Share Name Share Symbol Market Type Share ISIN Share Description
Chrysalis Investments Limited LSE:CHRY London Ordinary Share GG00BGJYPP46 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.40 0.33% 122.80 1,602,216 16:35:13
Bid Price Offer Price High Price Low Price Open Price
123.00 123.60 125.20 121.00 121.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -8.30 -1.75 703
Last Trade Time Trade Type Trade Size Trade Price Currency
17:56:25 O 28,410 123.021 GBX

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Chrysalis Investments Daily Update: Chrysalis Investments Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CHRY. The last closing price for Chrysalis Investments was 122.40p.
Chrysalis Investments Limited has a 4 week average price of 103.20p and a 12 week average price of 103.20p.
The 1 year high share price is 279p while the 1 year low share price is currently 103.20p.
There are currently 572,483,160 shares in issue and the average daily traded volume is 1,736,200 shares. The market capitalisation of Chrysalis Investments Limited is £703,009,320.48.
speedsgh: Quarterly NAV Announcement and Trading Update - HTTPS://;lang=en-GB&companycode=uk-jup&v=MerianChrysalisInvestment Net Asset Value The Company announces that as at 31 March 2022 the unaudited net asset value ("NAV") per ordinary share was 211.76 pence. The above NAV calculation is based on the Company's issued share capital as at 31 March 2022 of 595,150,414 ordinary shares of no par value. March's NAV represents an 11.0% decrease since December 2021, and a 1.8% increase since the Interim NAV as at 21 March 2022. The following investee companies were the most significant drivers of the movement in NAV over the quarter: · The Brandtech Group ("Brandtech") -saw an upward revision in valuation, supported by revenue and profit growth that has continued at what the Investment Adviser considers to be exceptionally strong levels, both on an absolute basis, and in comparison to listed peers; · Starling Bank ("Starling") - saw a modest increase in valuation, and is now held at a valuation in line with its recent primary round of £2.5 billion; · Klarna Holding AB ("Klarna") - notwithstanding its strong Gross Merchandise Volume ("GMV") growth over 2021 of 51% in US dollar terms, its valuation has been written down materially, mainly reflecting weakness in the share price performances of its listed comparators. The Company can confirm that the March NAV is based on a valuation for Klarna of approximately $30 billion; · Deep Instinct and InfoSum - both saw write downs in valuation, mainly due to weakness in their listed comparative sets; and · THG plc ("THG") and Wise plc ("Wise") - which saw share price falls of 60% and 35% respectively. Investment Adviser Comments Richard Watts and Nick Williamson (co-portfolio managers) comment: "We are very pleased with the robust rates of revenue growth - approximately 80% per annum on a blended basis - we are seeing across the portfolio, as we believe it will be the key determinant of future NAV performance. Many of our companies are only in the early stages of making an impact on their sizeable addressable markets, which we expect to support their growth aspirations into the medium term. Listed market valuations have remained under pressure, a trend which started in September 2021 and has continued into the current quarter, reflecting uncertainty over a number of key variables including economic growth, interest rates and inflation. It therefore feels prudent to adopt a conservative stance with respect to strategy, and a key focus for us over the coming quarters will be supporting our companies in pursuing their growth objectives. As detailed above, we have given more colour on the valuation levels of our two largest assets, Klarna and Starling. Together, these holdings account for approximately 40% of the Company's gross investable assets, which should give investors significant valuation certainty regarding a material part of the portfolio." [continues]
speedsgh: Interim NAV Announcement - HTTPS://;lang=en-GB&companycode=uk-jup&v=MerianChrysalisInvestment In view of market movements and volatility since the 31st December 2021, the Board considered it appropriate to release an unaudited interim Net Asset Value (the "Interim NAV"). This decision was influenced by the current extraordinary geopolitical events, which have exacerbated recent macroeconomic uncertainty, and have led to some instances of material share price fluctuations of relevant listed peers to the Company's portfolio assets. To this end, the Company commissioned an independent third party to value, as at 21 March 2022, 6 assets (representing together with cash and listed assets approximately 67% of the Company's gross portfolio value at 31st December 2021). The remaining 33% of the Company's assets have been revalued using a valuation methodology comparable to that applied at 31 December 2021. The Interim NAV is intended for guidance purposes only and the Company will issue its formal NAV calculation as of 31 March 2022 in due course, in line with its normal business practices. The Company announces that as of 21 March 2022, the Interim NAV per ordinary share was approximately 208 pence, which represents an approximate 13% decrease since 31 December 2021. The above Interim NAV calculation is based upon the Company's issued share capital as of 21 March 2022 of 595,150,415 shares. Within the Interim NAV, the listed portion of the portfolio accounts for approximately 7% of gross portfolio value, with cash accounting for approximately a further 6%.
speedsgh: NAV down to 237.86p (30/9/21: 251.96p). Detractors THG, WISE & Klarna... Quarterly NAV Announcement and Trading Update - HTTPS://;lang=en-GB&companycode=uk-jup&v=MerianChrysalisInvestment Outlook Conditions in the private growth market remain buoyant, with minimal evidence that the turmoil in stock markets is feeding through into significant curtailment of demand for high-quality assets, underpinning the Investment Adviser's view that investment horizons are longer than those typically prevalent in public markets. With a robust liquidity position and a number of major positions in the portfolio demonstrating strong growth, the Investment Adviser is confident in the ability of Chrysalis to drive meaningful NAV growth in the medium-term. Investment Adviser Comments Nick Williamson and Richard Watts (co-portfolio managers) comment: "The decline in NAV over the period was primarily driven by the underperformance of our listed names, as well as a modest mark down in the valuation of Klarna. We have commented extensively regarding the performance of THG previously but, despite delivering strong numbers, the extent of Wise's de-rating is disappointing. We believe it has been caught up in the wider sell-off of technology and growth companies. Elsewhere, the unlisted portion of the portfolio has seen some strong performances, particularly from Starling and wefox, which is based on their exceptional rates of growth that currently show little sign of diminishing. The overall impact on NAV has been further limited by some of our structures, which help to mitigate downside. Despite on-going volatility in listed markets, we do not see any fundamental deterioration in the growth prospects of the portfolio, which we believe is the most important determinant of long-term value creation for our investee companies. Wise is an exemplar of what we look for: a company sharing the benefits of its technology between consumers, via lower prices and a better experience, and shareholders, via improved financial results, which has strong network effects. As the company becomes bigger the network effects get stronger as the company shares the value with users in terms of lower fees, faster transfer speeds and new currency routes, for example, and, in this way, creates a flywheel effect to drive continued growth. Our belief is that the company should not deviate from this strategy, after all it is what has made it so successful. Notwithstanding its strong operational performance, the stock market is now valuing Wise at approximately half the level as of September. We are hopeful that this valuation is just a moment in time. Many of Chrysalis's other investments, such as Klarna, Starling Bank and wefox, for example, have similar network effect characteristics to Wise and are also disrupting huge markets. As we have stated previously, we firmly believe that we are still at the start of digital disruption and, if we are correct, we should expect our portfolio of digital market leaders in their sectors to provide exceptional long-term growth. It is our strong belief that this is the key attraction of Chrysalis; our investee companies are in the foothills of a significant revenue opportunity. Recent history suggests that stock markets can be a very unforgiving environment for those companies prioritising growth over near-term profitability and the market phases where there is little appetite to invest in these types of businesses can dramatically increase their cost of capital, via lower share prices, and inhibit their ability to continue to grow quickly. It's for this reason that Chrysalis is an attractive partner for our investee companies. The ability to provide long term, supportive capital is critical in enabling these highly disruptive companies to invest and grow. If stock markets fail to appreciate the true value of these businesses many more will likely choose to remain private for longer or, indeed, return to the private market. Chrysalis is very well positioned for such an outcome."
speedsgh: HTTPS:// ... Chrysalis looks over-sold Chrysalis Investments (CHRY) gave another example of this today with annual results confirming what house broker Numis called the ‘outstanding’ but previously-announced 57% NAV growth for the year to 30 September. However, shares in the £1bn closed-end fund, which invests in fast-growing tech companies before they float on the market, such as credit provider Klarna, Starling bank, and money transfer specialist Wise, have suffered in the recent tech retreat, losing a third of their value since the financial year-end. Shares in the company run by Jupiter smaller company fund managers Richard Watts and Nick Williamson rose 3.2% to 192p, down from 267p in September, as analysts considered the fall had gone too far given the strong operational performance being reported by the company’s main investments. Stifel’s Iain Scouller said yesterday’s 186p closing price assumed a big decline in NAV and future prospects. Rating the shares a ‘buy’, he said: ‘Even if the forward NAV were to decline by 20% to around 200p, the share price is almost a 10% discount, which we think offers value and scope for a sharp rebound when market sentiment improves.’ Numis, Chrysalis’s corporate broker, estimates the NAV per share has fallen 13% to 220.5p since September, which would put the shares on an even cheaper 16% discount.
speedsgh: Annual Financial Report - HTTPS:// Some excerpts: "Despite recent market weakness in growth stocks, including technology names, we believe Chrysalis is well positioned; we think a number of our major holdings are attractively valued versus their listed peers, are growing very quickly and, in many cases, are digital market leaders. In the current febrile market environment, our focus remains on supporting our companies to continue to build and grow. We firmly believe that we are still at the start of digital disruption and our purpose of identifying and enabling the most innovative technology enabled companies to disrupt huge addressable markets will provide exceptional long-term returns to shareholders." From the Chairman's statement: "Our structure enables us to take a long-term view to value creation; public markets are often shorter term in outlook and sometimes growth businesses, particularly those where growth has been prioritised over margin maximisation, struggle to make the case for investment to those public shareholders, who are more used to slower-growing, profit-maximising companies. We believe that all our listed investments have significant upside from their current market prices. However, if public markets continue to undervalue assets, Chrysalis does have the flexibility to maintain its shareholding if companies choose a return to the private marketplace to continue their growth development."... "The Company's share price rose 84% over the year to 267p, and, notwithstanding the post year end correction in technology stocks, it is still showing a substantial gain over the period from its opening level of 145p. While at the time of writing growth stocks appear to be out-of-favour with investors, experience shows how quickly market sentiment can swing. Fundamentally, the aim of Chrysalis is to invest in companies which can generate significantly faster growth rates in the medium-term than those typically available in listed markets. This should ultimately provide the Company the ability to outperform stock markets in share price terms." From the Investment Managers report: Re THG " However, into period end and post period, the share price suffered heavy selling pressure reaching c121p in January 2022. While well documented, the reasons appear to centre around: · concerns over corporate governance; · uncertainty surrounding the possible exercise of the SoftBank option to buy 19.9% of Ingenuity and the implicit £4.5 billion valuation of the division, as well as prospects for its future growth; and · a modest, downgrade to EBITDA mainly FX driven. In response, THG has: · made several moves designed to improve corporate governance, including: a commitment to rescind the founder's Golden Share, which effectively prevents an unwanted takeover in the next two years, and splitting the role of CEO and Chairman, with a process underway to identify an independent candidate to fill the latter; · appointed a SoftBank representative to its board; and · upgraded expectations for Ingenuity growth. As the representative of major shareholders, we engaged with the company to understand and support its plans, particularly in respect of corporate governance, and we are encouraged by the company's optimism surrounding Ingenuity. As part of our normal process, we have revisited our investment case and believe there has been no substantive change to the investment thesis since IPO. Given the current valuation, we believe there is significant upside potential in THG shares, and as a result, have topped up the Company's position in THG following the year end."...
speedsgh: Update on Performance Fee Arrangements - HTTPS:// The Company announces that it has, today, entered into an agreement with its investment manager, Jupiter Unit Trust Managers Limited ("Jupiter") to settle 54 per cent. of the performance fee amount that will be payable to the investment manager in respect of the period to 30 September 2021 in ordinary shares issued by the Company. The remaining 46 per cent. of the performance fee amount will be settled in cash. The issue price of those shares is expected to be 267p per share (being the closing share price on 30 September 2021) which is a 9.4 per cent. premium to the share price as at close of business on 26 November 2021 and a 6 per cent. premium to the unaudited net asset value per share as at 30 September 2021. To the extent that the audited 30 September 2021 net asset value per share is greater than 267 pence per share, the issue price will be increased to an amount equal to the audited 30 September 2021 net asset value per share. The shares are expected to be issued on the date of publication of the Company's audited financial statements for the year ended 30 September 2021, which is anticipated to be in January 2022. They will be issued on a non-preemptive basis utilising the Company's existing authority to issue shares. The shares issued to Jupiter are intended to be used by Jupiter as part of the deferred remuneration arrangements of its staff, including the Company's portfolio managers, and will be subject to Jupiter's usual vesting conditions which incrementally release shares to the qualifying staff over a three year period. The Company's chair, Andrew Haining, commented: "The Board is pleased to have accepted this proposal and material commitment by Jupiter on behalf of the fund managers and other staff members, which further increases their alignment with shareholders in pursuing long-term success for Chrysalis."
speedsgh: Chrysalis and Jupiter losses mount as THG crashes after chief attacks short sellers - HTTPS:// THG (THG) shares have shed well over a third of their value in less than 24 hours after a presentation to reassure investors about the e-commerce group’s prospects backfired spectacularly, dealing a blow to Chrysalis Investments (CHRY) and other Jupiter funds with big stakes. Chief executive and co-founder Matt Moulding hit out at short sellers at a capital market’s day yesterday, widely seen as a mission to justify the worth of the group’s Ingenuity technology unit and address negative perceptions after the shares had slid throughout this year. Instead, the shares plunged as the afternoon event proved a bust, eventually closing down 35% on Tuesday. Falls continued as markets opened today, with the stock down a further 3.1% to 276p at 11am amid volatile trading. ‘The City has totally lost confidence in this company and its founder,’ said analyst Neil Wilson. Formerly known as The Hut Group, the owner of Myprotein and a diverse suite of beauty and other brands was an investor darling when it floated a year ago, but challenges have mounted this year amid a wider slowdown in the e-commerce sector with supply chain and other issues biting. Pressure grew after a recent ‘short’ note written by The Analyst, a subscription-based research house run by former Fidelity analyst Mark Hiley, which was an early critic of fraudulent German payments company Wirecard. Emerging over the weekend, the report recommended investors bet against the stock, particularly criticising the inflated prospects of Ingenuity, a white-label platform helping other retailers run their operations which had been crucial in attracting Japanese group SoftBank’s investment earlier this year. ‘I think there was a lot of anticipation given the recent short note but the capital markets day could not fully address investors’ concerns. The lack of visibility is becoming an issue,’ said Shore Capital analyst Eleonora Dani. Having floated at 500p in September 2020, the shares now stand at barely a third of an 800p peak at the beginning of this year. THG’s tumble also dragged down Chrysalis, which fell 2.6%, or 6p, to 225p today, building on similar losses the day before. That comes after considerable air had already come out of the shares of the private and early-stage company investment vehicle in recent weeks, putting them down more than 15% over a month, though investors at launch three years ago have still comfortably doubled their money after a string of other successes. THG made up 7.7% of Chrysalis’s portfolio at the end of June, having taken profits around the turn of the year. Open-ended funds also run by Jupiter’s small and mid-caps team, of which Chrysalis managers Richard Watts (pictured) and Nick Williamson are part, have also been hit as THG and fast-fashion online retailer Boohoo (BOO) have pulled back sharply. Watts’ £3.3bn Jupiter UK Mid Cap fund, which had 6.2% in THG at the end of August, has lost 5% over three months, about 6% behind the wider UK market and placing in the bottom quarter of its sector peers. The timing of funds pricing means the latest falls are not included. Jupiter as a group is the sixth-biggest holder of THG, owning around 6.3% of the shares, according to Refinitiv data for the end of March. The stock is also a significant 3% position in Daniel Nickols’ £1.4bn UK Smaller Companies fund. Other UK-based funds with significant weightings in the stock include the BMO UK High Income (BHI) investment trust, whose shares were little changed, and the firm’s Select European Equity fund. Both run by Philip Webster, they had 4.4% and 2.4% positions respectively at the end of August according to Morningstar data. Chrysalis’s corporate broker Numis calculated that, following recent weakness, yesterday’s tumble in THG shares would have taken a further 1.9% out of the portfolio’s net asset value (NAV). Allowing for movements in all quoted holdings, including Wise (WISE), and performance fees, analyst Andrew Rees estimated the NAV stood at 226.9p per share, a 2% premium to last night closing price of 231p. Rees said struggles at a high-profile unquoted holding – which also became its first stock – were ‘clearly disappointing’. ‘Given Chrysalis’s focus on high-growth businesses, we never expected it to always be plain sailing,’ he said, pointing out that small-companies lender Growth Street had already been wound down. ‘We would expect the situation with THG to rumble on for some time, and may add volatility to the NAV, albeit we estimate THG is now just a 3.6% position.’ THG, which has a trading update due on 26 October, told the market this morning there was ‘no notifiable reason’ for the scale of its share price fall. Jupiter declined to comment.
blondviking: From Times this morning Klarna is the buy now, profit hugely later bet at Chrysalis Investments in private companies that go on to float have produced eye-catching results Patrick Hosking, Financial Editor Wednesday August 18 2021, 12.01am, The Times Klarna, which lets retailers offer credit, could become more valuable than HSBC, according to Chrysalis, which also backed the hotels website Secret Escapes INTERNET Share Klarna could be valued at $125 billion within 18 months, putting the “buy now, pay later” credit provider on a par with HSBC, Britain’s biggest financial institution, according to one of its most passionate backers. Richard Watts, the technology investor and co-manager of Chrysalis Investments, made the eye-catching estimate yesterday as he unveiled the latest in a string of investments in unlisted private companies with gargantuan, disruptive ambitions. Watts and Nick Williamson, his co-manager, have caught the attention of listed company investors after Chrysalis, a member of the FTSE 250, twice hit the jackpot in recent months from backing private companies that went on to float on meaty valuations. IN YOUR INBOX Business briefing In-depth analysis and comment on the latest financial and economic news from our award-winning Business teams. Sign up now The Hut Group, the direct-to-consumer retailer valued at £7 billion after floating in London in January, was one successful early pick. Wise, formerly TransferWise, the international transfers business, floated last month and now valued at £9.8 billion, was another. Chrysalis was also an early investor in Embark, the retail investment platform that was snapped up last month by Lloyds Banking Group for £390 million. Another large and appreciating investment is a £107 million stake in Starling Bank, which aims to float in the next two years. However, Klarna is by far the duo’s biggest bet, accounting for around a quarter of the Chrysalis investment portfolio after mushrooming in value. Watts, a 44-year-old Welshman who has been investing in emerging businesses for more than 20 years, believes that it could get bigger still. “Payment technology is super-hot at the moment,” he said. He pointed to the $29 billion purchase of Afterpay, a rival buy now, pay later provider based in Australia, by Square, an American financial technology platform, two weeks ago. That had been priced on an extraordinary multiple of 22 times prospective sales, he said. Extrapolate Klarna’s soaring revenues a year into the future and apply the kind of stratospheric multiple of the Afterpay deal and it is not hard to come to his $125 billion price tag. The lossmaking Klarna was valued at $45.6 billion in its latest capital-raising in June. Watts bought into it in an earlier capital-raising in August 2019, when the Swedish-based unicorn was valued at a mere $5.5 billion, so he has already made a ninefold return on some of his investment — on paper, at least. A flotation, possibly in London next year or in 2023, is the aim of Sebastian Siemiatkowski, its founder. SPONSORED Klarna and the buy now, pay later model have taken the retail world by storm, with online retailers such as Asos and Boohoo using it to offer free short-term credit. In effect, Klarna buys the receivables for 94p to 98p in the pound and is responsible for collecting the debt from the shopper. Klarna was used by 87 million shoppers worldwide last year, 15 million of them in the UK. Not everyone buys into the growth story. Regulators including the Financial Conduct Authority are starting to police this new form of credit. Debt charities say it is dragging vulnerable people deeper into debt. Competition is intensifying. And, like all highly valued companies with long-term time horizons, Klarna is vulnerable to a change in market sentiment, or even a modest rise in interest rate expectations. Chrysalis has already benefited, though. It reported £249.9 million of net investment gains in the six months to June and a 28.1 per cent increase in net assets per share. It took advantage of its appeal to investors by raising £300 million of fresh capital in the first half, boosting its market value to more than £1.4 billion. The unusual philosophy of “crossover investment” — buying stakes in unlisted companies and continuing to hold them after flotation — has appealed increasingly to traditional investors who feel that they are missing out on the jam generated in the pre-float years. Chrysalis investors have made a 162 per cent return in less than three years. Watts says the capital-raising years are largely over for Chysalis. Profits from maturer realised investments will be recycled into new investments in younger companies. The latest of these, unveiled yesterday, is InfoSum, a New York group whose proprietary technology helps its clients in the delicate art of sharing customer data without breaching rules on privacy or security. Chrysalis has injected $65 million into the business for an undisclosed stake. Watts concedes that some investors in fast-growing private companies are going to get burnt, but he is confident that Chrysalis has enough winners to offset the duds. “We pass on a lot of deals,” he said. “We’re disciplined.”
speedsgh: Interim Results to 31 March 2021 - HTTPS:// Financial summary NAV per share: 31/3/21 206.15p (30/9/20 160.97p) +28.1% Share price: 31/3/21 195.5p (30/9/20 145p) +34.8% Total net assets: 31/3/21 £1.128 billion (30/9/20 £542 million) +108.1% Highlights - NAV per share of 206.15p, representing 28.1% growth over the first half of the financial year, driven by £249.9m of net investment gains. - Continued strong performance from the key portfolio companies, driving over 70% blended revenue growth year-on-year. - This performance has led to several significant funding rounds in the portfolio, particularly Klarna and Starling Bank, which have driven NAV performance. - Post period end, follow-ons made in wefox (€30m) and Starling Bank (£35m), as well as a new investment in Smart Pension (£75m). In addition, a cornerstone agreement was signed between the Investment Adviser and Revolution Beauty that would allow Chrysalis to invest approximately £45m as part of Revolution Beauty's upcoming IPO. - Current cash position of approximately £150m and strong total liquidity of over £270m, both adjusting for the investment in Smart Pension but prior to the possible Revolution Beauty investment. - The Company has another potential new investment proceeding through latter stages of due diligence, with further assets in earlier stages. - Chrysalis is exceptionally well-placed to capitalise on the significant opportunities that it is increasingly seeing in the late-stage private market, as the proposition is bolstered by its growing scale and reputation for empowering entrepreneurs with crossover capital. Andrew Haining, Chair, commented: "Chrysalis has achieved another period of strong growth and in March completed a further successful fund raise, once again demonstrating the attractiveness of its investment proposition to investors, based on its proven ability to identify and deliver on exciting late-stage disruptive opportunities. Shareholders have more than doubled their money since Chrysalis launched in November 2018 and, with the value of its existing portfolio being substantially underpinned by recent portfolio company funding rounds and a strong pipeline of new investments identified, we believe the company is well placed to continue to generate material growth." Nick Williamson and Richard Watts, co-portfolio managers, commented: "The portfolio has continued to perform strongly, with several companies seeing exceptional growth. In certain cases, this has led to funding rounds at significant uplifts to our prevailing carrying values, including post period end. We believe the trends underpinning many of these performances are well entrenched. More widely, we believe Chrysalis is only scratching the surface of the opportunity available in the late-stage private market. Our original hypothesis of a "blurring of the lines" between private and public markets appears to be playing out and our crossover proposition, backed by significant scale, is resonating strongly with entrepreneurs. This has allowed us to access some fabulous companies. Our early-mover advantage is substantial, but we are continually looking for ways to develop the Chrysalis offering. Our origination network is generating a significant cadence of leads, and the current pipeline of new investments is very exciting, with a further potential investment in the final stages of DD and others in earlier stages. With substantial cash and liquidity available, we are well on track to continue our drive to diversify the portfolio, selectively targeting exceptional investment opportunities".
captain stock: Chrysalis Investments Limited Portfolio UpdateSource: UK Regulatory (RNS & others)TIDMCHRYRNS Number : 3998DChrysalis Investments Limited29 June 2021The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South Africa.29 June 2021Chrysalis Investments Limited ("Chrysalis" or the "Company")Portfolio UpdateThe Company is pleased to announce its Investment Adviser, Jupiter Investment Management Limited has entered into a cornerstone investment agreement with Revolution Beauty Group plc ("Revolution Beauty") as part of its expected IPO, and that the Company anticipates investing approximately GBP45 million as part of this process. Further details are available in Revolution Beauty's Intention to Float announcement that has been released today.Chrysalis met Revolution Beauty as part of a "pilot fishing" (a pre-IPO exploratory meeting) exercise at the request of the latter's CEO, Adam Minto, due to the Company's ability to invest both privately and publicly. Having analysed the investment case for Revolution Beauty and undertaken channel checks on the brand, the Investment Adviser believes it has a significant runway for growth.Chrysalis has the ability to invest up to 20% of gross assets in companies it has not held prior to IPO, calculated at the point of investment. While the Company's primary goal is to secure access to exciting companies prior to their IPOs and capture their subsequent growth in private markets, one of its other aims is to position itself favourably at point of IPO to secure a good allocation. Given the work undertaken by the Investment Adviser in assessing this potential transaction, it believes it will be a very attractive investment for shareholders.The main focus of Chrysalis will remain sourcing private, late-stage investments - typically two to five years out from IPO - but the Investment Adviser will continue to be flexible in its approach to leveraging its proposition to maximise value generation for shareholders.Nick Williamson and Richard Watts (co-portfolio managers) comment:"Over the last seven years, Adam and Tom have built an amazing company, able to bring exciting products that customers want to market significantly faster than its competition. With a small market share in a huge market and a compelling customer proposition, we believe Revolution Beauty is well placed to grow aggressively in the years ahead."Adam Minto (CEO of Revolution Beauty) comments:"Chrysalis has developed a compelling proposition for entrepreneurs with late-stage businesses, providing long-term capital regardless of whether they stay private or choose to go public. We are looking forward to a successful IPO and will be proud to welcome Chrysalis onto our shareholder list, as part of the wider cornerstone agreement with Jupiter".About Revolution BeautyRevolution Beauty was founded by Adam Minto (CEO) and Tom Allsworth (Executive Chairman) in 2014, since when it has experienced a revenue CAGR of 99% to December 2019, with the year to December 2020 showing minimal growth due to COVID-19.Revolution Beauty operates a "digital first" strategy, but has multiple channels to market for its various brands, which cover a number of different beauty categories. The company differentiates itself with its speed to market: it looks to identify beauty trends quickly and bring them to the mass-market within 16 weeks, making it significantly more agile and responsive than its global competitors, which typically take 6 to 12 months. It identifies trends via consumers, influencers and retailers, particularly via social media platforms, such as Instagram and TikTok. It then utilises its highly efficient and scalable supply chain to bring products to market rapidly, digesting customer responses, before fine-tuning. Revolution Beauty is committed to sustainability, by ensuring products ranges are 100% cruelty free, mostly vegan, and sustainable and recyclable packaging are used wherever possible.Revolution Beauty's core offering is in colour cosmetics, but it expanded into skincare in 2018 and has relaunched its haircare range in 2021. In total, this offers an addressable market of approximately $197 billion in 2021, growing at a CAGR of 6% to 2025 (Source: Euromonitor).Over the fourteen months to 28 February 2021, Revolution Beauty generated revenues of GBP157.6 million and adjusted EBITDA of GBP13.1 million.-ENDS-
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