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1. #CLOUD BACKBLAZE FRIDAY 100M IPO UPDATE#
2. #CLOUD BACKBLAZE FRIDAY 100M IPO SERIES#

The Company's Annual General Meeting will be held on at 13 Castle Street, St.

#CLOUD BACKBLAZE FRIDAY 100M IPO UPDATE#

The Company expects a number of positive revaluations across its portfolio in 2022 and will update shareholders on relevant developments as appropriate." This combined approach has led to a well-maintained portfolio.ĭespite the recent volatility, investors continue to be interested in very high-quality technology businesses, and TMT will continue to identify such opportunities selectively and at appropriate valuation levels, whilst employing an extremely cautious general investment approach for the time being. In parallel, TMT has an active policy of seeking to reduce the value of underperforming investees as soon as there is enough evidence to support such a decision. TMT seeks to pay special attention to not "overpaying" when it makes an investment, preferring to reject an investment opportunity where it considers the risk / reward balance is not sufficiently attractive given the stage of an investee's development. This investment approach is already bearing fruit, with the successful exit of Central American food delivery app Hugo and the strong growth of cloud kitchen and virtual food brand operator Muncher in Latin America being good examples. The significant valuation disparities that can arise provide attractive entry points into companies. As technology business models and trends start in one region and spread to or are replicated in others, they may well command significantly different valuation levels based on geography and stage of development. Investing globally is one of TMT's key advantages and differentiators, enabling TMT to seek the best risk / reward investment opportunities worldwide for its shareholders. Some of these are already showing strong promise and have been revalued significantly higher since TMT's original investment. Many of TMT's investees entered this period of volatility with freshly raised funds and continued to successfully grow their businesses. Our portfolio's combination of globally established sector leaders and a highly diversified mix of companies provides a favourably hedged position against a backdrop of heightened global uncertainty. The remainder of the portfolio is highly diversified among over 50 early and mid-stage companies, as part of planning the next generation of the portfolio's potential winners across big data/cloud, e-commerce, marketplaces, EdTech, FinTech, SaaS (software-as-a-service) and FoodTech solutions.

#CLOUD BACKBLAZE FRIDAY 100M IPO SERIES#

These are now well funded companies capable of raising large sums (in 2021-22 Bolt raised €1.23bn, Backblaze raised US$100m and PandaDoc raised an undisclosed Series C round), which are still expanding and represent approximately two thirds of TMT's total portfolio value. This is thanks to their excellent growth, having been early-stage start-ups when TMT first invested. Whilst TMT specialises in investing in earlier-stage technology companies, typically at pre-Series A and Series A stages, a material proportion of TMT's current NAV is now heavily weighted towards three large and globally established companies: Bolt, Backblaze and PandaDoc.

It was also one of our busiest years for making new investments, with US$40.5 m deployed across 31 new and existing companies in 2021. "2021 was a very strong year for TMT, which saw excellent revaluations on its investments in Bolt and PandaDoc, a successful fundraise from current and new shareholders to fund new investments, and the IPO of its portfolio company Backblaze on Nasdaq.