LONDON, UK: Grover it has accomplished its Series C funding round. Berlin-based Grover, the main consumer-tech subscription platform, has raised $330 million in fairness and debt funding from new and existing investors.
The new spherical implies a worth of the Company’s stake of £42.7 million, and would represent an implied uplift of £24.1 million in comparison with the unaudited carrying worth of £18.6 million as at 30 September 2021. Augmentum first invested in Grover in October 2019, main an €11 million spherical with an funding of €6 million, and has invested a additional €3 million since the preliminary investment.
In mixture with the pending acquisition of ii by abrdn, which is anticipated to full in Q2 2022, the implied valuations would represent a rise of 16.6p over the final published NAV per ordinary share (unaudited) as at 30 September 2021 of 147.7p, and a rise of 14.3p over the NAV per ordinary share after efficiency fee (unaudited) as at 30 September 2021 of 142.1p.
Augmentum Fintech plc (LSE: AUGM), the UK’s solely publicly listed funding firm focussing on the fintech sector, CEO Tim Levene, said: “We are delighted that Grover has accomplished this significant funding spherical that will allow it to speed up its consistently spectacular growth in new and existing markets.
Technology subscription is a main shift within the way that consumers are utilizing and accessing technology, pushed each by economics and the round economy. Grover is the pioneer and chief on this space, extending entry for consumers to date throughout Europe, and now within the US. We look ahead to persevering with our support of Michael Cassau and his rising team on this subsequent thrilling phase of their journey.”
Augmentum invests in quick rising fintech companies that are disrupting the monetary services sector. Augmentum is the UK’s solely publicly listed funding firm specializing in the fintech sector within the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving companies entry to affected person capital and support, unrestricted by conventional fund timelines and giving public markets investors entry to a largely privately held funding sector throughout its main interval of growth.