- TMT Investments reports a 235% uplift in the fair value of its investment in Pipedrive since the end of December.

Pipedrive has recently completed a US$9m equity financing round led by Bessemer Venture Partners, a prominent global venture capital fund. As a result, TMT's convertible notes in Pipedrive have been converted into Pipedrive's equity, and TMT now holds approximately 5.71% of Pipedrive's fully-diluted equity capital.

The transaction represents an approximately US$1.82 million (or 235%) uplift in the fair value of TMT's investment in Pipedrive, compared to the latest reported amount as of 31 December 2014. TMT's original investments in Pipedrive consisted of US$325,000 and US$450,000 unsecured convertible promissory notes in Pipedrive completed in July 2012 and September 2013 respectively.

TMT executive director Alexander Selegenev said: : "We are delighted with the significant positive revaluation of yet another of our portfolio companies. The US$1.82m uplift in the fair value of our investment in Pipedrive represents approximately 6.5 cents in additional net asset value per TMT share.

"Together with the recently announced revaluation of our shareholding in Wrike, which added approximately 8.3 cents in additional net asset value per TMT share, the revaluation of our investment in Pipedrive is a perfect illustration of how IFRS-based valuations can lag behind the actual underlying valuations of early-stage businesses in the fast-growing technology sector."

At 1:25pm: [LON:TMT] TMT Investments share price was 0p at 1.78p

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