Edison Investment Research Limited
London, UK, 21 December 2021
Bloc Ventures: Two tech exits and new funds being raised
Since we initiated in September, Bloc has exited two portfolio companies at a premium to holding value, Marmalade (a games developer, sold to LDC for a 4.8x cash return) and EVRYTHNG (an internet of things, IoT, data and real-time insights platform), acquired for an undisclosed price. Bloc has also made a new investment, Shield-IoT (large-scale IoT network security), taking its portfolio to 10 companies. Bloc has strengthened its team and governance with new hires and is actively raising a Series C funding round, as well as an early-stage investment fund (deeptech_one), for which discussions are ongoing with a potential cornerstone investor. Bloc's later-stage funding options may include an IPO in 2023.
Bloc can already point to a strong track record, with 39% growth y-o-y in NAV per share in H121, offering attractive potential returns as Bloc targets an annual return of 20%+, underpinned by strong secular and technology sector trends. Bloc offers a clear sector focus, a structured investment process and an early-stage portfolio with high growth potential, with the strong performance of UK and European private technology companies and the growing maturity of the sector, increasingly drawing in overseas capital and heightening competition for quality companies.
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