), the global identity verification and authentication company, has raised $100 million, led by global investment firm TPG Growth. This funding round implies a value of Augmentum’s holding in Onfido of approximately GBP10.87 million. This implied valuation would represent an uplift of approximately GBP2.5 million compared to the valuation as at 30 September 2019 (as adjusted for the GBP3.75 million convertible loan note follow on investment in the company that Augmentum announced on 16 December 2019).
Previse (www.previ.se) is an artificial intelligence and data science fintech that enables instant payments for suppliers. It has raised $11 million to support its growth. It is rolling out its instant payment technology, InstantPay, to more large corporate buyers.
This funding round implies a revised valuation of Augmentum’s holding in Previse of approximately GBP3.82 million. Augmentum has invested GBP2.25 million in Previse to date and this implied valuation would represent an uplift of approximately GBP1.57 million compared to the carrying value as at 30 September 2019.
Augmentum points out that the NAV as at 31 March 2020 will take account of the latest valuations of all of the investments as well as these uplifts.
Tim Levene, Augmentum’s CEO notes that Onfido and Previse are just two of the companies in its portfolio that can grow despite the disruption caused by COVID-19.
AUGM : Augmentum hails successful fundraisings