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RNS Number : 8860U
TMT Investments PLC
12 August 2025
 

12 August 2025

TMT INVESTMENTS PLC

("TMT" or the "Company")

 

Half-year report for the six months to 30 June 2025

 

TMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its unaudited interim results for the half-year ended 30 June 2025.

 

Highlights :

 

·    NAV per share of US$6.80 (up 3.8% from US$6.55 as of 31 December 2024)

·    Total NAV of US$ 213.9 million (US$205.9 million as of 31 December 2024)

·    IRR from inception to 30 June 2025 of 14.3% per annum (14.5% from inception to 31 December 2024)

·    US$0.5 million of additional investments in the first half of 2025 (US$1.9 million in the first half of 2024)

·    US$1.9 million of cash disposals and dividends received in the first half of 2025 (US$5.8 million in the first half of 2024)

·    As of 30 June 2025, the Company cash and cash equivalent reserves of US$5.3 million (31 December 2024: US$5.2 million); US$5.1 million as of 11 August 2025

 

Alexander Selegenev, Executive Director of TMT, commented:

 

" I n the first half of 2025, TMT's net asset value increased 3.8%, mainly as a result of the significant positive currency exchange impact on the Company's Sterling Pound and Euro-denominated investments. This was a period of continuing macroeconomic and political instability, as well as of subdued venture capital, IPO, and M&A activity.

 

TMT's portfolio benefited from positive revaluations for three of its investee companies (Bolt, Scale AI, and Rhino ) , which have been partly offset by full and partial write-downs in the value of seven of the Company's investments (Backblaze, MTL Financial, Sonic Jobs, Qumata, Soax, Prodly, and Go X), in line with TMT's highly prudent valuation approach.

 

The majority of TMT's portfolio companies continue to demonstrate good business progress and are adapting well to the challenges of the current environment. Despite the reduced revenue growth rates for some investees in this environment, many of them have managed to reach either profitability or positive operating cash flow levels.

 

Given the continued high level of market uncertainty and volatility in the first half of 2025, TMT maintained its cautious investment approach, and made one new investment (excluding capitalised transaction costs) of US$500,000 in Spendbase Inc., a SaaS subscription management and software cost optimisation platform backed by Google ( www.spendbase.co ).

 

With no financial debt and strong cash and cash equivalent reserves, TMT is well positioned to not only ride out the current market volatility, but also continue making investments and realising full and partial disposals when the right opportunities present themselves.

 

We look forward to keeping shareholders updated on relevant developments in due course . "

 

 

For further information contact:

 

TMT Investments Plc

Alexander Selegenev

Executive Director

www.tmtinvestments.com

 

+44 370 707 4040

(Computershare - Company Secretary)

alexander.selegenev@tmtinvestments.com

 

Strand Hanson Limited

(Nominated Adviser)

James Bellman / James Dance

 

+44 (0)20 7409 3494

Cavendish Capital Markets Limited

(Joint Broker)

Ben Jeynes / George Lawson

 

+44 (0)20 7220 0500

Hybridan LLP

(Joint Broker)

Claire Louise Noyce

 

+44 (0)20 3764 2341

Kinlan Communications

David Hothersall

 

+44 (0)20 7638 3435

davidh@kinlan.net

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

About TMT Investments Plc

 

TMT Investments Plc invests in high-growth technology companies globally across a number of core specialist sectors.  Founded in 2010, TMT has a current investment portfolio of over 50 companies and net assets of US$214 million as of 30 June 2025. The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The Company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com .

 

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EXECUTIVE DIRECTOR'S STATEMENT

 

In the first half of 2025, the venture capital segment, along with the broader markets, continued to experience a higher degree of volatility.

 

In line with the market, TMT's portfolio has continued to see an increased divergence between its stronger and weaker performers. Despite the ongoing challenges in the macroeconomic and political environment in the first half (which marks the fourth "stress year" for the venture capital industry following the tech market correction in early 2022), investors have continued to back fast-growing, high-quality digital technology companies , especially in the currently popular AI segment, although at notably more subdued levels .

 

We were pleased to see Scale AI and Rhino receive further validation of their progress by raising fresh capital at valuation levels that have resulted in positive revaluations for TMT as of 30 June 2025. In particular, on 12 June 2025, Scale AI, Inc., the "humanity-first" AI company ( https://scale.com ) , announced a significant new investment from Meta Platforms, Inc. (Nasdaq: META) that valued Scale at over US$29 billion. The transaction represented a revaluation uplift of 138% (US$0.7 million) in the fair value of TMT's holding in Scale, compared to the previous reported amount as of 31 December 2024. As part of the transaction, TMT also received a US$0.6 million cash dividend. This positive revaluation of 2.38 times in only eight months represents another example of how notable returns can be generated from risky, but carefully selected, AI opportunities.

 

In addition, the current fair value of TMT's investment in Bolt was further updated by an US$0.8 million partial disposal by TMT to an independent buyer.

 

In parallel, TMT continues to apply a highly prudent approach to valuing its portfolio investments and therefore regularly reviews and writes down investments that are not showing the progress the Board believes is required to justify the previously reported valuation level. As a result, during the period, TMT partially or fully wrote down the value of seven of its investments.

 

NAV per share

 

The Company's NAV per share of US$6.80 as of 30 June 2025 was notably driven by the upward revaluations of Bolt, ScaleAI and Rhino, as well as a significant positive currency exchange impact at the period-end.

 

Operating expenses

 

In the first half of 2025, the Company's administrative expenses of US$ 0.67 million were broadly in line with the corresponding 2024 levels (H1 2024: US$ 0.66 million) , reflecting the Company's subdued level of investment and business development activities during the period.

 

Financial position

 

As of 30 June 2025, the Company had no financial debt and cash and cash equivalent reserves of US$ 5.3 million (31 December 2024: US$5.2 million). As of 11 August 2025, the Company had cash and cash equivalent reserves of US$ 5.1 million.

 

Outlook

 

TMT has a globally diversified investment portfolio of over 50 companies, focused primarily on Big Data/Cloud, SaaS (software-as-a-service), Mobility, and FinTech.

 

Despite the ongoing market and political volatility, investors continue to invest in high-quality technology businesses at appropriate valuation levels. TMT is continuing to identify such opportunities selectively, whilst employing a generally very cautious investment approach. With no financial debt and strong cash and cash equivalent reserves, TMT is well positioned to not only ride out the current market volatility, but also continue making investments and realising full and partial disposals when the right opportunities present themselves.

 

Alexander Selegenev

Executive Director

11 August 2025

 

 

PORTFOLIO DEVELOPMENTS

 

The following developments have had an impact on, and are reflected in, the Company's NAV and/or unaudited financial statements as of 30 June 2025 in accordance with applicable accounting standards.

 

Profitable full and partial cash exits, and positive revaluations:

 

·    TMT disposed of a portion of its shareholding in Bolt Technology OÜ for a total net cash consideration of US$0.8 million.

 

·    TMT disposed of a portion of its shareholding in NASDAQ-traded Backblaze for a total net cash consideration of US$0.4 million.

 

·    TMT received a US$0.6 million cash dividend from Scale AI, Inc., as part of a significant new investment Scale AI received from Meta Platforms, Inc. in June 2025. Scale AI, Inc. also announced a significant new investment from Meta Platforms, Inc. (Nasdaq: META) that valued Scale at over US$29 billion. The transaction represented a revaluation uplift of 138% (US$0.7 million) in the fair value of TMT's holding in Scale, compared to the previous reported amount as of 31 December 2024.

 

·    TMT received a US$30,000 cash consideration for the disposal of its entire equity stake in Accern.

 

The following of the Company's portfolio investments were positively revalued as of 30 June 2025:

 

Portfolio company

Portfolio company description

Positive revaluation amount (US$)

As % of fair value reported as of 31 Dec 2024

Basis for revaluation

Bolt Technology

A leading international ride-hailing and mobility company ( www.bolt.e u )

11,318,531*

17%

Partial disposal

Rhinocorn Inc., trading as Rhino

Provider of first-class armoured car rides in Latin America ( www.vamosrhino.com/en )

520,000

87%

New funding round (simple agreement for future equity ("SAFE"))

Scale AI Inc.

A leading data labelling company for the AI industry ( www.scale.com )

708,501

138%

New funding round (equity)

Other


900



Total

 

12 ,547,932

 

 

 

* - incl. foreign exchange effect

 

In addition to the above, the following of TMT's non-USD denominated investments increased in value by a total of US$2,676,571 purely thanks to exchange rate fluctuations as of 30 June 2025: eAgronom, Timbeter, 3S Money, Feel, FemTech, Outvio, EstateGuru, Laundryheap, and Entytech.

 

Negative revaluations:

 

The following of the Company's portfolio investments were negatively revalued as of 30 June 2025:

 

Portfolio Company

Write-down amount (US$)

Reduction as % of fair value reported as of 31 Dec 2024

Reasons for write-down

SOAX

2,000,000

50%

TMT's estimate of likely current valuation

Backblaze

1,492,864

8 %

Based on the closing mid-market price of US$5.50 per share on 30 June 2025 ( incl. US$ 0.4 million net partial disposal proceeds received in the first half of 2025)

MTL Financial Ltd (trading as Outfund)

959 ,827

63%

Merger transaction

Prodly, Inc.

900,000

50%

Challenging current market environment

SonicJobs App Ltd.

676,869

76%

New funding round (equity)

Qumata

454,706

100%

Chances of repositioning the company's product seem very low

Go X

175,000

100%

Lack of information from the company's management; prospects unclear

Total

6,659,265

 

 

 

 

Key developments for the five largest portfolio holdings in the first half of 2025 (Source: TMT's portfolio companies):

 

Bolt (ride-hailing and food delivery service):

·   Double-digit annualised revenue growth

·   Active in over 850 cities globally (up from over 700 cities as of 31 December 2024)

·   EBIT positive

 

Backblaze (cloud storage provider):

·   16% annualised revenue growth

·   Adjusted EBITDA positive

 

3S Money (provider of global business accounts and payment solutions):

·   Double-digit annualised revenue growth

·   Single-digit negative EBITDA margin

 

Scentbird (Perfume, wellness and beauty product subscription service):

·   Double-digit annualised revenue growth

·   Net Profit positive

·   Launched in the UK

 

PandaDoc (proposal automation and contract management software):

·   Double-digit annualised revenue growth

·   Over 65,000 customers (from over 60,000 as of 31 December 2024)

·   Single-digit negative EBITDA margin

 

Further investments:

 

Given the continued high level of market uncertainty and volatility in the first half of 2025, TMT maintained its cautious investment approach and made the following investment in the period (excluding capitalised transaction costs):

 

New investments during the reporting period:

 

·    US$500,000 in Spendbase Inc., a SaaS subscription management and software cost optimisation platform ( www.spendbase.co ).

 

 

FINANCIAL STATEMENTS

 

Statement of Comprehensive Income

 

 

 

For the six months ended 30/06/2025

For the six months ended 30/06/2024



Notes

USD

USD

 

 




 

Gains on investments

3

8,000,595

467,250

 

Dividend income


564,655

-

 

Total investment gain


8,565,250

467,250

 

Expenses




 

Administrative expenses

5

(671,255)

(661,876)

 

Operating gain/(loss)


7,893,995

(194,626)

 

Finance income , net


78,947

184,770

 

Currency exchange loss


(9,573)

(17,756)

 

Gain/(Loss) before taxation

 

7,963,369

(27,612)

 

Taxation

7

-

-

 

Gain/(Loss) attributable to equity shareholders

 

7,963,369

(27,612)

 

Total comprehensive gain/(loss) for the year


7,963,369

(27,612)

 

Earnings/(Loss) per share

 

 

 

 

Basic and diluted earnings/(loss) per share (cents per share)

8

25.32

(0.09)


 

 

Statement of Financial Position

 

 



At 30 June

2025

USD


At 31 December

2024

USD

 


Unaudited


Audited

 

Notes




Non-current assets

 




Financial assets at FVPL

4, 9


202,023,938

Total non-current assets

 

209,210,208

 

202,023,938

 

 




Current assets

 

 

 

 

Trade and other receivables

10

56,909


64,553

Cash and cash equivalents

11


5,200,828

Total current assets

 

5,328,167

 

5,265,381

Total assets

 

214,538,375

 

207,289,319






Current liabilities

 




Trade and other payables

12


1,375,677

Total current liabilities

 

661,364


1,375,677

Total liabilities

 

661,364


1,375,677






Net assets

 

213,877,011

 

205,913,642

 

 

 

 

 

Equity

 

 

 

 

Share capital

13

53,283,415


53,283,415

Retained earnings



152,630,227

Total equity

 

213,877,011

 

205,913,642

 

 

Statement of Cash Flows

 


 

For the six months ended 30/06/2025

For the six months ended 30/06/2024

 


Notes

USD

USD

 





 

Operating activities




 

Operating gain/(loss)


7,893,995

(194,626)

 

Adjustments for non-cash items:

 

 

 

 

Changes in fair value of financial assets at FVPL

3

(7,999,695)

(526,105)


Dividend income


(564,655)

-


Currency exchange loss


(9,573)

(17,756)


Loss on receivables


-

53,891



 

(679,928)

(684,596)

 

Changes in working capital:


 

 

 

Decrease in trade and other receivables

10

7,644

18,067

 

Decrease in trade and other payables

12

(714,313)

(182,448)

 

Net cash used in operating activities


(1,386,597)

(848,977)

 

Investing activities


 

 

 

Dividends received from portfolio companies


564,655

-

 

Purchase of financial assets at FVPL

9

(500,000)

(1,900,336)

 

Proceeds from sale of financial assets at FVPL

9

1,313,425

5,849,216

 

Net cash received from investing activities


1,378,080

3,948,880

 

Financing activities


 

 

 

Interest received on treasury bills and deposits


78,947

184,770

 

Net cash received from financing activities


78,947

184,770

 

Increase in cash and cash equivalents


70,430

3,284,673

 

Cash and cash equivalents at the beginning of the period

11

5,200,828

6,590,935

 

Cash and cash equivalents at the end of the period

11

5,271,258

9,875,608

 

 

 

Statement of Changes in Equity

 



Share capital

Retained earnings

Total



USD

USD

USD

Balance at 1 January 2024


53,283,415

154,828,288

208,111,703

Loss for the year


-

(2,198,061)

(2,198,061)

Total comprehensive loss for the year

 

-

(2,198,061)

(2,198,061)

Balance at 31 December 2024


53,283,415

152,630,227

205,913,642

Gain for the period

 

-

7,963,369

7,963,369

Total comprehensive income for the period

 

-

7,963,369

7,963,369

Balance at 30 June 2025


53,283,415

160,593,596

213,877,011

 

The financial statements were approved by the Board of Directors on 11 August 2025 and were signed on its behalf by:

 

 

Alexander Selegenev

Executive Director

 

 

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025

 

1. Company information

 

TMT Investments Plc ("TMT" or the "Company") is a company incorporated in Jersey with its registered office at 13 Castle Street, St Helier, JE1 1ES, Channel Islands.

 

The Company was incorporated and registered on 30 September 2010 in Jersey under the Companies (Jersey) Law 1991 (as amended) with registration number 106628 under the name TMT Investments Limited.  The Company obtained consent from the Jersey Financial Services Commission pursuant to the Control of Borrowing (Jersey) Order 1985 on 30 September 2010.  On 1 December 2010 the Company re-registered as a public company and changed its name to TMT Investments Plc.  The Company's ordinary shares were admitted to trading on the AIM market of the London Stock Exchange on 10 December 2010.

 

The memorandum and articles of association of the Company do not restrict its activities and therefore it has unlimited legal capacity.  The Company's ability to implement its Investing Policy and achieve its desired returns will be limited by its ability to identify and acquire suitable investments.  Suitable investment opportunities may not always be readily available.

 

The Company seeks to make investments in any region of the world. The Company invests in high‑growth technology companies globally across a number of core specialist sectors.  The Company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation.

 

Financial statements of the Company are prepared by and approved by the Directors in accordance with International Financial Reporting Standards, UK adopted International Accounting Standards and their interpretations issued or adopted by the International Accounting Standards Board ("IFRSs").  The Company's accounting reference date is 31 December.

 

2. Summary of significant accounting policies

 

2.1. Basis of presentation

Interim financial statements for the six months ended 30 June 2025 and 2024 are unaudited and were approved by the Directors on 11 August 2025.  They do not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The financial statements for the year ended 31 December 2024 were prepared in accordance with International Financial Reporting Standards as adopted by the United Kingdom.  The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter.

 

The principal accounting policies applied by the Company in the preparation of these unaudited financial statements are set out below and have been applied consistently.

 

The financial statements have been prepared on a going concern basis, under the historical cost basis as modified by the fair value of financial assets at ("FVTPL"), as explained in the accounting policies below, and in accordance with IFRS.  Historical cost is generally based on the fair value of the consideration given in exchange for assets.

 

2.2. Foreign currency translation

Functional and presentation currency

Items included in the financial statements of the Company are measured in United States Dollars ('US dollars', 'USD' or 'US$'), which is the Company's functional and presentation currency.

 

Transactions and balances

Foreign currency transactions are translated into US$ using the exchange rates prevailing at the dates of the transactions. Foreign currency monetary items are translated using the closing rate (i.e. mid‑market price investments).

 

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. (i.e. comparable company analysis and cost-based investments as these are effectively re-fair valued at each year-end).

 

Exchange differences arising from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

 

Currency

At 30/06/2025

Average rate, for six months ended 30/06/2025

British pounds, £

1.3703

1.2984

Euro, €

1.1738

1.0940

 

2.3. New IFRSs and interpretations

The following standards and amendments became effective from 1 January 2025, but did not have any material impact on the Company:

·    amendment to IAS 21 - Lack of Exchangeability.

 

3. Gains/(Losses) on investments

 

For six months ended 30/06/2025

For six months

 ended 30/06/2024


USD

USD

Gross interest income from convertible notes receivable

-

3,098

Net interest income from convertible notes receivable

-

3,098

Gains on changes in fair value of financial assets at FVPL

7,999,695

526,105

Other gain/(losses) on investment

900

(61,953)

Total gains on investments

8,000,595

467,250

 

 

4. Segmental analysis

 

Geographic information

The Company has investments in the following four geographical areas - USA, Estonia, the United Kingdom and the Cayman Islands.

 

Non-current financial assets

 

 

USA

Cayman Islands

Estonia

United Kingdom

Total

As at 30/06/2025

 

USD

USD

USD

USD

USD

Equity investments


7 8 , 128 ,016

-

79,809,207

31,664,924

  18 9 , 602 , 147

Convertible notes & SAFEs


18, 564 , 851

515,000

 528,210

-

       19 , 608 , 061

Total

 

   9 6 , 692 ,867

        515,000

   80,337,417

   31,664,924

     20 9 , 210 , 208

 

 

 

USA

Cayman Islands

Estonia*

United Kingdom

Total

As at 31/12/2024

 

USD

USD

USD

USD

USD

Equity investments


78 , 382 , 247

   -

69,145,646

33,551,818 

18 1 , 079 , 711

Convertible notes & SAFEs


1 9 , 963 , 252

 515,000

 465,975

-

  20 , 944 , 227

Total

 

9 8 , 345 ,4 99

515,000

69,611,621

 33,551,818

20 2 , 023 , 938

 

* As of 1 January 2025, the Company's US$53,990 additional investment in Timbeter made in 2024 was reclassified from Equity to Convertible notes.

 

5. Administrative expenses

 

Administrative expenses include the following amounts:

 

For six months ended 30/06/2025

For six months ended 30/06/2024


USD

USD

Staff expenses (note 6)

477,795

454,170

Professional fees

127,283

136,935

Legal fees

4,394

17,088

Bank and LSE charges

8,327

12,170

Audit and accounting fees

13,289

8,215

Other expenses

40,167

33,298


671,255

661,876

 

6. Staff expenses

 

For six months ended 30/06/2025

For six months ended 30/06/2024


USD

USD

Directors' fees

123,945

117,170

Wages and salaries

353,850

337,000


477,795

454,170

 

Wages and salaries shown above include fees and salaries relating to the six months ended 30 June 2025.

 

The Directors' fees for the six months ended 30 June 2025 and 2024 were as follows:

 


For six months ended 30/06/2025

For six months ended 30/06/2024


USD

USD

Alexander Selegenev

65,625

62,500

Yuri Mostovoy

31,500

30,000

James Joseph Mullins

16,505

15,182

Andrea Nastaj

10,315

9,488


123,945

117,170

 

The Directors' fees shown above are all classified as 'short term employment benefits' under International Accounting Standard 24. The Directors do not receive any pension contributions or other benefits. The average number of staff employed (excluding Directors) by the Company during the six months ended 30 June 2025 was 7 (six months ended 30 June 2024: 7).

 

Key management personnel of the Company are defined as those persons having authority and responsibility for the planning, directing and controlling the activities of the Company, directly or indirectly. Key management of the Company are therefore considered to be the Directors of the Company. There were no transactions with the key management, other than their fees, bonuses and reimbursement of business expenses.

 

7. Income tax expense

 

The Company is incorporated in Jersey. No tax reconciliation note has been presented as the Company's current income tax rate in Jersey is 0%.

 

8. Gain/(Loss) per share

 

The calculation of basic gain per share is based upon the net gains for the six months ended 30 June 2025 attributable to the ordinary shareholders of US$ 7,963,369 (for the six months ended 30 June 2024: net loss US$ 27,612 ) and the weighted average number of ordinary shares outstanding calculated as follows:

 

Gain/(Loss) per share

For the six months ended 30/06/2025

For six months ended 30/06/2024

Basic gain/(loss) per share (cents per share)

25.32

(0.09)

Gain/(Loss) attributable to equity holders of the entity

7,963,369

(27,612)

 

 

The weighted average number of ordinary shares outstanding was calculated as follows:

 

 

 

 

 

For the six months ended 30/06/2025

For the six months ended 30/06/2024

Weighted average number of shares in issue

 

 

Ordinary shares

31,451,538

31,451,538

 

31,451,538

31,451,538







 

9. Non-current financial assets

 

Reconciliation of fair value measurements of non-current financial assets:


At 30 June
2025

USD

At 31 December 2024

USD

Investments held at fair value through profit and loss, USD:



- listed and unlisted shares (i)

189,602,147

181,079,711

- promissory notes (ii)

2,618,690

2,611,775

- SAFEs (iii)

16,989,371

18,332,452


209,210,208

202,023,938

 

 

 

 


At 30 June
2025

USD

At 31 December 2024

USD

Opening valuation

202,023,938

203,086,676

Purchased (including consulting fees)

500,000

5,928,341

Disposal proceeds

(1,313,425)

(5,912,637)

Impairment losses in the period

(1,148,771)

(4,358,118)

Realised (losses)/gains

(1,993,752)

1,100,592

Unrealised gains

11,142,218

2,179,084

Closing valuation

209,210,208

202,023,938

 

Movement in unrealised gains

 

 

Opening accumulated unrealised gains

131,862,993

133,189,507

Unrealised gains

11,142,218

1,928,434

Transfer of previously unrealised losses to realised reserve on disposal of investments

(1,275,904)

 

(3,254,948)

Closing accumulated unrealised gains

141,729,307

131,862,993

 

 

Impairment losses above represent the cost value of investments fully impaired in the first half of 2025. The difference between cost and fair value before impairment in the amount of US$519,065 (gain) is shown as unrealised gains movement. The total amount of fully impaired investments in the first half of 2025 was US$629,706, the breakdown of which is presented within the "Write-offs" column for each relevant individual investment in the detailed tables below.

 

Reconciliation of investments, if held under the cost and price of recent investment model:

 

Historic cost basis

 

 

Opening book cost

70,160,945

69,897,169

Purchases (including consulting fees)

500,000

5,928,341

Disposal on sale of investment

(2,031,273)

(1,306,447)

Impairment losses in the period

(1,148,771)

(4,358,118)

Closing book cost

67,480,901

70,160,945

 

 

Valuation methodology

 

 

Level 1 Mid-market price

16,658,274

18,581,103

Level 2 Comparable company analysis

30,818,477

97,634,716

Level 3 Cost or price of recent investment

161,733,457

85,808,119

 

209,210,208

202,023,938

 

The estimate significant to the financial statements during the period and at the period-end is the consideration of the fair value of financial assets at FVPL as set out in the relevant accounting policies. A number of the financial assets at FVPL held by the Company are at an early stage of their development.  The Company cannot yet carry out regular reliable fair value estimates of some of these investments.  Future events or transactions involving the companies invested in may result in more accurate valuations of their fair values (either upwards or downwards) which may affect the Company's overall net asset value. 

 

Valuation methodologies can be changed from time to time. The following table lists TMT's portfolio companies whose valuation methodology has changed during the period. Those portfolio companies had a total value of US$74,980,609 as of 31 December 2024:

 

Company name

30 June 2025

31 December 2024

Bolt

Cost and price of recent investment

Comparable company analysis

MTL Financial (OutFund)

Cost and price of recent investment

Comparable company analysis

Prodly

Comparable company analysis

Cost and price of recent investment

SOAX

Comparable company analysis

Cost and price of recent investment

 

The list of fully impaired or materially disposed investments, in which the Company still maintained ownership as of 30 June 2025, was as follows:

 

Company name

Investment amount (USD)

Year of impairment/ material disposal

Rollapp

450,000

2018

UsingMiles/Help WW/Source Inc.

250,000

2018

Favim

300,000

2018

AdInch

1,600,000

2018

E2C

124,731

2020

Drupe

285,750

2019

Virool/Turgo

600,000

2017

Sixa

900,000

2019

Usual Beverage Co.

300,000

2022

StudyFree

1,000,000

2022

Wanelo

350,000

2023

Rocket Games (Legionfarm)

1,650,000

2023

Scalarr

1,999,999

2023

Academy of change

1,000,000

2023

Conte.ai/Postoplan

1,784,185

2023

Metrospeedy

1,000,000

2023

BaFood

2,500,000

2023

Hinterview Limited

641,121

2024

Hugo Technologies

1,201,250

2024

Moeco IoT, Inc

1,000,000

2024

Bairro (BAIRRÍSSIMO, LDA)

1,107,638

2024

GameOn

1,000,000

2024

Cheetah (Go-X)

350,000

2025

Qumata

798,771

2025

Total

22,193,445

 

 

Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss.

 

When measuring the fair value of a financial instrument, the Company uses relevant transactions during the period or shortly after the period end, which gives an indication of fair value and considers other valuation methods to provide evidence of value. The "price of recent investment" methodology is used mainly for venture capital investments, and the fair value is derived by reference to the most recent financing round or sizeable partial disposal. Fair value change is only recognised if that round involved a new external investor. From time to time, the Company may assess the fair value in the absence of a relevant independent equity transaction by relying on other market observable data and valuation techniques, such as the analysis of revenue multiples of comparable companies and/or comparable transactions. The nature of such valuation techniques is highly judgmental and dependent on the market sentiment at the time of the analysis.

 

(i)            Equity investments as at 30 June 2025:

 

Investee company

Date of initial investment

Value at

1 Jan 2025,

USD

Conversions from / to loan notes and SAFEs , USD

Gain/(loss) from changes in fair value of equity investments, USD

Disposals, USD

Write-offs, USD

Value at 30 June 2025, USD

Fully diluted equity stake owned

Backblaze

24.07.2012

18,581,103

-

(1,492,851)

(429,978)

-

16,658,274

5-10%

Remote.it

13.06.2014

131,200

-

-

-

-

131,200

<5%

Bolt

15.09.2014

67,659,570

-

11,318,531

(853,447)

-

78,124,654

<5%

PandaDoc

11.07.2014

8,013,824

-

-

-

-

8,013,824

<5%

Full Contact (Fideo)

11.01.2018

244,506

-

-

-

-

244,506

<5%

ScentBird

13.04.2015

14,074,244

-

-

-

-

14,074,244

<5%

Workiz

16.05.2016

3,971,659

-

-

-

-

3,971,659

<5%

MEL Science (Inquisitive)

25.02.2019

905,656

-

-

-

-

905,656

<5%

Qumata

06.06.2019

454,706

-

-

-

(454,706)

-

<5%

eAgronom

31.08.2018

372,913

-

49,805

-

-

422,718

<5%

Timbeter *

05.12.2019

207,100

-

27,660

-

-

234,760

<5%

3S Money Club

07.04.2020

18,578,690

-

1,740,872

-

-

20,319,562

10-15%

Virtual Mentor (Allright)

12.11.2020

772,500

-

-

-

-

772,500

<5%

NovaKid

13.11.2020

2,949,855

-

-

-

-

2,949,855

<5%

MTL Financial (OutFund)

17.11.2020

1,521,039

-

(959,827)

-

-

561,212

<5%

Accern

21.08.2019

30,000

-

-

(30,000)

-

-

<5%

Feel

13.08.2020

3,801,910

-

356,249

-

-

4,158,159

5-10%

Affise

18.09.2019

2,611,317

-

-

-

-

2,611,317

5-10%

3D Look

03.03.2021

500,000

-

-

-

-

500,000

<5%

FemTech

30.03.2021

450,515

-

42,214

-

-

492,729

5-10%

Muncher

23.04.2021

1,426,849

-

-

-

-

1,426,849

5-10%

CyberWrite

20.05.2021

1,156,341

-

-

-

-

1,156,341

<5%

Outvio

22.06.2021

517,750

-

69,150

-

-

586,900

<5%

Collectly

13.07.2021

6,449,328

-

-

-

-

6,449,328

<5%

VertoFX

16.07.2021

1,132,999

-

-

-

-

1,132,999

<5%

EstateGuru

06.09.2021

388,313

-

51,862

-

-

440,175

<5%

Prodly

09.09.2021

1,800,000

-

(900,000)

-

-

900,000

<5%

Sonic Jobs

15.09.2021

888,220

-

(676,869)

-

-

211,351

<5%

OneNotary (Adorum)

01.10.2021

-

924,377

-

-

-

924,377

<5%

EdVibe (Study Space, Inc)

02.11.2021

750,000

-

-

-

-

750,000

5-10%

1Fit (Alippe, Inc)

24.12.2021

1,580,320

-

-

-

-

1,580,320

<5%

Agendapro

03.09.2021

910,609

(546,365)

-

-

-

364,244

5-10%

Laundryheap

28.01.2022

2,951,082

-

276,524

-

-

3,227,606

<5%

My Device Inc

30.11.2021

1,789,241

-

-

-

-

1,789,241

5-10%

SOAX

21.01.2022

4,000,000

-

(2,000,000)

-

-

2,000,000

5-10%

Spin.ai

17.12.2018

964,102

-

-

-

-

964,102

<5%

Property Mate Inc. (Jome)

16.02.2024

1,030,000

-

-

-

-

1,030,000

<5%

ScaleAI

16.10.2024

514,157

-

143,846

-

-

658,003

<5%

Phoenix

29.05.2023

1,300,020

-

-


-

1,300,020

<5%

Montera

02.08.2023

721,000

-

-


-

721,000

<5%

Rain Technologies Inc.

17.10.2023

-

1,865,389

-

-

-

1,865,389

<5%

Praktika.ai Company

29.12.2023

4,977,073

-

-


-

4,977,073

<5%

Total

 

181,079,711

2,243,401

8,047,166

(1,313,425)

(454,706)

189,602,147

 

 

 

(ii)           Convertible loan notes as at 30 June 2025:

 

Investee company

 

Date of initial investment

Value at 1 Jan 2025,

USD

Additions to convertible note investments during the period, USD

Conversions from equity, USD

Gain/(loss) from changes in fair value of convertible notes, USD

Write-offs, USD

Value at 30 Jun 2025, USD

Timbeter *

05.12.2019

51,775

-

-

6,915

-

58,690

MedVidi

27.09.2021

2,560,000

-

-

-

-

2,560,000

Total

 

2,611,775

-

-

6,915

-

2,618,690

 

* As of 1 January 2025, the Company's US$53,990 additional investment in Timbeter made in 2024 was reclassified from Equity to Convertible loan notes.

 

(iii)          SAFEs as at 30 June 2025:

 

Investee company

Date of initial investment

Additions to SAFE investments during the period, USD

Conversions from / to equity, USD

Gain/loss from changes in fair value of SAFE investments, USD

Write-offs, USD

Value at 30 June 2025, USD

Cheetah (Go-X)

29.07.2019

175,000

-

-

-

(175,000)

-

Adwisely (Retarget)

24.09.2019

800,000

-

-

-

-

800,000

Aurabeat

03.05.2021

515,000

-

-

-

-

515,000

Synder (CloudBusiness Inc)

26.05.2021

3,428,571

-

-

-

-

3,428,571

Agendapro

03.09.2021

-

-

546,365

-

-

546,365

OneNotary (Adorum)

01.10.2021

924,377

-

(924,377)

-

-

-

Educate online

16.11.2021

5,694,915

-

-

-

-

5,694,915

Mobilo (Lulu Systems, Inc)

09.12.2021

1,885,000

-

-

-

-

1,885,000

1Fit (Alippe, Inc)

19.04.2023

500,000

-

-

-

-

500,000

Rain Technologies Inc.

17.10.2023

1,865,389

-

(1,865,389)

-

-

-

Entytech OU

20.06.2024

414,200

-

-

55,320

-

469,520

For Good AI Inc. (Zencoder)

20.09.2024

1,030,000

-

-

-

-

1,030,000

Rhinocorn Inc

13.12.2024

600,000

-

-

520,000

-

1,120,000

Expert Remote Inc (Global Work AI)

30.12.2024

500,000

-

-

-

-

500,000

Spendbase Inc

15.01.2025

-

500,000

-

-

-

500,000

Total

 

18,332,452

500,000

(2,243,401)

575,320

(175,000)

16,989,371

 

10. Trade and other receivables

 

At 30 June

2025

At 31 December 2024


USD

USD

Prepayments

36,708

                44,352  

Other receivables

20,201

                20,201  

Interest receivable on promissory notes

-

                -              

Interest receivable on deposit

-

                -              


56,909

      64,553

 

The fair values of trade and other receivables approximate to their carrying amounts as presented above. During the six months ended 30 June 2025 and 2024 no balances were past due or impaired, and no credit losses had been expected.

 

Other receivables as of 30 June 2025 and 31 December 2024 represented amounts due from the disposed investment in Hugo .

 

11. Cash and cash equivalents

 

The cash and cash equivalents as at 30 June 2025 include cash and cash equivalents in banks and brokers.

 

Cash and cash equivalents comprise the following:


At 30 June

2025

At 31 December 2024


USD

USD

Treasury bills

2,179,456

2,473,851

Bank balances

3,091,802

2,726,977


5,271,258

5,200,828

 

The following table represents an analysis of cash and equivalents by rating agency designation based on Moody`s rating or their equivalent:

 


At 30 June

2025

At 31 December 2024

Bank balances

USD

USD

C rating

35,915

88,982

Caa2 rating

3,016,285

2,606,210

Baa3 rating

554

882

Not rated

39,048

30,903


3,091,802

2,726,977

 

 


At 30 June

2025

At 31 December 2024

Treasury bills

USD

USD

AAA rating

2,179,456

2,473,851


2,179,456

2,473,851

 

12. Trade and other payables


At 30 June

2025

At 31 December 2024


USD

USD

Salaries payable

31,500

59,500

Directors' fees payable

22,516

11,891

Bonuses payable

595,696

1,206,217

Trade payables

8,201

44,037

Other current liabilities

-

45

Accruals

3,451

53,987


661,364

1,375,677

 

The fair value of trade and other payables approximate to their carrying amounts as presented above.

 

13. Share capital

 

On 30 June 2025 the Company had an authorised share capital of unlimited ordinary shares of no par value and had issued ordinary share capital of:


At 30 June

2025

At 31 December 2024


USD

USD

Share capital

53,283,415

53,283,415

Issued capital comprises:

Number

Number

Fully paid ordinary shares

31,451,538

31,451,538


Number of shares

Number of shares

Balance at 31 December 2024

31,451,538

31,451,538

Issue of ordinary shares

-

-

Balance at 30 June 2025

31,451,538

31,451,538

 

There have been no changes to the Company's ordinary share capital between 30 June 2024 and the date of approval of these financial statements.

 

14. Related party transactions

 

The Company's Directors receive fees and bonuses from the Company, details of which can be found in Note 6.

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