Webrock Ventures Interim Report Q1 2024
Key events during the quarter
- Webrock successfully closed a SEK 76,8 million private placement at a pre-money valuation of SEK 301 million.
- On February 5, Webrock successfully debuted on the NASDAQ First North Growth Market under the ticker “WRV”.
- In February, Webrock made an investment of SEK 8,0 million in Chalinga as a follow-on investment. Coupled with an investment from Mr. Orange, the company received a total capital injection of SEK 8,9 million.
- In February, Webrock made an investment of SEK 3,0 million in Score as a follow-on investment.
- On March 5, FinanZero announced a media-for-equity deal worth USD 4 million with 4Equity, a prominent Brazilian investment fund. This transaction granted 4Equity a minority stake in FinanZero, and it was executed at the same valuation as the company’s preceding funding round in June, 2023.
Net asset value
- Net Asset Value (NAV) of SEK 625,9 million on March 31, 2024, an increase of 8.3% compared to SEK 578,0 million on December 31, 2023.
- NAV per share of SEK 29,6 on March 31, 2024 compared to SEK 34,3 on December 31, 2023.
- Portfolio value of SEK 577,7 million, cash and cash equivalents of SEK 46,8 million, and other net assets of SEK 1,4 million on March 31, 2024.
Financial result
- Change in value of financial assets amounted to SEK -15,0 million (-).
- Investments during the period amounted to SEK 11,0 million (4,1).
- Operating profit amounted to SEK -19,9 million (-3,9).
- Net profit amounted to SEK -20,0 million (-3,9).
- Profit per share amounted to SEK -1,0 (-0,2).
Webrock Ventures CEO, Joakim Pops, comments:
“In the first quarter, Webrock Ventures reached several significant milestones. January marked the successful closure of a SEK 76,8 million private placement, culminating in our debut on the Nasdaq First North Growth Market on February 5, 2024. This quarter stands as a defining moment in our company’s history, affirming our commitment to delivering enduring value for our shareholders.”
| Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | |
| Net asset value (SEKm) | 718,3 | 578,0 | 625,9 |
| Net asset value per share (SEK) | 42,7 | 34,3 | 29,6 |
| WRV AB (publ) share price (SEK) | N/A | N/A | 18,0 |
Events after the end of the period
- 123Qred Solucoes Financeiras Ltda (Qred), a portfolio company of Brazil Finance Group (BFG), successfully secured SEK 54 million from a Brazilian credit management firm. This capital injection is solely dedicated to bolster new loan origination efforts.
- Webrock extended a SEK 5 million loan to Qred to reinforce its cash reserves in alignment with the covenants set by the credit management firm.