Zopa backer Augmentum Fintech has sold its holding in digital bookkeeping platform Dext and upped its stake in German rentals website Grover.
Analysts said the deals would push the fintech-focused investment trust’s portfolio value up by £6.2m, equivalent to 4.5 per cent of net assets.
Augmentum Fintech said in a stock market update this morning (13 April) that it had sold its holding in UK-based firm Dext to software investor Hg for £10.5m.
It had invested £7.5m into Dext in January 2020 and said the exit delivers a return of 30.5 per cent.
Additionally, Augmentum Fintech made a further equity investment of €2m (£1.7m) into Grover.
This takes the investment company’s participation in Grover’s €60m series B funding round to €9m and values the holding at around £12.9m, up £3.2m from the last time the portfolio was valued.
“The disposal of our holding in Dext provides a good return on an investment held for such a short period,” Tim Levene, chief executive of Augmentum Fintech, said.
“The further investment in Grover reflects our continued belief that technology subscription services are poised to become mainstream and follows Grover’s successful roll-out in the Netherlands and imminent expansion into Spain and North America.”
Analysts at Numis said the deals represented a 4.5 per cent boost to Augmentum Fintech’s net asset value.
It is currently trading at a 35 per cent premium to NAV, which Numis predicted could lead to more capital raisings in the future.
P2P lender Zopa makes up 6.7 per cent of the Augementum Fintech portfolio.