TIDMWWW
RNS Number : 8936F
SuperSeed Capital Limited
10 November 2022
10 November 2022
SUPERSEED CAPITAL LIMITED
("SuperSeed" or the "Company")
THIRD QUARTER 2022 RESULTS
SuperSeed, a company established as a Venture Capital fund of
funds for early-stage technology investing, announces results for
the quarter ending 30 September 2022.
Investment policy
The Company, a registered closed-ended collective investment
scheme invests in technology-led innovation, primarily through
funds managed by SuperSeed Ventures LLP (the "Manager"). The
Company can also invest in funds managed by other investment
managers, or into individual companies, either directly or through
special purpose vehicles.
Highlights
-- SuperSeed II LP (the "Fund") closed investments into Garvis and Finteum in Q3.
-- A further investment in Techsembly was agreed in Q3.
-- This takes the total number of investments in the Fund's portfolio to 7.
-- Continued strong Fund portfolio revenue growth in Q3 - recurring revenue increased to 38% quarter-on-quarter. Year-to-date, the average revenue growth has been 12% per-month.
Post-period highlights
-- The Fund's investment in Techsembly closed in early Q4.
-- The next Fund investment in is lined-up to join the portfolio in early Q4.
-- The Fund sees good deal flow as it looks ahead to 2023, with
new opportunities coming into the pipeline.
Portfolio commentary
In light of the current market uncertainty, the Manager has
worked with Fund portfolio founders to trim their budgets and
ensure they have the runway they need. But this has not stopped
them from continuing to execute and deliver solid performance for
the quarter. Committed Monthly Recurring Revenue (i.e. contracts
signed by customers) was up 38% quarter-on-quarter on a
like-for-like basis. The Manager keeps looking out for a meaningful
slow-down in corporate spending, but fortunately, the Fund's
portfolio companies have not seen it yet.
New investment - Garvis
Key information
Forecasting demand is one of the most critical and challenging
aspects of running a successful manufacturing business - whether in
FMCG, electronics, fashion or other sectors. Today, forecasting is
undertaken by specialist Demand Planners. The tools and processes
are error-prone and time-consuming. Demand Planners are highly
skilled analytical specialists, but their roles are underserved by
technology. The majority of their work takes place in Excel. Garvis
solves these challenges by enabling demand forecasters to
incorporate more data and deliver better analysis using
ground-breaking AI. Unlike competitors, Garvis can be set up and
deliver value in just one day, and it is designed to combine the
analytical power of software with the nuanced understanding and
experience of Demand Planners. The synthesis of technological and
human capabilities is why the team describes their offering as
"bionic". It offers customers fast, accurate forecasting and
planning, allowing businesses to optimise the sourcing, supply, and
delivery of their existing product lines.
Investment name Garvis
Industry AI
Geography Belgium
Currency of investment GBP
Stage of initial investment Seed
Fund's role in initial investment Lead
Website https://www.garvis.ai/
Why did the Fund invest?
Superior Product - Piet Buyck and Anupam Aishwarya have spent
decades in the world of demand forecasting. Their deep subject
matter expertise combined with years of working with businesses in
this space has meant, from the outset, they have had a strong
understanding of their ICP and how to sell to them. They have
solved three specific problems better than any competitor: a)
fastest implementation time - they can start delivering insights
within 24-hours, and the forecasts then become more accurate with
time; b) accuracy - their platform produces meaningfully better,
more reliable and more accurate forecasts than competition, leading
to better business outcomes; and c) usability - whereas other
demand forecasting platforms are black box solutions, Garvis makes
it easy for demand planners to interrogate the forecast, to tweak
parameters and gain confidence in the outputs.
Strong Traction - Garvis has grown rapidly and consistently
since launching commercially in 2021. It has an impressive client
list already, including Coca-Cola, J&J, GSK, and Q8. Given the
land-and-expand nature of their contracts, there is an opportunity
to upsell large enterprise accounts with more product lines once
the solution has been implemented.
New investment - Finteum
Key information
Banks have an ever-increasing requirement to hold liquid assets
on their books. And they must ensure they never have less than the
required cash on hand. Because of this, they are increasingly
finding that they have more liquid assets than they need -
especially for short periods during the day (say,
3-4 hours at a time). This presents an opportunity for banks to
swap their excess liquidity with other banks - if only they could
find a way to do so for a few hours at a time. Enter Finteum, a
SaaS company that has built a brilliant platform to help them do
so. With an intelligent application of blockchain technology,
Finteum is breaking new ground in the fintech sector.
Investment name Finteum
Industry SaaS / Blockchain
Geography UK
Currency of investment GBP
Stage of initial investment Seed
Fund's role in initial investment Lead
Website https://finteum.com/
Why did the Fund invest?
Founding Team - Brian's extensive liquid asset and treasury
experience and Zbi's development expertise means Finteum has both
deep knowledge and network. Finteum is aware of banks' regulatory
requirements, sales cycles, stakeholders, integration complexities,
and appetite for a product that reduces the amount of balance sheet
dedicated to intraday liquidity as well as generating new revenue
streams.
Early Traction - Despite the early stage of the company, Finteum
has already developed relationships with 14 of the world's largest
banks, 3 of which are classed as 'founding members' as of July
2022. Several European tier 1 banks are already signed up to join
the platform ahead of its launch in 2023 and have also spent a
significant budget internally to facilitate Finteum's integration
(legal, IT, operations and compliance).
New investment - Techsembly
Key information
Ecommerce has been enabled by several great SaaS platforms -
chief among them Shopify. However, firms in the hospitality sector
have found Shopify's platform to be entirely inadequate for their
needs - especially as they look to sell experiences, vouchers,
merchandise and food & beverage delivery on one platform. Enter
Techsembly, a SaaS company that has created a beautiful platform
focused on high-end hospitality. The company already has Peninsula
Hotels, Aman Resorts, Belmond Hotels and Capella on board, with
Raffles Hotels and Mandarin Oriental expected to follow
shortly.
Investment name Techsembly
Industry SaaS / eCommerce
Geography Singapore
Currency of investment GBP
Stage of initial investment Seed
Fund's role in initial investment Lead
Website https://techsembly.com/
Why did the Fund invest?
The opportunity - e-commerce is eating the retail world. Growing
globally at around 20% per year since 2015, and now only at around
18% of total global retail sales. Techsembly currently focuses on
large premium hotel groups and offers a payments platform that
enables additional revenue streams beyond the booking experience
e.g. room upgrades, vouchers, products and experiences, where it
takes a healthy percentage of proceeds.
Differentiated product - e-commerce as a service is not new.
e.g. Shopify, with revenues at USD 3 billion, opened up e-retail
for 'Mom-and-Pop' stores all over the world, but due to the nature
of its' architecture, is unable to support multi-currency /
territory / tenancy installations, which is where Techsembly
excels.
Experienced founder - Founder Amy Read has successfully built
two businesses in complementary spaces so is not new to the founder
experience. She has also built a superior team by bringing the
best-fit team members to join her at Techsembly.
The directors of the Company accept responsibility for the
content of this announcement.
For more information, please contact:
SuperSeed Capital Limited +44(0) 203 405 3060
Mads Jensen, Investment Manager
Natasha Head, Investor Relations
VSA Capital - AQSE Corporate Adviser and
Broker +44(0) 203 005 5000
Corporate Finance: Andrew Raca
Corporate Broking: Andrew Monk, Peter Mattsson
or David Scriven
SuperSeed Capital Limited
Condensed Statement of Comprehensive Income
for the period from incorporation on 6 October 2021 to 30 September
2022
Current Quarter Cumulative
1 July 2022 6 October 2021
to to
30 September 30 September
2022 2022
GBP GBP
Income
Investment income 197 204
Unrealised gain on investments held
at fair value through profit or loss 51,239 180,401
Other income 1,255 2,206
Total income 52,693 182,811
---------------- ---------------
Expenses
Establishment costs - 194,298
Administration fees 7,500 19,932
Audit fees 5,293 15,707
Directors' fees 4,500 13,500
Insurance 259 1,057
Legal & professional fees 14,297 28,333
Regulatory fees 3,025 11,314
Sundry expenses 321 1,151
Total expenses 35,195 285,292
---------------- ---------------
Total profit/(loss) and comprehensive
income for the period 17,498 (102,481)
================ ===============
Basic and diluted earnings per share 0.008749 (0.051241)
SuperSeed Capital Limited
Condensed Statement of Financial Position
as at 30 September 2022
30 September
2022
GBP
Non-current assets
Investments 1,647,196
Total non-current assets 1,647,196
-----------------
Current assets
Trade and other receivables 5,491
Cash and cash equivalents 328,828
Total current assets 334,319
-----------------
Total assets 1,981,515
=================
Current liabilities
Trade and other payables 83,996
-----------------
Total current liabilities 83,996
-----------------
Total liabilities 83,996
=================
Net assets 1,897,519
=================
Equity
Share capital 2,000,000
Retained earnings (102,481)
-----------------
Total equity 1,897,519
-----------------
Net asset value per ordinary share 0.948760
The interim financial statements were approved by the Board of
Directors and authorised for issue on 9 November 2022.
SuperSeed Capital Limited
Condensed Statement of Changes in Equity
for the period from incorporation on 6 October 2021 to 30 September
2022
Share Capital Retained Total
Earnings
GBP GBP GBP
Issue of Ordinary Shares 2,000,000 - 2,000,000
Total comprehensive income/(loss)
for the period - (102,481) (102,481)
Balance as at 30 September
2022 2,000,000 (102,481) 1,897,519
-------------- ---------- ----------
SuperSeed Capital Limited
Condensed Statement of Cash Flows
for the period from incorporation on 6 October 2021 to 30 September
2022
Current Quarter Cumulative
1 July 2022 6 October 2021
to to
30 September 30 September
2022 2022
GBP GBP
Cash flows from/used in operating
activities
Net cash flow used in operating activities (25,707) (272,130)
Cash flows from/(used in) investing
activities
Net cash flow from/(used in) investing
activities (621,172) (1,399,042)
Cash flows from financing activities
Net cash flow from/(used in) financing
activities - 2,000,000
Net movement in cash and cash equivalents
during the period (646,879) 328,828
Cash and cash equivalents at the beginning 975,707 -
of the period
Cash and cash equivalents at the end
of the period 328,828 328,828
================ ===============
SuperSeed Capital Limited
Investment Analysis
for the period from incorporation on 6 October 2021 to 30 September
2022
Investment in SuperSeed II LP 30 September
2022
GBP
Cost 1,466,795
Cumulative movement in value 180,401
Fair value 1,647,196
===============
Investment fair value can be further
analysed as follows:
Current Quarter Cumulative
1 July 2022 6 October 2021
to to
30 September 30 September
2022 2022
GBP GBP
Cost
Cost at beginning of the period 766,396 -
Cost of investment - settled 621,179 1,399,049
Cost of investment - due for settlement
after period end 67,746 67,746
Cost of investment - prepaid, closing 11,474 -
equalisation
Total cost of investment 1,466,795 1,466,795
================ ===============
Fair value movement
Fair value adjustment at beginning of 129,162 -
the period
Revaluation of SuperSeed II LP underlying
investments 66,318 225,368
SuperSeed II LP management fee and other
net movements in NAV (15,079) (44,967)
180,401 180,401
================ ===============
SuperSeed Capital Limited fair value
of investment 1,647,196 1,647,196
================ ===============
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END
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SuperSeed Capital (AQSE:WWW)
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