Augmentum Fintech fund invests a further £8.5m into its portfolio
AUGMENTUM Fintech has made £8.5m of further investments across three technology companies in its portfolio.
The investment trust, which includes Zopa as its largest holding, has put more money into challenger bank Tide, mobile-only current account provider Monese and information platform Duedil.
Augmentum has invested £5m in Tide, building on the £3m backing it gave in August 2018.
It has put a further £2.5m into Monese, adding to a £5.3m investment in September 2018 and an extra £1m into Duedil, taking the total backing of the company to £3m.
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“We are pleased to announce these follow-on investments in three of our existing portfolio companies,” Tim Levene, portfolio manager at Augmenturm, said.
“Since our initial investments last year, we have been working closely with the management teams in each of these companies and have been impressed with the progress that they have made against their respective business plans.
“All of these innovative businesses are continuing to effect change and much needed disruption in their target markets.
“Now in our second year, we continue to look for opportunities where we can add value to a company in addition to making a financial contribution.”
It comes after Augmentum Fintech said it would seek shareholder approval to issue a further 150m of shares over the next 18 months to back £450m worth of potential investments