Fintech-focused investment fund Augmentum Fintech saw its net asset value (NAV) increase to £139.4m in the six months ending 30 September 2020, while NAV per share increased by 2.8 per cent.
By contrast, in the six months ending 31 March 2020, Augmentum’s NAV was £135.8m.
The FTSE-listed fund said that it had made “strong progress” in its portfolio companies, which include peer-to-peer lending platform Zopa and business lender iwoca.
“I am pleased to report that in the period, despite many sectors in the UK and wider European economies being hit hard by the effects of the pandemic, our NAV per share increased by 2.8 per cent,” said Neil England, chairman of Augmentum Fintech.
“The company’s share price has doubled since the March lows, reflecting investor confidence in our proposition.
“We have an interesting and diverse portfolio and an experienced management team looking to add compelling new investments. The fintech market offers a substantial opportunity for further growth and your board remains confident that the long term investor will be well rewarded.”
By the end of September 2020, Augmentum had £8.7m of available cash – down from £15.1m at the end of March 2020. Since then, the company has raised £27.5m through an oversubscribed share placing and retail offer.
Read more: What’s happening at Zopa?
“Over the period, like most venture capital funds, we have been focused on ensuring our portfolio has been able to react and respond to the challenges of Covid 19 as well as being well placed to benefit from the growing shift to a digital economy, accelerated by the pandemic,” added Tim Levene, chief executive of Augmentum Fintech.
“Notwithstanding the uncertainties emerging in the economy our portfolio has been tracking our expectations since the annual results were published in July, and we believe our portfolio remains balanced and able to capitalise on the opportunities ahead.”