Grover completes series C: Increases value of h...

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

7 April 2022

Augmentum Fintech plc

Grover completes Series C with $330 million raise, increase in value of Augmentum’s holding

Augmentum Fintech plc (LSE: AUGM) (the “Company” or “Augmentum”), the UK’s only publicly listed investment company focussing on the fintech sector, welcomes the announcement by Grover that it has completed its Series C funding round.

Berlin-based Grover (www.grover.com), the leading consumer-tech subscription platform, has raised $330 million in equity and debt funding from new and existing investors.

The new round implies a value of the Company’s stake of £42.7 million, and would represent an implied uplift of £24.1 million compared to the unaudited carrying value of £18.6 million as at 30 September 2021. Augmentum first invested in Grover in October 2019, leading an €11 million round with an investment of €6 million, and has invested a further €3 million since the initial investment.

In combination with the pending acquisition of ii by abrdn, which is expected to complete in Q2 2022, the implied valuations would represent an increase of 16.6p over the last published NAV per ordinary share (unaudited) as at 30 September 2021 of 147.7p, and an increase of 14.3p over the NAV per ordinary share after performance fee (unaudited) as at 30 September 2021 of 142.1p.

This announcement does not constitute or describe an updated NAV of the Company.*

Tim Levene, CEO of Augmentum Fintech, said: “We are delighted that Grover has completed this significant funding round that will enable it to accelerate its consistently impressive growth in new and existing markets. Technology subscription is a major shift in the way that consumers are using and accessing technology, driven both by economics and the circular economy. Grover is the pioneer and leader in this space, extending access for consumers to date across Europe, and now in the US. We look forward to continuing our support of Michael Cassau and his growing team in this next exciting phase of their journey.”

END

Augmentum Fintech Tim Levene, Portfolio Manager Nigel Szembel, Investor Relations	[phone] [phone] [e-mail]
Peel Hunt LLP Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)	[phone]
Singer Capital Markets Harry Gooden, Robert Peel, Alaina Wong (Investment Banking)	[phone]
Frostrow Capital LLP Paul Griggs, Company Secretary	[phone]

*The Company’s NAV

The Company's NAV and NAV per ordinary share as at 31 March 2022, both prior to and post performance fee, will be calculated in accordance with the Company’s valuation policy and are expected to be announced with the Company’s full year results in July 2022. Shareholders should note that the calculation of the NAV per ordinary share as at 31 March 2022 will take account of the latest valuations of all of the Company's investments as at 31 March 2022 and any applicable costs and charges. As such, this announcement does not constitute or describe an updated NAV of the Company.

About Augmentum Fintech

Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.

Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.