TMT Investments
Annual Report 2023

Investing globally in
leading-edge, earlier
stage technology
companies since 2010

Annual Report & 
Accounts 2023
For the year ended 31 December 2023

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Planning the next 
generation of 
potential winners

Early and mid-stage companies represent 42% 
of TMT’s total portfolio value and 89% of the total 
number of portfolio companies, providing a large 
pipeline from which to keep growing tomorrow’s 
winners.

16.3%

NAV-based IRR for 
last five years

19

Profitable Full and 
Partial Exits

4

Unicorns to Date

A prolific AIM 
pioneer

TMT is a pioneer in its sector. Upon its admission to 
AIM in December 2010, TMT became one of the first 
publicly traded venture capital vehicles in the UK to 
provide investors with access to a portfolio of high-
growth international private technology companies. In 
December 2023, TMT made its 100th investment since 
its admission to AIM.

Since inception, TMT’s portfolio has generated 
US$105m worth of full and partial profitable exits, of 
which a number were landmark multi-million dollar 
exits, and a 16% IRR (internal rate of return).

TMT was one of the earliest investors in some of its 
most successful portfolio companies, including Bolt, 
Backblaze, Pandadoc, Wrike (exited) and Pipedrive 
(exited). Having generated four unicorn companies 
in its portfolio to date, TMT is increasingly being 
recognised as a trailblazer in identifying promising 
technology companies at an earlier stage of their 
development.

Investing globally

TMT invests globally. This confers a key advantage, 
enabling TMT to seek the best risk/reward investment 
opportunities worldwide for its shareholders. As 
technology business models and trends start in one 
region and spread to or are replicated in others, they 
may well command significantly different valuation 
levels based on geography and stages of development. 
This can give rise to significant valuation disparities. 
TMT therefore identifies and evaluates companies 
engaged in high growth business trends across 
continents, seeking attractive valuation opportunities.

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100+

TMT has invested  
in over 100 companies 
since its admission  
to AIM in December 2010

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Contents

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About TMT Investments

TMT as a public company

NAV per Share

Highlights 

Investment Strategy 

Investing Policy

Executive Director’s Statement

Portfolio Developments

Investment Portfolio

Case Studies

Board of Directors

Corporate Governance

ESG Policy

ESG Developments

Directors’ Reports

Independent Auditor’s Report

Financial Statements

Statement of Comprehensive Income

Statement of Financial Position

Statement of Cash Flows

Statement of Changes In Equity

84 

Notes to the financial statements

116  Directors and professional advisers

Registered office 
13 Castle Street, St Helier, Jersey JE1 1ES.      

   Tel. +44 1534 281 800       Fax. +44 08451 258 623

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TMT Investments Plc 
is an earlier-stage 
investor in high 
growth technology 
companies with 
global scale up 
ambitions.

TMT Investments Plc (“TMT” or “the Company”) provides its 
shareholders with access to a diversified portfolio of companies  
in the TMT (technology, media and telecommunications) sector.

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About TMT 
Investments 

TMT Investments Plc (“TMT” or “the Company”) provides 
its shareholders with access to a diversified portfolio 
of companies in the TMT (technology, media and 
telecommunications) sector.

TMT is passionate about its work. Members of the 
Company’s team have been investing in and building 
start-ups since the 1990s. The team is experienced 
in the challenges many founders and entrepreneurs 
face and is therefore highly selective in its investments, 
leveraging its collective experience to identify the best 
risk/reward entry point.

TMT is a pioneer in its sector. Upon its admission to 
AIM in December 2010, TMT became one of the first 
publicly traded venture capital vehicles in the UK to 
provide investors with access to a portfolio of high 
growth international private technology companies. In 
December 2023, TMT made its 100th investment since 
its admission to AIM. 

Since inception, the Company has invested in over 100 
companies and realised 19 profitable full and partial 
exits. TMT was one of the earliest investors in some 
of its most successful portfolio companies, including 
Bolt, Backblaze, Pandadoc, Wrike (exited) and Pipedrive 
(exited). Having generated four unicorn companies in its 
portfolio to date, TMT is increasingly being recognised 
as a trailblazer in identifying promising technology 
companies at an earlier stage of their development. Bolt 
is the largest of TMT’s four unicorn investments to date 
and was valued at €7.4bn when it raised €628 million in 
its January 2022 funding round.

Global investors

TMT has no restrictions on the geographies in which it 
invests. The Company’s key investment criteria include 
having a globally scalable business model and being 
led by a management team with the resilience and 
ability to execute in high-growth environments. To date, 
investments have typically been made in companies 
that are headquartered in the US and operate globally, 
but investment opportunities continue to be scrutinised 
globally, regardless of location. Since 2019, the 
Company has selectively added a number of companies 

headquartered in the United Kingdom to its portfolio.

TMT believes that investing globally is a key 
advantage, enabling the Company to seek the best 
risk / reward investment opportunities worldwide 
for its shareholders. As technology business models 
and trends start in one region and spread to or 
are replicated in others, they may well command 
significantly different valuation levels based on 
geography and stage of development. This can give 
rise to significant valuation disparities. TMT therefore 
identifies and evaluates companies engaged in high 
growth business trends across continents, seeking 
attractive valuation entry points for companies. 

Experienced investors

TMT’s management team comprises experienced 
investors who have been investing in, building and 
scaling start-ups since the 1990s. The Company 
leverages this deep experience to identify and invest 
in high-growth companies at a relatively early stage of 
their development before they reach potentially much 
higher valuations. TMT seeks to pay special attention 
to not “overpaying” when it makes an investment, and 
prefers to reject an investment opportunity where it 
considers the risk / reward balance is not sufficiently 
attractive given the stage of an investee’s development. 
If a company in which TMT has made an investment 
is performing well, TMT will seek to make follow on 
investments where appropriate. In parallel, TMT has 
an active policy of seeking to reduce the value of 
underperforming investees as soon as there is enough 
evidence to support such a decision.

TMT’s approach has led to a well-maintained portfolio, 
which is broadly diversified across early, mid and 
expansion stage companies and business sectors. 
A number of portfolio companies have achieved 
significant growth and generated stellar returns for 
investors. Prime examples are the Company’s exits 

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Specialist investors 

Investing in private companies in the TMT sector 
requires a specialist set of skills and investment 
approach, in contrast to investing in publicly listed 
companies. Information available on private companies 
is typically much scarcer than for publicly listed 
companies, especially at an earlier stage of their 
development, and requires a dedicated and specialist 
investment process that includes evaluating other 
factors. TMT’s proprietary four-filter investment process 
is specially designed to reduce risk and identify  the 
best opportunities in early-stage investing.

About TMT Investments Continued

from project management software company Wrike, 
which generated a US$23m cash exit and a return of 
23 times initial investment when it was acquired by 
Vista Equity Partners in December 2018, the US$44.4 
million disposal of the Company’s interest in sales 
management software company Pipedrive to Vista 
Equity Partners in December 2020, which generated a 
total cash return of over 51 times on investments made 
in 2012 and 2013, and the US$20m total cash exits 
from Depositphotos realised in 2016 and 2021, which 
generated a 5x total cash return.

These substantial cash exits, together with other cash 
exits and the proceeds of the Company’s fund raise 
conducted in October 2021, which raised US$19.3 
million before expenses, have been reinvested into 
earlier and mid-stage companies as part of planning the 
next generation of the portfolio’s potential winners. As 
of 31 December 2023, early and mid-stage companies 
represented 42% of TMT’s total portfolio value and 89% 
of the total number of portfolio companies. 

In summary, identifying and investing in high-growth 
technology companies at an early stage before they 
have fully proven themselves is not easy, but offers 
the potential for generating significant returns. TMT 
leverages the experience of its Board and management 
team to identify and execute investments capable 
of generating significant returns for shareholders, 
in companies that may ordinarily be difficult to gain 
exposure to, whilst seeking to minimise risks.

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TMT as a public 
company

Investors who choose to invest directly in private companies typically face less liquidity when it comes to exiting 
their investment compared to those in publicly traded companies. Investors wishing to exit from their investment 
in a private company will need to identify current shareholders who are willing to increase their stake(s), or new 
investors wishing to acquire such a stake. Some private companies may have additional restrictions on new investors 
contained within their constitution. Other potential exit events could include a potential sale to an acquirer or 
a listing on a stock exchange, neither of which can be guaranteed, and may require agreement among major 
shareholders.

TMT was established to solve this problem by providing investors with the daily liquidity that a publicly traded 
company offers, whilst achieving exposure to a diversified portfolio of high-growth, mainly privately held  
technology companies.

Investing in private companies requires a specialist skill set, access to suitable investment opportunities and 
extensive research. TMT’s shareholders trust in the Company’s team to build and manage a diversified portfolio of 
high-growth technology companies. For the last five years, TMT’s NAV-based IRR (internal rate of return) has been 
16.3% per annum.

Benefits of investing in TMT

Liquidity 

Diversification

Rare exposure

Experience

Investing via publicly 
traded TMT shares 
provides shareholders 
with venture capital 
exposure combined with 
the benefits of publicly 
traded liquidity

Access to a diversified 
portfolio of high-growth, 
private companies in the 
TMT sector

TMT’s shareholders 
benefit from the 
experience of a specialist 
investment team with a 
track record of success

Most successful start-
ups move to their next 
level of financing and 
revenues within just one 
to two years, at which 
point they become 
practically inaccessible 
to private investors 
for direct investment 
until such time as they 
subsequently undertake 
a listing/IPO

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NAV per share

Net Asset Value per share

IRR*
5 Years

IRR*
7 years

16.3%

19.5%

IRR*
Since Inception 
(13 years)

16.0%

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201120202019201820172016As of 31 December of each year20152014201320122021$0.96$1.11$1.30$1.44$1.91$1.89$2.43$3.09$3.52$6.10$9.00$9.30*$6.40*$3.19*$2.53*$1.99*$3.82** Including dividends paid to date$6.41$6.71*2022$6.62$6.92*2023 
 
 
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Highlights

$6.62

$105m

NAV per share of US$6.62 
(up 3.3% from US$6.41 as 
of 31 December 2022)

Total cash proceeds 
from portfolio companies 
since inception

$208.1m

Total NAV of US$208.1m 
(up from US$201.7m as 
of 31 December 2022)

$4.7m 

US$4.7 million of investments 
across 10 new and existing 
companies in 2023

16.3%

5-year IRR of 16.3% 
per annum

$11.0m

US$11.0 million in cash and 
cash equivalent reserves 
as of 18 March 2024

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Investment 
Strategy

Through its investment criteria, TMT seeks to 
identify companies with the following features:

Competent and motivated management founders – managing high growth companies 
requires a rare combination of skills

High growth potential – companies with a product or service that can be scaled 
 up globally

Growth stage – companies that are already generating revenues (TMT’s typical minimum 
revenue threshold is US$100,000 per month)

Series A / Pre-Series A – TMT’s typical investment range is between US$0.5-2.5m

Viable exit opportunities – assessing potential exit scenarios from the start

Core investment sectors.  TMT currently focuses on identifying attractive 
investment opportunities in the following segments of the TMT sector:

Big Data / Cloud

SaaS

Mobility

Fintech

Whilst the Company focuses its attention on these segments, it is not constrained to these segments and will 
consider making investments throughout the TMT sector.

TMT invests globally

The Company is not geographically restricted in terms of where it can invest. It will consider any geographical 
area, to the extent that the investment fits within the Company’s investment criteria.

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Investment selection process

TMT’s investment selection process is based on 
analysing companies through its four-filter process.  
The Company’s tried and tested process is the fruit 
of its extensive hands-on experience in building and 
growing start-ups combined with a deep analysis of key 
operational and financial metrics.

Preliminary filter

The basic filter ensures that the team is comfortable 
with the company’s segment within the TMT sector, 
growth stage, the market trends in which it operates, 
and its exit potential.

Numbers filter

The numbers filter analyses a company’s financial 
performance, operational metrics and fundraising 
terms, considering assessment of the company’s 
competitive landscape.  

Product filter

Analysis of the company’s product from a customer’s 
perspective, including user experience, by drawing on 
the team’s experience of assessing competing products 
and services. 

People filter

Managing a company in high-growth or hyper growth 
scenarios requires a rare combination of high levels 
of resilience, organisation and commercial acumen, 
amongst others.  TMT interviews the company’s 
founders to identify these abilities, drawing upon 
its experience of working with hundreds of start-up 
company management teams.

Post-investment engagement

TMT has funded over 100 companies since inception.  
The Company’s engagement with investees continues 
post-investment, and is tailored to each company’s 
needs and size. This can include attending an investee’s 
board meetings, facilitating introductions to new 
investors, providing strategic advice and exploring 
synergies with partner companies, including TMT’s 
portfolio companies.

Investment radar

Companies that have successfully passed through the 
majority of the filters, but have not received investment 
from TMT, are added to the Company’s investment 
radar, whereby their development is monitored for 
potential future investment. Praktika.AI and 1Fit are 
good examples of companies that TMT monitored for  
a period of time before investing in order to confirm 
their strong growth trajectory.

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Investment 
Strategy

TMT’s investment selection process  
is based on analysing companies 
through its four-filter process:

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PRELIMINARY FILTERSector, Growth Stage, Markets Trends, Exit PotentialNUMBERS FILTERFinancial Performance, Operational Metrics, Fundraising Terms, Competitive LandscapePEOPLE FILTERFounders’ Competence, Team’s Ability to Grow BusinessPOST-INVESTMENT ENGAGEMENTInvestee Board Meetings, New Investor Introductions Strategic Advice and Exploring SynergiesINTERNAL PRODUCT TESTING FROM THE CUSTOMER’S PERSPECTIVE15,800+Proposals in 13 Years1,750+Deeply Scrutinised100+Companies Funded400+Promising Companies on the Radar700+Interviewed4,000+Closely Analysed 
 
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PRELIMINARY FILTERSector, Growth Stage, Markets Trends, Exit PotentialNUMBERS FILTERFinancial Performance, Operational Metrics, Fundraising Terms, Competitive LandscapePEOPLE FILTERFounders’ Competence, Team’s Ability to Grow BusinessPOST-INVESTMENT ENGAGEMENTInvestee Board Meetings, New Investor Introductions Strategic Advice and Exploring SynergiesINTERNAL PRODUCT TESTING FROM THE CUSTOMER’S PERSPECTIVE15,800+Proposals in 13 Years1,750+Deeply Scrutinised100+Companies Funded400+Promising Companies on the Radar700+Interviewed4,000+Closely Analysed 
 
 
 
 
Investing Policy 

The Company’s objective is to generate an attractive 
rate of return for shareholders, predominantly 
through capital appreciation, by investing in primarily 
venture capital and private equity opportunities in the 
Technology, Media and Telecommunications (“TMT”) 
sector.

The Company aims to provide equity, debt, and equity-
related investment capital, such as convertible loans, 
primarily to small and mid-sized private companies, 
which are seeking capital for growth and development, 
consolidation or acquisition, or as pre-IPO financing. 
In addition, the Company may invest in “digital assets” 
defined as an electronically stored right or title to 
digital or non-digital property or service, including 
but not limited to intellectual property, software, or 
cryptocurrencies. The Company may also invest in 
publicly traded equities which have securities listed on a 
stock exchange or over-the-counter market.

The Company may make investments either directly 
into individual companies or indirectly through similar 
investment vehicles or funds focused primarily on 
venture capital and private equity opportunities in the 
TMT sector, provided such indirect investments in other 
investment vehicles or funds in total do not exceed 
20% of the Company’s latest audited or announced net 
asset value at the time of the investment. The Company 
may also set up (and potentially co-invest in) other 
investment vehicles or funds and generate income by 
providing advisory and consulting services to other 
investment vehicles or funds.

The Company is not geographically restricted in terms 
of where it will consider making investments. It will 
consider any geographical area, to the extent that 
the investment fits within the Company’s investment 
criteria. The Company’s Directors and senior managers 
have the relevant expertise to invest in the TMT sector, 
whether in the form of equity, debt, equity related 
instruments, collective investment vehicles, or “digital 
assets”. The Company is not subject to any borrowing 
or leveraging limits.

Private Companies

The Company will target primarily small and midsized 
companies. Each investment is expected to be at 
least US$250,000. The investments targeted by the 
Company will aim to support rapidly-growing private 
companies to increase market share and achieve 
long-term shareholder value. If the Company invested 
in a private company prior to that company listing on 

a stock market, the Company may retain a part of its 
investment in the listed entity going forward. Wherever 
appropriate, the Company intends to work closely with 
the management of each investee company to create 
value by focusing on driving growth through revenue 
creation, margin enhancement and extracting cost 
efficiencies, as well as implementing appropriate capital 
structures to enhance returns.

Public Companies

When investing in public equities, the Company will seek 
to select companies with strong growth potential in 
their respective segments. No restrictions will be placed 
on the size of public companies in which the Company 
may make an investment.

Realisation of Returns

The Company will, when appropriate, consider how 
best to realise value for Shareholders whether through 
a trade sale, flotation or secondary sale of the investee 
companies. The proposed exit route will form a key 
consideration of the initial investment analysis. The 
Company expects to derive returns on investments 
principally through long-term capital gains and/or the 
payment of dividends by investees. The primary ways 
in which the Company expects to realise these returns 
include: (a) the sale or merger of a company; (b) the 
sale of securities of a company by means of public or 
private offerings; and (c) the disposal of public equity 
investments through the stock exchanges on which they 
are listed. 

For private investee companies the Company believes 
that its typical investment holding period should provide 
sufficient time for investee companies to adequately 
benefit from the capital and operational improvements 
resulting from the Company’s investment. The targeted 
holding period shall be reviewed on a regular basis by 
the Company, but it is expected that this will typically be 
between two to six years. For public equities, following 
the investment, the Company will continue to monitor 
its position. Importance will be placed on the timing 
of any disposal. Should the Company consider that 
the capital appreciation of a particular investment 
has reached its peak or is likely to or has begun to 
decline, then the Company will consider the sale of that 
investment.

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Executive Director’s 
Statement

In 2023, the venture capital markets generally 
continued to experience a higher degree of market and 
economic volatility.

Investors’ increased focus on start-ups’ profitability has 
created a “survival of the fittest” market environment.  
On the one hand, companies with superior products 
and business models that have continued to grow and 
improve profitability continue to attract new capital 
at higher valuations.  On the other hand, companies 
with weaker business models or non-mission critical 
products that were more dependent on future funding 
have come under increased pressure.

In line with the market, TMT’s portfolio has continued to 
see an increased divergence between the stronger and 
weaker performers.  Despite the ongoing challenges in 
the macroeconomic and political environment, investors 
in 2023 continued to back fast-growing, high-quality 
digital technology companies.  We were pleased to see 
3S Money, 1Fit, Collectly, SonicJobs, Mobilo, Synder, 
Educate Online, Laundryheap, Whizz, and AgendaPro 
receive further validation of their progress by raising 
fresh capital at higher valuation levels.  These are 
companies operating in “tried and tested” sectors that 
benefit from well-established revenues and spending 
habits, be they, for example, payments, education, 
accounting software or laundry services, rather than 
seeking to devise completely new revenue streams.  
These portfolio companies are successfully competing 
and gaining market share against incumbents by 
adding significant value, be it through more efficient 
technology, better service, consolidation or other 
benefits.  The combination of these factors, together 
with nimble execution and a focus on profitability, 
placed them in a favourable position to successfully 
raise fresh capital. 

The value of TMT’s equity stake in NASDAQ-traded cloud 
storage company Backblaze (www.backblaze.com), 
varied during the period, partly driven by the volatility 
in the share prices of many publicly traded technology 
companies.  Based on Backblaze’s closing mid-market 
price of US$7.59 per share as of 29 December 2023, 
TMT’s stake in Backblaze recorded a US$5.4 million 
increase in value compared to 31 December 2022.  
Backblaze’s business has been developing well, 

recording 20% revenue growth in 2023 compared to 
2022.  Backblaze remains sufficiently capitalised, with 
an estimated net debt position of approximately US$3 
million as of 31 December 2023.  TMT availed itself 
of the opportunity provided by Backblaze’s improved 
share price to dispose of approximately 8% of its shares 
in Backblaze during 2023 for a total consideration of 
US$2.1 million.  Backblaze’s closing mid-market price on 
15 March 2024 was US$10.04 per share.

TMT adopts a highly prudent approach to valuing its 
portfolio investments and therefore regularly reviews 
and writes down investments that are not showing 
the progress TMT believes is required to justify the 
previously reported valuation level.  As a result, during 
the period TMT partially or fully wrote down the value of 
twelve of its investments (excluding the additional write-
downs related purely to exchange rate fluctuations).  
This resulted in US$16 million of partial and full write 
downs.

In December 2023, TMT made its 100th investment 
since TMT’s inception in 2010.  Over the period since 
inception, the Company has generated a number of 
landmark multi-million dollar exits, US$105 million-
worth of full and partial profitable disposals, four 
unicorns and a 16% IRR (internal rate of return). At the 
end of December 2023, 64% of TMT’s portfolio value 
was accounted for by its five largest holdings. These are 
companies with strongly established business models, 
with a strong market presence and expanding, and 
typically either already operationally profitable or close 
to achieving profitability.  The remainder of the portfolio 
is made up of companies in their early and mid-stages, a 
number of which are making admirable progress in the 
current environment. This means that TMT’s portfolio 
today is a far cry from its make-up of earlier-stage start-
ups in the early years

NAV per share

The Company’s NAV per share in 2023 increased 
by 3.3% to US$6.62 as of 31 December 2023 (31 
December 2022: US$6.41), mainly as a result of the 
upward revaluation of Backblaze and Collectly during 
the period.

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Operating expenses

In 2023, the Company’s administrative expenses of 
US$1.3 million were below the corresponding 2022 
figure of US$1.4 million, reflecting the Company’s 
reduced level of investment and business development 
activities during the period.

Financial position

As of 31 December 2023, the Company had no financial 
debt and cash and cash equivalent reserves of US$6.6 
million (31 December 2022: US$10.1 million).  As of 
18 March 2024, the Company had cash and cash 
equivalent reserves of US$11.0 million.

Outlook

TMT has a diversified investment portfolio of over 50 
companies, focused primarily on Big Data/Cloud, SaaS 
(software-as-a-service), Mobility, and FinTech.

Despite the ongoing market and political volatility, 
investors continue to invest in high-quality technology 
businesses at the appropriate valuation levels.  TMT 
is continuing to identify such opportunities very 
selectively, whilst employing a generally cautious 
investment approach.  With no financial debt and cash 
and cash equivalent reserves of US$11.0 million as 
of 18 March 2024, TMT is well positioned to ride out 
the current market volatility and to continue making 
investments and realising full and partial disposals 
when the right opportunities present themselves.

Alexander Selegenev 
Executive Director 
18 March 2024

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Portfolio 
Developments

The following developments have had an impact on, and are reflected in, the 
Company’s NAV and/or financial statements as of 31 December 2023 in accordance 
with applicable accounting standards.

Profitable full and partial cash exits, and positive revaluations:

• 

In January and March 2023, TMT received a total additional US$1.6 million in dividends from Hugo, as part of the 
consideration for Hugo’s disposal of its food delivery and quick commerce business in Central America to Delivery  

  Hero completed in 2022.

In February 2023, TMT received US$0.3 million from Backblaze, Inc., as a settlement payment in respect of TMT’s 

• 
  additional investment in Backblaze in 2021.  In addition, TMT disposed of 8% of its equity stake in Backblaze  

in 2023, for a total net consideration of US$2.1 million.

The following of the Company’s portfolio investments were positively revalued as of 31 December 2023:

Portfolio 
company

Portfolio company description

Positive 
revaluation 
amount (US$)

As % of 
fair value 
reported as 
of 31 Dec 
2022

Basis for revaluation

Backblaze, Inc.

NASDAQ-listed cloud storage and 

5,361,766

23%

Based on the closing mid-market price of 

data back-up company  

(www.backblaze.com) 

US$7.59 per share on 29 December 2023 

(incl. US$0.3m settlement and US$2.1m partial 

disposal proceeds received in 2023)

Collectly, Inc.

Patient billing platform for medical 

4,389,328

213%

New funding round (equity)

organisations (www.collectly.co)

Distance education platform for 

New funding round (simple agreement for 

Educate Online Inc.

children and young adults aged 

1,847,458

185%

future equity (“SAFE”)

4-19 (www.educate-online.io)

3S Money Club 

Provider of global business bank 

Limited

account and payment solutions 

3,016,809*

21%

New funding round (equity)

(www.3s.money)

CloudBusiness Inc., 

Accounting software solution  

1,368,571

66%

New funding round (SAFE)

trading as Synder

(www.synder.com)

Mobile app providing users with 

Alippe, Inc., trading 

access to multiple gyms and yoga 

1,080,320

216%

New funding round (SAFE)

as 1Fit

studios in Central Asia  

(https://1fit.app)

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Portfolio 
company

Portfolio company description

Positive 
revaluation 
amount (US$)

As % of 
fair value 
reported as 
of 31 Dec 
2022

Basis for revaluation

Laundryheap

On-demand laundry and dry-

993,810*

55%

New funding round (equity)

cleaning services  

(www.laundryheap.co.uk)

My Device Inc., 

Device-as-a-service e-bike rental 

trading as Whizz

company  

739,241

70%

New funding round (equity)

(www.getwhizz.co),

Lulu Systems, Inc., 

Smart digital business  

trading as Mobilo

card solution  

470,000

46%

New funding round (SAFE)

(www.mobilocard.com)

Scentbird, Inc

Perfume, wellness and beauty 

Independent 3rd party secondary share sale 

products subscription service  

418,646

6%

transaction

(www.scentbird.com)

AgendaPro, Inc.

SaaS-based scheduling, payment 

and marketing solution for the 

beauty and wellness industry in 

395,609

77%

New funding round (SAFE)

Latin America  

(www.agendapro.com)

SonicJobs App Ltd.

Job search app focused on “blue 

collar” positions  

(www.sonicjobs.com)

283,666*

46%

New funding round (equity)

Total

20,365,224

* - incl. foreign exchange effect

In addition, the following of TMT’s non-USD denominated investments increased in value due to favourable 
exchange rate movements as of 31 December 2023: Bolt, Timbeter, Feel, Hinterview, MTL (Outfund), FemTech, 
Outvio, EstateGuru, and Bairro.

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KEY DEVELOPMENTS FOR THE FIVE LARGEST 
PORTFOLIO HOLDINGS IN 2023 (SOURCE: TMT’S 
PORTFOLIO COMPANIES): 

Bolt (ride-hailing and food delivery service):

•  Active in over 550 cities globally (up from over 500 

cities as of 31 December 2022)

•  Double-digit revenue growth

•  Announced plans to achieve profitability in 2024 and 

potentially float in 2025

(cloud storage provider):

•  Double-digit revenue growth

•  Multiple new integrations and partnerships building 

basis for future growth

•  Positive adjusted EBITDA achieved in Q4 2023

(provider of global business account and payment solutions):

•  Double-digit revenue growth

•  Regulatory permissions obtained in Luxemburg, Dubai 

and Singapore

•  EBITDA positive

(proposal automation and contract management software):

•  Double-digit revenue growth

•  Over 50,000 customers (from over 40,000 as of 31 

December 2022)

•  Acquired Berlin-based fintech start-up Denario in a 
move to further accelerate its growth into a leading 
all-in-one document and payment workflow platform

(Perfume, wellness and beauty product subscription service):

•  Double-digit revenue growth

•  EBITDA positive

NEGATIVE REVALUATIONS:

The following of the Company’s portfolio investments 
were negatively revalued as of 31 December 2023:

Portfolio 
Company

Write-down 
amount 
(US$)

Reasons for  
write-down

Reduction 
as % of 
fair value 
reported 
as of 31 
Dec 2022

Muncher

2,853,697

50%

PandaDoc

2,830,644

26%

Bafood

2,500,000

100%

Rocket 
Games 
(Legion Farm)

Conte.ai 
(Postoplan)

1,650,000

100%

1,628,090

100%

Scalarr

1,378,282

100%

Metrospeedy

1,000,000

100%

Qumata

909,411

50%

Wanelo

602,447

100%

Go X

175,000

50%

Academy of 
Change

330,000

100%

ClassTag

101,965

25%

Business negatively 
affected by the recent 
market conditions

Valuation adjusted 
based on an 
independent secondary 
share sale offer 
received by TMT

Business negatively 
affected by exposure to 
Ukraine and changed 
market conditions in 
the sector

Disappointing 
performance during 
the year; prospects 
unclear

Business negatively 
affected by the recent 
market conditions

Business negatively 
affected by the recent 
market conditions and 
staff’s exposure to 
Ukraine

Business negatively 
affected by the current 
economic environment 
and changed market 
conditions in the sector

Limited progress with 
the previous product; a 
pivot is underway

No response from the 
company in the last two 
years; limited website 
functionality; assumed 
zero equity value

Limited progress in 
the last two years; 
prospects unclear

Final write-off due 
to lack of progress 
in repositioning the 
business. Company is 
being liquidated.

Cash exit transaction 
completed in August 
2023, with US$0.28 
million (94% of the total 
cash consideration 
due to TMT) received 
to date

Total

15,959,536

In addition, TMT’s non-USD denominated investment 

in eAgronom decreased in value due to exchange rate 

fluctuations as of 31 December 2023.

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FURTHER INVESTMENTS:

Other events after the reporting period

Given the persistently high level of market uncertainty 
and volatility, TMT continued to be more selective and 
made the following investments in 2023: 

Follow-on investments during the reporting period:

In January 2024, TMT received a total additional 
US$1.5 million in dividends from Hugo, as part of the 
consideration for Hugo’s disposal of its food delivery 
and quick commerce business in Central America to 
Delivery Hero completed in 2022.

•  €150,000 in Bairrissimo, LDA, trading as Bairro, 

an instant food and grocery delivery company in 
Portugal  (https://bairro.io);

TMT disposed a part of its shares in NASDAQ- 
traded Backblaze for a total net consideration  
of US$4.2 million.

•  US$100,000 in Cyberwrite, an AI cyber insurance 
platform providing cybersecurity insights and risk 
quantification for businesses worldwide  
(www.cyberwrite.com); 

•  £45,861 in FemTech, a London-based technology 

accelerator focused on female founders 
(www.femtechlab.com);

•  US$500,000 in Alippe, Inc., trading as 1Fit, a mobile 
app providing users with access to multiple gyms 
and yoga studios in Central Asia  
(https://1fit.app); and

•  US$200,000 in Lulu Systems, Inc., trading as Mobilo, 

a smart digital business card solution   
(www.mobilocard.com).

New investments during the reporting period:

•  US$500,000 in Phoenix Health Inc., a Canada-based 

direct-to-consumer health platform for men  
(www.phoenix.ca);

•  US$1,000,000 in GameOn Inc., an AI chat platform 

that powers conversational experiences for fashion, 
sport and retail brands and teams  
(www.gameontechnology.com);

•  US$700,000 in Montera, Inc., trading as Forta,  
a family-powered autism therapy platform  
(www.fortahealth.com);

•  US$1,000,000 in Rain Technologies Inc., a provider 

of easy and instant access to earned wages  
(www.rainapp.com); and

•  US$400,000 in Praktika.AI, a language learning app 
with personal AI avatar tutors (www.praktika.ai).

New investments after the reporting period

•  US$1,000,000 in Propertymate Inc., trading as 
NewHomesMate, a marketplace for newly built 
homes (www.newhomesmate.com)

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Investment 
Portfolio

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Portfolio Classification By Investees’ Sectors

(as of 31 December 2023)

Big Data / Cloud

E-Commerce

Edtech

Fintech

Healthtech

Mobility

SaaS

Other

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Ten Largest Portfolio Investments

(as of 31 December 2023)

Other

Portfolio  
Company

# 

1

2

3

4

5

6

7

8

9

Bolt

Backblaze

3S Money Club

PandaDoc

Scentbird

Collectly

SOAX

Workiz

Feel

10

Synder

Other

Total

Fair value (US$M)

As % of  
total portfolio value

72.2

26.0

17.1

8.0

7.0

6.4

4.0

4.0

3.9

3.4

51.0

203.1

35.5

12.8

8.4

3.9

3.5

3.2

2.0

2.0

1.9

1.7

25.1

100.0

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Portfolio allocation by sector and by number of companies

(as of 31 December 2023)

Healthtech 
2.6%

Other 
2.8%

Edtech 
3.9%

E-Commerce 
7.3%

Fintech 
14.9%

4

4

5

5

4

7

7

Big Data / Cloud 
15.4%

17

SaaS 
15.8%

Mobility 
37.3%

Sector

Mobility

SaaS

Big Data/cloud

Fintech

E-Commerce

Edtech

Healthtech

Other

Total

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Fair Value 
(US$M)

As % of  
total portfolio value

Companies

75.8

32.1

31.3

30.3

14.8

7.9

5.2

5.7

203.1

37.3

15.8

15.4

14.9

7.3

3.9

2.6

2.8

100.00

4

17

7

7

4

5

5

4

53

 
Portfolio allocation by growth stage of investee companies

(% of portfolio and number of companies, as of 31 December 2023)

Early 
8.5%

Late stage 
6

Early 
18

Fair Value

Mid-stage 
33.5%

Number of 
Companies

Late Stage 
58.0%

Mid-stage 
29

Fair Value (US$M)

As % of  
total portfolio value

Companies

17.3

68.1

117.7

203.1

8.5

33.5

58.0

100.0

Portfolio allocation by target audience of investee companies

(% of portfolio and number of companies, as of 31 December 2023)

B2B 
33.0%

B2C 
48.5%

Fair Value

B2B 
27

Number of 
Companies

18

  29   

6

  53   

B2C 
14

B2C/B2B 
12

Fair Value (US$M)

As % of  
total portfolio value

Companies

98.4

37.5

67.2

203.1

48.5

18.5

33.0

100.0

14

12

27

  53   

Sector

Early

Mid-stage

Late stage

B2C/B2B 
18.5%

Sector

B2C

B2C/B2B

B2B

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Proven Track Record In Creating Value

(since inception to 31 December 2023)

VALUE CREATED

$307.8m

$94.0m

Full Profitable 
Cash Exits

$10.7m

Partial Cash Exits 
and other cash proceeds

$203.1m

Current Portfolio

CAPITAL INVESTED

$108.2m

VALUE LOST

$30.6m

$24.2m

Full negative exits

$6.4m

Partial impairments

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Value Created

Capital Invested

Value Lost

 
Exits
Exits

(since inception to 31 December 2023)
(since inception to 30 June 2021)

FULL PROFITABLE EXITS

PARTIAL PROFITABLE EXITS

ACQUIRERS

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31

Partial Profitable ExitsAcquirersFull Profitable Exits 
 
 
 
 
 
Portfolio Map

(as of 31 December 2023)

Late stage

Mid-stage

Early

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The Company’s ten largest 
portfolio investments

(as of 31 December 2023)

www.bolt.eu

International ridehailing and delivery platform

Incorporation
Estonia

First invested in
September 
2014

Total Investment
$0.3m

Fair Value
$72.2m

www.backblaze.com

Online data back-up and cloud storage provider.

* including $4.3m partial cash exits

Incorporation
USA

First invested in
July 2012

Total Investment
$7.0m

Fair Value
$30.4m*

www.3s.money

A UK-based bank challenger providing corporate 
clients with multi-currency bank accounts

*Including partial disposals, dividends and 
other receipts 

Incorporation
Incorporation
UK
UK

First invested in
First invested in
April 2020
April 2020

Total Investment
$6.0m

Fair Value
$17.2m*

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www.pandadoc.com

Proposal automation and contract management 
software provider

* including $2.0m partial cash exit

Incorporation
USA

First invested in
July 2014

Total Investment
$0.4m

Fair Value
$10.0m*

www.scentbird.com

Perfume, wellness and beauty products  
subscription service

* including $0.5m partial cash exit

Incorporation
USA

First invested in
April 2015

Total Investment
$1.2m

Fair Value
$7.5m*

www.collectly.co

Patient billing platform for medical organisations

Incorporation
USA

First invested in
July 2021

Total Investment
$2.0m

Fair Value
$6.4m

https://soax.com

A SaaS-enabled marketplace of tools to collect 
publicly available data at scale 

Incorporation
UK

Total Investment
$4.0m

First invested in
January 2022

Fair Value
$4.0m

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www.workiz.com

A leading SaaS provider for the field service industry

Incorporation
USA

Total Investment
$0.4m

First invested in
May 2016

Fair Value
$4.0m

www.wearefeel.com

Subscription-based innovative multivitamin and 
supplement producer

Incorporation
UK

First invested in
August 
2020

Total Investment
$3.4m

Fair Value
$3.9m

https://synder.com/

Accounting software solution

Incorporation
USA

Total Investment
$2.1m

First invested in

May 2021

Fair Value

$3.4m

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225x

Return on TMT’s 
investment to date

$0.3M

Total Investment

$72.2M

Fair Value of TMT’s stake

Bolt is now active 
in over 550 cities 
globally, up from over 
500 cities as of 31 
December 2022.

Bolt is a ride-hailing and food delivery service which is transforming 
mobility worldwide (www.bolt.eu). In 2023, Bolt expanded its 
presence to over 550 cities globally. Bolt recorded double-digit 
revenue growth in 2023 and announced plans to achieve profitability 
in 2024 and potentially float in 2025. 

Bolt benefits from a highly diversified geographical revenue base, 
with over 150 million customers in more than 45 countries across 
the globe, leveraging its technology to serve six business segments: 
rides, food delivery, grocery delivery, car sharing micro-mobility and 
business travel.  

“Good cities should feel like home. Bolt encourages people to 
challenge car-centricity and strive towards shared assets such as Bolt 
Drive, ride-sharing or scooters. This mission aims to create cities with 
lower traffic emissions, reduced congestion, and more public spaces 
for people.” Markus Villig, CEO, Bolt.

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4x

Return on TMT’s 
investment to date

$7.0M

Total Investment

$30.4M*

Fair Value of TMT’s stake 

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Backblaze is a leading 
specialised storage 
cloud platform.  

TMT became Backblaze’s first institutional external investor in 
2012. In November 2021, Backblaze conducted its IPO on NASDAQ, 
raising $100m.

In 2023 Backblaze recorded revenue of $28.7 million, an increase 
of 25% year-over-year (YoY). B2 Cloud Storage revenue was $14.0 
million, an increase of 47% YoY, whilst Computer Backup revenue 
was $14.7 million, an increase of 10% YoY.

“Backblaze capped off a strong finish to 2023 with our B2 Cloud 
Storage revenue growing 47% in Q4 and delivered adjusted EBITDA 
profitability for the first time as a public company.  We exited 
2023 with accelerated revenue growth and dramatically improved 
profitability and cash usage metrics. I’m excited for the coming 
year as Backblaze continues to move up in the mid-market and 
help customers who are poorly served by legacy solutions to break 
free with our differentiated cloud services.” Gleb Budman, CEO of 
Backblaze.

www.backblaze.com

*including US$4.3m partial cash exits 

 
 
 
 
 
3x

Return on TMT’s 
investment to date

3S Money is a 
provider of global 
business bank account 
and payment solutions

$6.0M

Total Investment

$17.2M*

Fair Value of TMT’s stake

After experiencing business banking frustration first-hand, the 
founders launched 3S Money in 2018, enabling its corporate 
clients to send, receive and exchange high-value payments in 190+ 
countries and access 65+ currencies, and providing them with local 
EU, UK and US account details. 

In 2023, 3S Money recorded double-digit annualised revenue growth 
and obtained regulatory permissions in Luxemburg, Dubai and 
Singapore. 3S Money’s business is EBITDA-positive. 

In the second half of 2023, 3S Money completed a new equity 
funding round. The transaction represented a revaluation uplift 
of US$3.0 million (or 21%) in the fair value of TMT’s investment, 
compared to the previous reported amount as of 31 December 
2022. 

https://3s.money

*Including partial disposals, dividends and other receipts 

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3x

Return on TMT’s 
investment to date

$2.0M

Total Investment

$6.4M

Fair Value of TMT’s stake 

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Collectly is a 
pioneering patient 
billing software for 
medical groups

Collectly was founded in 2017 and is based in Santa Monica, 
California. 

In July 2023, Collectly announced the closing of a $29 million 
Series A funding round led by Sapphire Ventures. The transaction 
represented a revaluation uplift of US$4.4 million (or 213%) in the 
fair value of TMT’s investment, compared to the previous reported 
amount as of 31 December 2022.

As the healthcare financial landscape grows increasingly complex, 
the fundraise will aid medical groups, billing and revenue cycle 
management (RCM) companies, as well as hospital and health 
systems, to regain control with Collectly’s patient financial 
engagement software. Data reveals that providers collect only 
about 55% of what they are owed, due to inefficient payment 
processes, while patients often grapple with unexpected or 
unaffordable bills. With patient payments projected to account 
for more than 35% of medical provider revenue, up from 
approximately 5% in 2000, modernizing patient billing systems is 
more important than ever.

This latest investment brings the total capital raised by Collectly to 
$34.1 million. YC, Wayfinder Ventures, Burst Capital, Cabra VC, and 
Davidovs VC also participated in the round.

“There are thousands of medical groups across the United 
States. At Collectly, our mission is to ensure that all healthcare 
organizations, irrespective of size, have access to cutting-edge 
financial engagement solutions.” Levon Brutyan, CEO and  
Co-Founder of Collectly.

www.collectly.co

 
 
 
 
 
Board of Directors

Yuri Mostovoy, Non-Executive Chairman, was 
appointed to the Board in June 2011. Yuri brings over 
40 years expertise in investment banking, software 
development and business to his role as Chairman 
of the Company. Yuri has held a number of previous 
Board positions at a number of companies, and 
brings this experience to the Board. He has been 
involved in a number of internet start-ups in the areas 
of medical devices, software development, and social 
media. 

Yuri Mostovoy is actively involved in the start-up 
investment community, especially in some of the 
tech hubs in the USA, meeting with technological 
companies seeking investments on a regular 
basis. Through this process of direct contact with 
investee companies, Yuri keeps updated on sector 
developments.

Alexander Selegenev, Executive Director, was 
appointed to the Board in December 2010. The 
Executive Director has the responsibility of leading 
the business and the executive management team, 
ensuring that strategic and commercial objectives are 
met. Alexander has over 20 years of experience in 
investment banking and venture capital, with specific 
expertise in international corporate finance, equity 
capital markets and mergers and acquisitions at a 
number of City of London firms including Teather & 
Greenwood Limited, Daiwa Securities SMBC Europe 
Limited, and Sumitomo Bank Limited. Throughout 
his career he worked on a large number of AIM 
IPOs and private equity and merger and acquisition 
transactions. He brings strong experience of working 
with public markets. Alexander’s public markets and 
financial experience make him an ideal conduit to 
engaging with the Company’s Nomad, corporate 
brokers, investors and make him an effective conduit 
between the Board and the Company’s other team 
members. 

Alexander Selegenev is an active member of the 
Company’s investment committee, allowing him to 
keep very close to developments and current thinking 
on innovative technologies, market trends, company 
valuations and fund raising activities. 

Alexander Selegenev is a member of the Company’s 
Nomination Committee.

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Andrea Nastaj, independent Non-executive 
Director, was appointed to the Board in May 2022, 
succeeding Petr Lanin. Andrea is an experienced 
executive within the financial sector, having held 
senior positions at a number of financial institutions. 
He has, for the past decade, served as Head of 
Compliance for Capital Mill OÜ, the commercial real 
estate investor and manager. Prior to this, Andrea 
held the position of Vice-President at Banque Profil 
de Gestion, the independent bank whose primary 
services are private and investment banking. Banque 
Profil de Gestion merged with One Swiss Bank SA in 
June 2021 and is listed on the SIX Swiss Exchange 
(SIX:ONE). 

His appointment to the Board as an independent 
non-executive director of the Company brings 
to the team a wealth of corporate governance, 
compliance and financial services experience. Andrea 
has a Master’s in Accounting and Finance from the 
University of St. Gallen, Switzerland.

James Mullins, independent Non-executive 
Director, was appointed to the Board in December 
2010. He brings to the Company a strong 
combination of accountancy, experience of working 
with public markets and institutional investors. James, 
with his financial background, provides the experience 
required as chairman of the audit committee to 
challenge the business internally and also the Group 
auditors. From 2004 to 2007, he was the Finance 
Director at Rambler Media and was involved in its 
successful admission on AIM and subsequent sale. 
He has been a director of numerous funds and 
companies including a fund listed on the Bermuda 
Stock Exchange. He was previously a partner in 
First Mercantile and FM Asset Management Ltd. He 
previously worked for PricewaterhouseCoopers, 
Deloitte and British Coal where he was a national 
investment manager. He was recently Chairman of 
the Scottish Salmon Company, which is listed on 
the Oslo Bors. James is a Fellow of the Association 
of Chartered Certified Accountants and he holds 
a Bachelor of Science degree and a Master of Arts 
degree from Trinity College, Dublin. James is also an 
active entrepreneur and investor.

James Mullins has completed an online course with 
University of Oxford Said Business School entitled 
“Oxford Blockchain Strategy Programme”.

James Mullins serves as Chairman of the Audit, 
Remuneration and Nomination committees.

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Corporate  
Governance  
Statement 

Introduction

The Board fully endorses the importance of good corporate governance and 
has adopted the 2018 Quoted Companies Alliance Corporate Governance 
Code for Small and Mid-Sized Companies (the “QCA Code”), which the Board 
believes to be the most appropriate corporate governance code given the 
Company’s size, stage of development and AIM-traded status. The QCA Code 
is a practical, outcome-oriented approach to corporate governance that 
is tailored for small and mid-size quoted companies in the UK and which 
provides the Company with the framework and effective oversight to help 
ensure that a strong level of governance is maintained.

In accordance with the QCA Code and AIM Rule 26, the report below provides 
a high-level overview of how TMT has applied the principles of the QCA Code 
and any areas in which the Company’s governance structures and practices 
depart from or differ from the expectations of the QCA Code.

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Chairman’s Corporate 
Governance Statement 

pressure, underlying investor demand and a recognition 
that current levels of ESG data available remain opaque 
and under-developed in many sectors, resulting in new 
business opportunities to meet this shortfall. 

The Company has been monitoring ESG issues before 
they reached the mainstream investment agenda. As 
such, TMT has made a number of investments in ESG-
focused companies that also meet TMT’s investment 
objectives. 

In 2021, TMT started formalising its ESG Policy under 
the guiding principles that it be relevant, realistic and 
accountable, and finalised it as published in its 2022 
Interim Results. The ESG Policy is reviewed annually 
and published in the annual report. Since 2022, TMT 
provides an annual update on ESG developments in 
TMT’s portfolio.

A corporate culture based on transparency, 
innovation and continuous improvement 

The Board not only sets expectations for the business 
but works towards ensuring that strong values are set 
and carried out by the Directors across the business. 
The Company’s corporate culture is based on the three 
values of transparency, innovation and continuous 
improvement. These three values support the 
Company’s objectives, strategy and business model.

Introduction

As Chairman, it remains my responsibility, working 
with my fellow Board colleagues, to ensure that good 
standards of corporate governance are embraced 
throughout the Company. I am therefore pleased to 
report that, in accordance with the revisions made to 
the AIM Rules for Companies, the Board chose to adopt 
the QCA Code effective 28 September 2018.

The adoption of the QCA Code supports the Company’s 
success by creating and supporting a strong corporate 
governance environment for the benefit of the 
Company, its shareholders and its stakeholders.

The Board is committed to good governance across 
the business, at executive level and throughout its 
operations, and we believe that the QCA Code provides 
us with the right governance framework: a flexible but 
rigorous outcome-oriented environment in which we 
can continue to develop our governance model to 
support our business. The Company applies the QCA 
Code by seeking to address all of its requirements 
and ensuring that the QCA Code is embedded in the 
Company’s operations and corporate culture.

As Chairman, I am responsible for leading an effective 
Board, fostering a good corporate governance culture, 
maintaining open communications with shareholders 
and ensuring appropriate strategic focus and direction 
for the Company.

Good governance is the fundamental 
underpinning of ESG  

The focus on ESG (Environmental, Social & Governance) 
by both businesses and society at large continued to 
evolve in 2023, as companies and countries around the 
world increase their understanding of ESG principles 
and debate the ways to apply them. Investor attention 
has been driven by three main factors: regulatory 

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Chairman’s Corporate governance 
statement continued

In November 2023, the QCA published a revised QCA 
Corporate Governance Code 2023. The Company will 
start implementing the revised Code during 2024 and 
report against it in its 2024 Annual Report.  

In the statements that follow, we explain our approach 
to corporate governance, how the Board and its 
committees operate, and how we seek to comply with 
the QCA’s 10 principles.

Yuri Mostovoy 
Chairman

Transparency

As a publicly quoted company that provides 
shareholders with investment exposure to mainly 
private technology companies, transparency is 
fundamental to how TMT operates and communicates 
with shareholders. The Company therefore endorses 
a culture of transparency and seeks to provide 
investors with as much information as is practically 
possible regarding its portfolio investments and its own 
operations as a company. 

Innovation

Innovation supports the Company’s objective of 
investing in successful, long-term companies that have 
innovation at the core of their own business models. 
In parallel, the Company seeks to apply an innovative 
approach to how it manages its own operations. The 
Company therefore seeks to review its operations 
and capabilities on an ongoing basis to ensure it 
can continue to successfully operate as an investing 
company. 

Continuous improvement

Continuous improvement reflects the Company’s 
objective of assessing its own performance and 
identifying areas for improvement across its investment 
processes and operations on an ongoing basis.

TMT places a special focus on monitoring and 
promoting a healthy corporate culture, which the 
Company currently enjoys. Nevertheless, there is always 
room for improvement and we will continue to pursue 
programmes that keep us advancing in this regard.

The importance of engaging with our shareholders 
underpins the essence of the business, and we welcome 
investors’ continued engagement with both the Board 
and executive team.

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PRINCIPLE 1

Establish a strategy and business model
which promote long-term value for
shareholders

The Company has been established for the purpose of making investments in the Technology, Media and 
Telecommunications sector where the Directors believe there is potential for growth and the creation of 
shareholder value. 

Investment Strategy 

TMT currently focuses on identifying attractive investment opportunities in the following segments of the  
TMT sector: 

•  Big Data/Cloud

•  SaaS (software-as-a-service)

•  Marketplaces

•  FinTech

Among other features, TMT seeks to identify companies 
that have:

The Company has identified a number of challenges in 
executing its strategy. We describe these risks and how 
we manage them in Principle 4.

The Company believes it is well placed to deliver 
shareholder value in the medium and long-term through 
the application of its business model, investment 
strategy and risk mitigation measures, as described in 
this document.

•  Competent and motivated management 
  founders  – (managing high-growth companies 
  requires a rare combination of skills)

•  High growth potential – (companies with a  
  product or service that can be scaled up globally)

•  Growth stage – (TMT’s typical minimum revenue 

threshold is US$100,000 per month)

•  Series A / Pre-Series A – TMT’s typical investment 
  range is between US$0.5-2.5m

• Viable exit opportunities – (assessing potential exit 
  scenarios from the start)

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PRINCIPLE 2

Seek to understand and meet 
shareholder needs and expectations

The Company continues to be committed to engaging 
with retail investors by holding private investor events 
arranged by the Company’s public relations adviser. As 
part of these retail investor events, feedback surveys 
are provided to attendees. The feedback includes 
information on amount, type and quality of information 
provided, presentation style and areas of investor 
interest. Investor feedback collected is incorporated 
into the planning of future events on an ongoing basis. 
The Company continues to make increased use of 
online and social media communications to maintain 
communication with all types of investors. Interested 
parties are able to subscribe for notifications of such 
future events by contacting  
tmt@kinlancommunications.com.

Shareholder enquiries should be directed to  
Alexander Selegenev, Executive Director at  
ir@tmtinvestments.com, or to the Company’s advisors, 
contact details for whom are included on the Company’s 
web site. 

The Company places great importance on 
communication with both existing and potential new 
shareholders, which it undertakes through a variety of 
channels, including the annual report and accounts, 
interim accounts, and regulatory announcements that 
are available on the Company’s website  
www.tmtinvestments.com. On request, hard copies of 
the Company’s reports and accounts can be mailed to 
shareholders and other parties who have an interest in 
the Company’s performance.

The Directors review the Company’s investment strategy 
on an ongoing basis. Any material change to the 
Investing Policy will be subject to the prior consent of 
the shareholders in a general meeting.

Developing a good understanding of the needs and 
expectations of the Company’s shareholder base is 
fundamental to the Company’s progress. The Company 
has developed a number of initiatives that it holds on 
a regular basis to meet this need. As part of its regular 
dialogue with shareholders, the Company seeks to 
understand the motivations behind shareholder voting 
decisions as well as manage shareholders’ expectations.

The Company’s shareholder base has grown in numbers 
as well as become more diversified since its admission 
to AIM in December 2010. The Company’s shareholder 
base is comprised of institutional investors, family 
offices, high net worth individuals and retail investors.

The Company engages two brokers, Cavendish 
Capital Markets Ltd (“Cavendish”) and Hybridan LLP 
(“Hybridan”) as Joint Brokers to TMT. Together with the 
Company’s other advisors, both brokers arrange regular 
meetings with UK institutional investors and private 
client brokers, seeking to broaden the Company’s 
shareholder base. In addition, the Company engages 
with the financial media on a regular basis in order to 
generate interest among a wider number of potential 
shareholders.

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PRINCIPLE 3

Take into account wider stakeholder 
and social responsibilities and their 
implications for long-term success

The Company’s business model is that of a publicly 
quoted venture capital investing company investing in 
the TMT sector. As such, it relies on the continued growth 
of the TMT sector and access to promising investment 
opportunities. In relation to its wider stakeholders, the 
Company needs to ensure that it:

Regulators

The Company is quoted on AIM and is subject to 
regulation by the London Stock Exchange. The Company 
is also subject to the UK City Code on Takeovers and 
Mergers.

•  Maintains a good reputation as a credible investor in its 
  chosen investment sector;

Other suppliers

•  Is fully compliant with all regulatory requirements;

•  Takes into account its wider stakeholders’ needs; and

The Company has banking relationships in place 
to service its operations as well as a number of 
administrative and other suppliers, such as the Registrar 
and Company Secretary.

•  Takes into account its social responsibilities and their 

The Company’s workforce

implications for long-term success.

The Company’s investment performance relies on the 
retention and incentivisation of its directors, employees 
and consultants. 

The Company has put in place the Bonus Plan for 
Directors, officers, employees of, or consultants to, the 
Company. Under the Company’s Bonus Plan, subject to 
achieving a minimum hurdle NAV and high watermark 
conditions, the team receives an annual cash bonus 
equal to 10% of the net increases in the Company’s NAV, 
adjusted for any changes in the Company’s equity capital 
resulting from issuance of new shares, dividends, share 
buy backs and similar corporate transactions.

The Company engages with its stakeholders during the 
course of its day-to-day activities, seeking feedback as 
the occasion arises. The Company evaluates feedback 
and assesses its incorporation into its decisions and 
actions and, if appropriate, its operations, on an ongoing 
basis.  Details of the Company’s most regular interactions 
with shareholders, through which the Company gains 
feedback from shareholders, are provided in Principle 2 
above.

The Company regards its employees, advisors, 
shareholders and investee companies, as well as the 
technology and start-up community, to be the core of its 
wider stakeholder group:

The technological and start-up community

The Company sources its investments from the global 
technological universe of companies. All members of 
the Company’s team maintain good relationships with 
the global technological start-up community through 
arranging meetings with prospective investees, attending 
tech and tech investor events, and through ongoing 
building of their professional network, both online and 
in person. This is essential to maintaining a valuable level 
of accumulated tech knowledge, being connected to the 
latest developments in the Company’s core investment 
sectors and having access to a pipeline of attractive 
investments.

Professional advisors

The Company’s professional advisors include its 
Nominated Adviser (Nomad), Brokers, Accountants, 
Auditors, and Legal and Financial PR advisors. The 
Company works closely with its professional advisors 
to ensure that it is fully compliant with all regulatory 
requirements at all times.

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PRINCIPLE 4

Embed effective risk management, 
considering both opportunities and 
threats, throughout the organisation

The Directors are responsible for the Company’s internal 
control framework and for reviewing its effectiveness. 
Each year the Board reviews all controls, including 
financial, operational and compliance controls and 
risk management procedures. The Directors are 
responsible for ensuring that the Company maintains 
a system of internal control to provide them with 
reasonable assurance regarding the reliability of 
financial information used within the business and for 
publication, and that assets are safeguarded. There are 
inherent limitations in any system of internal financial 
control. On the basis that such a system can only 
provide reasonable but not absolute assurance against 
material misstatement or loss, and that it relates only 
to the needs of the business at the time, the system 
as a whole was found by the Directors at the time of 
approving the accounts to be appropriate given the size 
of the business.

The Board regularly reviews the risks faced by the 
Company and ensures the mitigation strategies in place 
are the most effective and appropriate to the Company. 
There may be additional risks and uncertainties which 
are not known to the Board and there are risks and 
uncertainties which are currently deemed to be less 
material, which may also adversely impact performance. 
It is possible that several adverse events could occur 
and that the overall impact of these events would 
compound the possible impact on the Company. Any 
number of the below risks could materially adversely 
affect the Company’s business, financial condition, 
results of operations and/or the market price of the 
Company’s shares. 

The Company has identified the following principal risks 
in executing its strategy and addresses these in the 
following ways:

In determining what constitutes a sound system of 
internal controls the Board considers:

Key people risk

•  The nature and extent of the risks which they regard  
  as acceptable for the Company to bear within its 
  particular business;

The Company’s management team is relatively small 
in number and the resignation or unavailability of 
members of the management team could potentially 
have an effect on the performance of the Company. 

•  The threat of such risks becoming reality;

Mitigation:

•  The Company’s ability to reduce the incidence and 
impact on its business if the risk crystallises; and

•  The costs and benefits resulting from operative 
  relevant controls.

The Board has taken into account the relevant 
provisions of the QCA Code and associated guidance in 
formulating the systems and procedures which it has 
put in place. The Board is aware of the need to conduct 
regular risk assessments to identify the deficiencies in 
the controls currently operating over all aspects of the 
Company. The Board conducts a formal risk assessment 
on an annual basis but will also report by exception on 
any material changes during the year.

The Company ensures that the databases it maintains 
for investment selection and monitoring are shared 
across the team, reducing the possibility of loss of 
information due to any one individual leaving or not 
being available. In addition, the Company’s bonus plan 
serves to ensure that compensation is benchmarked to 
ensure staff retention.

The Company invests in earlier stage companies

Investing in earlier stage companies is inherently risky. 
These businesses may not successfully scale up their 
technology or offering, may fail to secure the necessary 
funding (attract further investment) and may lose key 
personnel, amongst other risks. 

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Mitigation:

TMT’s team is experienced in investing in earlier stage 
technology companies and conducts extensive analysis 
through its four-filter investment process, as well as 
due diligence on the companies before it makes an 
investment.

Portfolio valuation may be dominated by single or 
limited number of companies

The success or failure of companies in our portfolio in 
growing revenues and/or attracting further investment 
is likely to have a significant impact on their valuation, 
increasing or decreasing significantly.  These valuations 
are driven by market forces and are outside of our 
control.

Mitigation:

The Company has built and continues to build a 
diversified portfolio across its core investment sectors. 
The Company also sells partial stakes from time to time 
in its more successful holdings in order to reinvest in 
other companies and/or keep the Company’s portfolio 
appropriately balanced.

Large number of investment opportunities

The sectors in which the Company invests are 
characterised by large numbers of new companies being 
launched with similar business models and across many 
countries. The sheer multitude of companies can make 
identifying the best companies a challenge in terms of 
the assessment of an investee’s potential. 

Mitigation:

The Company focuses on a small number of core 
segments within the TMT sector in which it has expertise 
and established professional networks, in order to 
benefit from its competitive information advantage. 

The Company uses a filtering system that is designed to 
identify companies with the best potential to become 
scalable businesses with rapid growth potential. 
A special emphasis is placed on assessing the exit 
opportunities for investments under consideration, 
taking into account sector trends, valuations, M&A 
trends and other relevant criteria.  

Speed of technological change

Technological change is taking place at ever increasing 
tempos. The speed of technological innovation can 
make it harder to assess an investee company’s 
potential, especially at an early stage of development. 

Mitigation:

We address this challenge by typically investing in 
companies that are already generating revenue and 
therefore have a proven revenue generating business 
model at the time of the Company’s initial investment.

Valuation of investments

The Company invests in companies that at times 
operate in extremely competitive sectors.  Given the 
nature of the companies we invest in, it is not likely that 
all will be a success. It is therefore inevitable that some 
investments will require impairment.

Mitigation:

To mitigate this risk, the Company reviews all its 
investments, as a minimum, every six months. For 
each of its portfolio companies, the Company actively 
monitors its key performance indicators and other data 
that can affect valuations..  

The Company has a small number of shareholders 
who hold a large proportion of the total share 
capital of the Company

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The decision by one or more of these shareholders to 
dispose of their holding in the Company may have an 
adverse effect on the Company’s share price.

Mitigation

The Company seeks to build a mutual understanding 
of objectives between itself and its shareholders.  
The Company maintains regular contact with its 
shareholders through meetings and presentations held 
throughout the year.

route.  This increases the likelihood of generating cash 
returns, which can then be used to reinvest or satisfy 
financial obligations if necessary. The Company has 
also conducted a number of equity fund raises since its 
admission to trading on AIM. As part of its fundraising 
efforts, the Company has committed significant 
resources to developing its shareholder base. The 
Company seeks to maintain sufficient cash resources 
to manage its ongoing operating and investment 
commitments and undertakes regular working capital 
reviews.

Non-controlling positions in portfolio companies

Non-controlling interests in portfolio companies may 
lead to a limited ability to protect the Company’s 
position in such investments.

The Company’s approach to managing liquidity is to 
ensure that it will always have sufficient liquidity to meet 
its liabilities when due, under both normal and stressed 
conditions, without incurring unacceptable losses or 
risking damage to the Company.

The Company has low liquidity risk thanks to maintaining 
adequate cash reserves, by continuously monitoring 
actual cash flows and by matching the maturity profiles 
of financial assets and current liabilities.

The Company believes it is well placed to deliver 
shareholder value in the medium and long-term through 
the application of its business model and investment 
strategy and risk mitigation, as described above.

Mitigation

As part of its investment in portfolio companies, the 
Company will seek to secure board representation 
where possible. Fundamentally, however, the success of 
a start-up depends greatly on the abilities of its founder-
managers.  The Company therefore places extremely 
high importance on investing in companies backed by 
highly skilled, professional and trustworthy founders.

Proceeds from the realisation of investments may 
vary substantially from year to year

The timing of portfolio company realisations is uncertain 
and depends on factors beyond the Company’s control.  
As an investing company that does not generate sales, 
the Company faces the potential challenge of insufficient 
funds to meet its financial obligations or make new 
investments.  Cash returns from the Company’s portfolio 
are therefore unpredictable.

Mitigation

To address this challenge, the Company focuses on 
investing in companies that it considers to have good 
exit opportunities, via a trade sale, IPO or other exit 

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PRINCIPLE 5

Maintain the board as a well-functioning, 
balanced team led by the chair 

The Board delegates certain responsibilities to its 
Committees, so that it can operate efficiently and give 
an appropriate level of attention and consideration to 
relevant matters. The Company has an Audit Committee, 
a Remuneration Committee, a Nomination Committee, 
and a Disclosure Committee, all of which operate within 
a scope and remit defined by specific terms of reference 
determined by the Board. The Board and its Committees 
are provided with high-quality information in a timely 
manner to facilitate proper assessment of the matters 
requiring a decision or insight.

The Directors have access to the Company’s advisers and 
are able to obtain advice from other external bodies as 
and when required.

Board meetings

Three board meetings, two meetings of the Audit 
Committee, and one meeting of the Remuneration 
Committee were held in 2023. The number of meetings 
attended by the Directors is set out below. . 

The Board is responsible to shareholders for the overall 
management of the Company and may exercise all the 
powers of the Company, subject to the provisions of 
relevant statutes and any directions given by special 
resolution of the shareholders. 

The Board, led by the Chairman, consists of four 
directors, three of whom are Non-executive. 

The Board comprises of the Non-executive Chairman 
(Yuri Mostovoy), two Non-executive Directors (James 
Joseph Mullins and Andrea Nastaj) and the Executive 
Director (Alexander Selegenev). James Mullins and Andrea 
Nastaj, both Non-executives, are considered by the 
Board to be independent. James Mullins was appointed 
to the Board in December 2010. Whilst James Mullins 
has now served as independent Non-executive Directors 
for over ten years, the QCA Code states that the fact 
that a director has served for over nine years does not 
automatically affect independence. The Board is satisfied 
that James Mullins continues to be free from any business 
or other relationship which could interfere with the 
exercise of their independent judgement. In line with the 
QCA Code recommended good practice, James Mullins 
will be subject to annual re-election on an ongoing basis.

The Non-executive Chairman is required to dedicate 
at least seven days every month to his duties with the 
Company. The Executive Director is expected to dedicate 
sufficient time to his duties with the Company. The Non-
executive Directors are normally required to dedicate at 
least two days a month to their duties with the Company.

Director

Board  
meetings

Audit Commitee 
meetings

Remuneration  
Committee  
Meetings

Nomination  
Committee  
Meetings

Yuri Mostovoy

Alexander Selegenev

Andrea Nastaj

James Mullins

Total meetings

3

1

3

3

3

-

-

2

2

2

-

-

1

1

1

-

-

-

-

-

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PRINCIPLE 6

Ensure that between them the 
Directors have the necessary up-to-date 
experience, skills and capabilities 

The Board considers that it has the necessary industrial, 
financial, public markets and governance experience, 
possessing the necessary mix of experience, skills, 
personal qualities and capabilities to deliver the 
Company’s strategy for the benefit of the shareholders 
over the medium to long-term. The Directors’ individual 
experience is set out below.

Yuri Mostovoy, Non-Executive Chairman, was 
appointed to the Board in June 2011. Yuri brings over 
40 years expertise in investment banking, software 
development and business to his role as Chairman 
of the Company. Yuri has held a number of previous 
Board positions at a number of companies, and brings 
this experience to the Board. He has been involved in 
a number of internet start-ups in the areas of medical 
devices, software development, and social media. 

Yuri Mostovoy is actively involved in the start-up 
investment community, especially in some of the tech 
hubs in the USA, meeting with technological companies 
seeking investments on a regular basis. Through this 
process of direct contact with investee companies, Yuri 
keeps updated on sector developments.

Alexander Selegenev, Executive Director, was 
appointed to the Board in December 2010. The 
Executive Director has the responsibility of leading the 
business and the executive management team, ensuring 
that strategic and commercial objectives are met. 
Alexander has over 20 years of experience in investment 
banking and venture capital, with specific expertise in 
international corporate finance, equity capital markets 
and mergers and acquisitions at a number of City of 
London firms including Teather & Greenwood Limited, 
Daiwa Securities SMBC Europe Limited, and Sumitomo 
Bank Limited. Throughout his career he worked on 
a large number of AIM IPOs and private equity and 
merger and acquisition transactions. He brings strong 
experience of working with public markets. Alexander’s 
public markets and financial experience make him an 
ideal conduit to engaging with the Company’s Nomad, 
corporate brokers, investors and make him an effective 

conduit between the Board and the Company’s other 
team members. 

Alexander Selegenev is an active member of the 
Company’s investment committees, allowing him to 
keep very close to developments and current thinking 
on innovative technologies, market trends, company 
valuations and fund raising activities. 

Alexander Selegenev is a member of the Company’s 
Nomination Committee.

James Mullins, independent Non-executive Director, 
was appointed to the Board in December 2010. 
He brings to the Company a strong combination of 
accounting, public markets and investor relations 
expertise. James, with his financial accounting 
background, provides the experience required as 
chairman of the Audit Committee to challenge the 
business internally and also the auditors. From 2004 
to 2007, he was the Finance Director at Rambler Media 
and was involved in its successful admission to AIM and 
subsequent sale. He has been a director of numerous 
funds and companies including a fund listed on the 
Bermuda Stock Exchange. He was previously a partner 
in First Mercantile and FM Asset Management Ltd. 
He previously worked for PricewaterhouseCoopers, 
Deloitte and British Coal where he was a national 
investment manager. He was recently Chairman of the 
Scottish Salmon Company, which is listed on the Oslo 
Bors. James is a Fellow of the Association of Chartered 
Certified Accountants and he holds a Bachelor of 
Science degree and a Master of Arts degree from Trinity 
College, Dublin. James is also an active entrepreneur 
and investor.

James Mullins has completed an online course with 
University of Oxford Said Business School entitled 
“Oxford Blockchain Strategy Programme”.

James Mullins serves as Chairman of the Audit, 
Remuneration and Nomination committees.

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Andrea Nastaj, independent Non-executive Director, 
was appointed to the Board in May 2022. Andrea is 
an experienced executive within the financial sector, 
having held senior positions at a number of financial 
institutions. He has, for the past decade, served as 
Head of Compliance for Capital Mill OÜ, the commercial 
real estate investor and manager. Prior to this, Andrea 
held the position of Vice-President at Banque Profil de 
Gestion, the independent bank whose primary services 
are private and investment banking. Banque Profil de 
Gestion merged with One Swiss Bank SA in June 2021 
and is listed on the SIX Swiss Exchange (SIX:ONE). His 
appointment to the Board as an independent non-
executive director of the Company brings to the team 
a wealth of corporate governance, compliance and 
financial services experience. Andrea has a Master’s in 
Accounting and Finance from the University of St. Gallen, 
Switzerland.

Andrea Nastaj is a member of the Company’s Audit and 
Remuneration Committees.

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PRINCIPLE 7

Evaluate board performance based on 
clear and relevant objectives, seeking 
continuous improvement 

The Company conducts evaluation of the effectiveness 
of its Board and committees and that of the Executive 
and Non-executive Directors’ performance in 
accordance with the QCA Code. The results of such 
reviews are used to determine whether any alterations 
are needed or whether any additional training would be 
beneficial. After considering different alternatives the 
Board made the decision to undertake the evaluations 
internally.

The fifth such formal evaluation for the year ended 
December 2023 took place in February 2024. The 
previous such evaluation had been for the year 
ended December 2022, which started in January 2023 
and concluded in February 2023. Compared to the 
previous year, the responses to the various evaluation 
questionnaires showed similar and positive results.

The evaluations involved both a numeric and discursive 
self-assessment by each Board member in response 
to a questionnaire, on the role and functioning of the 
Board and its members and Committees.  Responses 
were collated and fed back to the Board at its meeting 
held in March 2024.

minor updates. 

The evaluation addressed the following items:

•  Board composition – Evaluating the Board’s right 
  balance of skills, knowledge and experience to govern 

the Company effectively. 

•  Board engagement – How timely is the Board’s 
  engagement with its internal and external stakeholders.

•  Governance structure – Is the Board’s Committee 
  structure clear and providing members with assurance 

to discharge their duties effectively.  

•  Risk management – How well is the Board addressing 

the key business risks and adhering to internal controls. 

•  Board agenda and forward plan – Is the Board’s 
  meeting agenda and forward plan ensuring that 
  members are focusing on the right areas at the  
  right time. 

•  Director’s self-assessment of awareness of current 

issues faced by the Company.

In general, the responses found the Board, its members 
and Committees to be operating effectively. We provide 
further information below on the various evaluations 
that took place and their outcomes.

•  Board reporting – How comprehensive, accurate, easy 

to understand, timely and appropriate is the 
information received by Board members. 

Board effectiveness

The Board effectiveness evaluation involved the 
completion of a detailed questionnaire by Board 
directors. The following items and their respective 
criteria were assessed as a measure of effectiveness at 
Board level, whereby all Board members were asked to 
provide a rating (on a scale of 1 – 5). 

TMT’s Board effectiveness questionnaire content 
had been updated in 2021 in light of the QCA’s 
“Board Performance Review Guide” published by the 
QCA in 2021, and as detailed in TMT’s 2021 Annual 
Report (Board effectiveness review). TMT therefore 
continued to make use of the same board effectiveness 
questionnaire to conduct its 2023 evaluation, with some 

•  Board dynamics – How effectively do Board members 
  operate as a team, striking the right balance between 

trust and challenge.

•  Personal development – how well are development 
  needs identified and satisfy requirements. 

•  Chair’s leadership – How effective is the Chair as a 

leader of the Board. 

•  Performance evaluation – Are the Board members 
  continually improving as a group and as individuals. 

•  Succession planning for Board members – How 
  robust is succession planning.

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Individual effectiveness

The individual effectiveness evaluation involved the 
completion of a detailed questionnaire. The following 
items and their respective criteria were assessed as a 
measure of effectiveness at the individual level, whereby 
all Board members were asked to provide a rating (on a 
scale of 1 – 5). The evaluation concluded that all Board 
members were operating effectively. The evaluation 
addressed the following items:

•  Relationships with the Board of directors and major 
  shareholders

•  Knowledge of the Company’s business as it continues 

to evolve

•  Active engagement in robust discussions during and 
  between board meetings

•  Personal accountability for promoting the success  
  of the Company

•  An open and questioning approach to reviewing risk  

in the organisation

•  Strategic planning, financial management, people 
  management and relationships, and conduct of 
  business

•  Assessing the time commitment required from each 
  director

•  Development, training or mentoring needs of 

individual directors

The Board reviews on an ongoing basis the human 
resource needs of the Company and the expected 
availability of its directors, employees and consultants. 
The review seeks to identify any potential changes in the 
make-up of the Board and senior management, in order 
to allow sufficient planning to appoint a replacement or 
other suitable arrangements.

The Board effectiveness evaluation concluded that the 
Board is confident that it is addressing the key issues 
facing the company at its stage of development, size, 
business and operating model needs, complexity and 
shareholder structure. The Board was also confident it 
is maintaining its competitive advantage and examining 
the creation of new advantages and strengths.

Audit Committee effectiveness 

As part of the Audit Committee evaluation exercise, 
the two members of the Audit Committee completed 
a self-assessment questionnaire. Each member was 
asked to rate (on a scale of 1 – 5) the extent to which 
the Audit Committee is properly constituted, with regard 
to the knowledge, behaviours and processes relevant 
to the effective functioning of the Audit Committee. The 
evaluation concluded the committee was functioning 
effectively, taking into consideration as well the updated 
QCA Audit Committee Guide 2019. 

Remuneration Committee effectiveness

As part of the Remuneration Committee evaluation, 
the two members of the Remuneration Committee 
completed a self-assessment questionnaire. Each 
member was asked to rate (on a scale of 1 – 5) the 
extent to which the Remuneration Committee is 
properly constituted, with regard to the knowledge, 
behaviours and processes relevant to the correct 
functioning of the Remuneration Committee. The 
evaluation concluded the committee was functioning 
effectively, taking into consideration as well the updated 
QCA Remuneration Committee Guide 2020.

Nomination Committee effectiveness

By way of evaluation of succession planning, all Board 
members were asked to respond to a questionnaire 
which reviewed succession planning, the processes by 
which the Company determines board and other senior 
appointments and the professional development of the 
Company’s employees and management. The evaluation 
concluded that the processes in place for succession 
planning are adequate in view of the size and scope of 
operations of the Company.

The Nomination Committee works closely with the 
Board to identify the skills, experience, personal qualities 
and capabilities required for any next stages in the 
Company’s development, linking the Company’s strategy 
to future changes on the Board.

Disclosure Committee effectiveness

The Disclosure Committee conducted an annual review 
in 2023 of its procedures, performance, constitution and 
terms of reference, which concluded it was operating 
effectively.

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PRINCIPLE 8

Promote a corporate culture that is 
based on ethical values and behaviours

The Company’s approach to governance, and how that 
culture is consistent with both the Company’s objectives 
and the creation of long-term stakeholder value, is 
set out in the Chairman’s statement on corporate 
governance at the start of this document.

In 2021, TMT started formalising its ESG Policy under 
the guiding principles that it be relevant, realistic and 
accountable, and finalised it as published in its 2022 
Interim Results. The ESG Policy is reviewed annually 
and published in the annual report. Since 2022, TMT 
provides an annual update on ESG developments in 
TMT’s portfolio.

The Company has been monitoring and following ESG 
issues before they reached the mainstream agenda. 
As such, TMT has made a number of investments since 
inception in ESG-focused companies that also meet 
TMT’s investment objectives.

The Board not only sets expectations for the business 
but works towards ensuring that strong values are 
set and carried out by the Directors across the 
business. The Board places significant importance on 
the promotion of ethical values and good behaviour 
within the Company and takes ultimate responsibility 
for ensuring that these are promoted and maintained 
throughout the organisation and that they guide the 
Company’s business objectives and strategy. The Board 
ensures sound ethical practices and behaviours are 
deployed at Company board meetings.

The Company’s corporate culture is based on the three 
values of transparency, innovation and continuous 
improvement. These three values support the 
Company’s objectives, strategy and business model. 
These are explained in more detail in the Chairman’s 
corporate governance statement, which reflects how 
the Company’s corporate culture is consistent with the 
Company’s objectives, strategy and business model.

The Board has very regular interaction with Company 
employees and consultants, thereby ensuring that 
ethical values and behaviours are recognised and 
respected. Given the size of the Company, the Board 
believes this is the most efficient way of ensuring that a 
good corporate culture is maintained, which the Board 
deems to be good and healthy. 

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PRINCIPLE 9

Maintain governance structures and processes 
that are fit for purpose and support good 
decision-making by the board 

Yuri Mostovoy, as Chairman, is responsible for leading an 
effective Board, fostering a good corporate governance 
culture and ensuring appropriate strategic focus and 
direction. 

Alexander Selegenev, as Executive Director, has overall 
responsibility for managing the day-to-day business of 
the Company. Alexander also has active responsibility 
for the implementation of and adherence to the financial 
reporting procedures adopted by the Company and the 
Company’s financial reporting obligations under the  
AIM Rules.

The Board’s committees

The Board is assisted by various standing committees 
which report regularly to the Board.  The Board 
has formally established Audit, Remuneration and 
Nomination Committees in accordance with the 
recommendations of the QCA Corporate Governance 
Code (“QCA Code”), as well as a Disclosure Committee, 
which was established in 2021.

The membership of these committees is regularly 
reviewed by the Board.  When considering committee 
membership and chairmanship, the Board aims to 
ensure that undue reliance is not placed on particular 
Directors.  The terms of reference of the Audit 
Committee, Remuneration Committee and Nomination 
Committee provide that no one other than the particular 
committee chairman and members may attend a meeting 
unless invited to attend by the relevant committee.

Details of the committees of the Board are set out below.  

Audit Committee

The Audit Committee will intend to meet at least twice a 
year and currently comprises James Mullins and Andrea 
Nastaj being non-executive members of the Board, 
with James Mullins appointed as chairman. The Audit 
Committee reviews its terms of reference annually. The 
committee is responsible for the functions recommended 
by the QCA Code including:

•  Review of the annual financial statements and interim 
  reports prior to approval, focusing on changes in 
  accounting policies and practices, major judgmental 
  areas, significant audit adjustments, going concern and 
  compliance with accounting standards, AIM and legal 
  requirements;

•  Receive and consider reports on internal financial 
  controls, including reports from the auditors and report 

their findings to the Board;

•  Consider the appointment of the auditors and their 
  remuneration including the review and monitoring  
  of independence and objectivity;

•  Meet with the auditors to discuss the scope of their 
  audit, issues arising from their work and any matters 

the auditors may wish to raise;

•  Develop and implement policy on the engagement  
  of the external auditor to supply non-audit services; 
  and

•  Review the Company’s corporate review procedures 
  and any statement on internal control prior to 
  endorsement by the Board.

Audit Committee report

The Audit Committee met twice formally, in March 2023 
to approve the 2022 Annual Report & Accounts and 
conduct the risk assessment, and in November 2023 to 
prepare the 2023 Annual Report. The aforementioned 
Audit Committee meetings were attended by James 
Mullin (Chairman) and Andrea Nastaj (Non-executive 
director and Audit Committee member). The Audit 
Committee undertook an evaluation of its effectiveness in 
2023, details of which are provided under Principle 7.

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Remuneration Committee

effectiveness in 2023, details of which are provided under 
Principle 7

The Remuneration Committee currently comprises James 
Mullins and Andrea Nastaj, with James Mullins appointed 
as chairman. The committee has the following key duties:

Matters reserved for the Board 

•  Reviewing and recommending the emoluments, 
  pension entitlements and other benefits of any 
  Executive Directors and other senior executives; and

•  Reviewing the operation of any share option schemes 
  and/or bonus plans implemented by the Company and 
the granting of options and/or bonus awards under 

  such schemes.

Remuneration committee report 

The Remuneration Committee met once in August 
2023 to discuss and approve staff remuneration from 
1 October 2023. The aforementioned Remuneration 
Committee meeting was attended by James Mullin 
(Chairman) and Andrea Nastaj (Non-executive 
director and Remuneration Committee member). The 
Remuneration Committee undertook an evaluation of its 
effectiveness in 2023, details of which are provided under 
Principle 7.  

Nomination Committee 

The Company has established a Nomination Committee, 
which considers the appointment of directors to the 
Company’s Board and makes recommendations in this 
respect. The Nomination Committee currently comprises 
James Mullins and Alexander Selegenev, with James 
Mullins appointed as chairman.

Nomination Committee report

The Nomination Committee did not meet in 2023. The 
Remuneration Committee undertook an evaluation of its 
effectiveness in 2023, details of which are provided under 
Principle 7. 

Disclosure Committee

The Company has established a Disclosure Committee, 
which considers matters relating to the management and 
disclosure of inside information by the Company. The 
Disclosure Committee currently comprises Alexander 
Selegenev, German Kaplun, Levan Kavtaradze and Andrey 
Konstantinov, with Alexander Selegenev appointed as 
chairman. 

Disclosure Committee report

The Disclosure Committee did not meet in 2023. The 
Disclosure Committee undertook an evaluation of its 

The Board will intend to meet at least four times per year, 
or more often if required. The matters reserved for the 
attention of the Board include, inter alia:

•  The preparation and approval of the financial 
  statements and interim reports, together with the 
  approval of dividends, significant changes in accounting 
  policies and other accounting issues;

•  Board membership and powers, including the 
  appointment and removal of Board members, 
  determining the terms of reference of the Board, and 
  establishing and maintaining the Company’s overall 
  control framework;

•  Approval of major communications with shareholders, 

including any shareholder circulars and financial 

  results required to be announced pursuant to the AIM 
  Rules or the Market Abuse Regulation (save where such 
  communications have been delegated to the Disclosure 
  Committee of the Board in accordance with the terms 
  of reference of the Disclosure Committee);

•  Senior management and Board appointments and 
  remuneration, contracts, approval of bonus plans, and 
  grant of share options;

•  Financial matters including the approval of budgets 
  and financial plans, and changes to the Company’s 
  capital structure, business strategy and investing policy 

(subject to shareholder approval); and

•  Other matters including regulatory and legal 
  compliance.

Share dealings

The Company has adopted a share dealing code and 
all Company directors, officers and employees receive 
annual training on the share dealing code and insider 
dealing requirements (including, without limitation, 
the provisions of MAR). The share dealing code was 
updated in 2021 and approved at the Board of Directors 
meeting held in March 2022. Jersey law contains no 
statutory pre-emption rights on the allotment and issue 
by the Company of equity securities (being shares in 
the Company, or rights to subscribe for, or to convert 
securities into, such shares). However, the Company’s 
articles of association contain certain provisions as 
to Directors’ authority to issue equity securities and 
pre-emption rights on issues of equity securities by 
the Company, further details of which are set out in 

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paragraphs 8 and 9 of Part 3 of the Company’s AIM 
Admission Document which can be found on the 
Company’s website.

Conflicts of interest policy

The Company’s directors, officers and employees 
(“Applicable Persons”) may not: (a) appropriate for their 
benefit, or for the benefit of any family member or any 
other third person, any business opportunity that comes 
to their knowledge and that may directly or indirectly 
relate to, compete or lead to competition with, or might 
be of benefit to, the Company’s business or (b) divert 
or redirect any business opportunities away from the 
Company.

It is an Applicable Person’s responsibility to disclose 
any transaction or relationship that could reasonably 
be expected to give rise to a conflict of interest with the 
Company to the Initial Investment Committee, which shall 
be responsible for determining whether such transaction 
or relationship constitutes a conflict of interest.

From time to time, Applicable Persons may want to 
personally invest in certain opportunities that may fall 
within the Company’s Investing Policy or may otherwise 
conflict with the Company’s interests.  In order to avoid 
conflicts of interest and ensure such Applicable Persons’ 
continuing focus on their TMT-related duties, the 
Company has adopted a Conflict of Interest Policy.

As the Company grows, the directors will ensure that the 
governance framework remains in place to support the 
development of the business.

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PRINCIPLE 10

Communicate how the company is governed 
and is performing by maintaininga dialogue with 
shareholders and other relevant stakeholders 

If a significant proportion of independent votes were to 
be cast against a resolution at any general meeting, the 
Board’s policy would be to engage with the shareholders 
concerned in order to understand the reasons behind 
the voting results. Following this process, the Board 
would make an appropriate public statement regarding 
any different action it has taken, or will take, as a result of 
the vote.

The Company’s financial reports, Notices of General 
Meetings of the Company, and all of the Company’s 
RNS announcements, including those confirming voting 
results, can be found on the Investor Relations sections  
of the TMT Investments Plc website  
www.tmtinvestments.com

The Company communicates with shareholders 
through the annual report and accounts, regulatory 
announcements, the annual general meeting and one-
to-one meetings with large existing shareholders or 
potential investors. A range of corporate information 
(including all Company announcements and 
presentations) is also available on the Company’s website. 
In addition, the Company seeks to maintain dialogue with 
shareholders through the organisation of shareholder 
events, and employee stakeholders are regularly 
updated on the development of the Company and its 
performance.

The Company seeks to publicly disclose the outcomes of 
all shareholder votes in a clear and transparent manner, 
although voting decisions (including votes withheld or 
abstentions) are not posted on the Company’s website 
or contained in the announcement released via RNS. The 
outcomes of all shareholder votes are publicly notified 
to the market via RNS and are available for review in the 
Company’s regulatory announcements section of its AIM 
Rule 26 website.

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ESG Policy

Introduction

Environmental, Social & Governance (“ESG”) evaluation can be carried out in a number of different ways. Its 
effectiveness will depend on the questions being addressed, the principles being applied and the quality of data 
available, among other factors. Indeed, at times prioritising some principles may have a negative impact on other 
principles, given the asymmetric nature of benefits that can sometimes arise. An example is when alleviation of 
poverty in the short term comes at a higher environmental cost. 

At TMT, we believe that technological innovation for its own sake is meaningless unless it results in tangible 
benefits in terms of productivity, improved user experience, higher efficiency, positive impact in its chosen 
sectors, improved profitability or other desired objectives.

TMT holds minority positions in its portfolio companies and therefore can exert influence on ESG matters 
in two main ways: first, by screening investments for exclusion from investment and second, by engaging 
in constructive dialogue with portfolio companies and monitoring progress. TMT’s ESG policy reflects this 
approach.

TMT itself, as an investing company with limited internal resources, has little impact on the environment. 
Nevertheless, the Company’s team is mindful of reducing its travel, paper consumption, energy costs and other 
environmental impact wherever possible. TMT has adopted the Quoted Companies Alliance (QCA) Corporate 
Governance Code for Small & Mid-Sized Companies, which already covers a number of well-established ESG 
items.

TMT’s ESG policy is outlined below. 

TMT’s 3 ESG guiding 
principles for portfolio 
companies: relevant, 
realistic and accountable

TMT’s three ESG guiding principles inform current 
and potential portfolio companies of the Company’s 
approach to ESG. They are specific and challenging, 
whilst allowing portfolio companies to engage with 
them both at an earlier stage of development and as 
they grow in size.  

Relevant

•  Is the investee addressing ESG where it can make 
the greatest impact in terms of its business model?

•  Has the investee undertaken an ESG materiality 

assessment and, if so, how has this informed its 
ESG framework?

•  Have ESG risks, as well as opportunities, been 

identified?

Realistic

•  Is the investee developing an ESG roadmap as part 

of its business plan?

•  Are the investee’s ESG objectives achievable in view 

of its current resources?

•  What resources does the investee need to consider 

in order to progress on its ESG roadmap?

Accountable 

•  How is the investee evaluating its ESG activities and 

engagement?

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•  Is the investee conducting ESG benchmarking 

against its peers?

portfolio company incorporates ESG in its business 
model and company culture.

In its investment selection process, TMT examines 
how each potential investee company is addressing 
and incorporating ESG issues based on TMT’s 
principles of being relevant, realistic and accountable, 
feeding the results into a presentation to TMT’s Initial 
Investment Committee and the Formal Investment 
Committee. If necessary, remedial actions or areas 
for improvement are agreed with the investee 
company. For follow-on investments, TMT requires 
a formal update from the investee highlighting any 
divergence from TMT’s initial assessment. 

Step 3: Engagement with portfolio companies on ESG 

ESG by its very nature is a journey, which needs 
to adapt to changing environmental, social and 
governance dynamics, in view of latest developments. 
Two-way dialogue and engagement with portfolio 
companies is an essential part of this journey, in 
which both parties are sharing and learning from 
each other. TMT therefore includes ESG topics as 
part of its continuous engagement with portfolio 
companies.

•  Does the investee review its ESG metrics and 

reporting process in view of latest ESG, scientific 
and technological developments?

TMT’s approach

TMT’s ESG policy is based on a 3-step approach:

Step 1: Filter out by Exclusion list

TMT’s exclusion list sets out the sectors, businesses 
and activities in which the Company will not invest 
due to having as their objective, or direct impact on, 
any of the following:

1)  Slavery, human trafficking, forced or compulsory 

labour, or unlawful / harmful child labour.

2)  Production or sale of illegal or banned 

products, or involvement in illegal activities.

3)  Activities that compromise endangered or 

protected wildlife.

4)  Production or sale of hazardous chemicals, 

pesticides and waste.

5)  Manufacture, distribution or sale of arms or 

ammunitions.

6)  Manufacture of, or trade in, tobacco or drugs.

7)  Manufacture or sale of pornography.

8)  Trade in human body parts or organs.

9)  Animal testing other than for the satisfaction of 

medical regulatory requirements.

10)  Production or other trade related to unbonded 

asbestos fibres. 

Step 2: Assess level of ESG Engagement

Step 2 focuses on assessing how the proposed 

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ESG developments 
in TMT’s portfolio

As the understanding and application of ESG evolves 
over time, an increasing number of companies 
globally are focusing or seeking to incorporate ESG 
frameworks within their business models. TMT 
recognises that a sound application of ESG objectives 
can help companies create a distinct offering that 
meets evolving customer requirements and makes for 
a stronger business model. 

TMT therefore takes into account an investee’s 
approach to ESG when reviewing investment 
opportunities alongside TMT’s main investment 
criteria, the latter being as follows:

•  Competent and motivated management founders 
(managing high growth companies requires a rare 
combination of skills)

•  High growth potential (companies with a product  

or service that can be scaled up globally)

•  Growth stage – companies that are already 

generating revenues (TMT’s typical minimum 
revenue threshold is US$100,000 per month)

•  Series A / Pre-Series A – TMT’s typical investment 

range is between US$0.5-2.5m

•  Viable exit opportunities (assessing potential exit 

scenarios from the start)

TMT classifies its portfolio companies according to 
their intensity of focus on ESG as part of their business 
model. To do this the Company reviews their stated 
level of engagement with the United Nations Social & 
Development Goal (“UN SDGs”).

ESG-focused companies in TMT’s portfolio

At the end of 2023, there were ten companies in 
TMT’s portfolio whose business objectives focused 
on one or more of the UN SDGs. During 2023 most 
of them made good progress in developing their 
business models and increasing revenues. This gives 
TMT confidence that their ESG focus is contributing 
to a distinct offering that meets market demand and 
strengthens their business model.

Aurabeat Technology is a global technology company 
focused on sustainable air treatment and energy-
saving solutions (https://aurabeattech.com); SDG 3 & 
11

Timbeter, a SaaS solution for quick and accurate 
timber measurement and data management, which 
is making the forestry industry more sustainable, 
profitable and efficient (www.timbeter.com); SDG 13 
& 15

eAgronom, which provides a unique combination of 
services to grain farmers: carbon programmes, an 
AI-powered consulting service and farm management 
software enabling farmers to build sustainable 
businesses and preserve nature  
(www.eagronom.com); SDG 13 & 15

Mobilo, an eco-friendly solution allowing users to 
digitally share contact details instead of using paper/
plastic business cards and turn meetings into leads 
(www.mobilocard.com); SDG 12 & 13

FemTechLab, Europe’s first tech accelerator focused 
on female founders (www.femtechlab.com); SDG 5

ESG-focused: Companies whose business objectives 
focus on one or more of the UN SDGs

Go-X, US-based electric scooter rental company 
(https://goxapp.com); SDG 11 & 13

ESG-partial: Companies that address one or more of 
the UN SDGs in the way they conduct their business

Laundryheap, a professional laundry and dry-cleaning 
company (www.laundryheap.co.uk); SDG 12 & 13

Non-ESG: Companies that do not focus or explicitly 
address one or more of the UN SDGs in the way they 
conduct their business

3S Money Club, an international payments service 
(https://3s.money); SDG 8 & 10

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ESG developments continued

Forta, a parent-led autism therapy platform 
empowering families to help their children learn and 
develop through personalised therapy  
(www.fortahealth.com); SDG 3

Rainapp, the easy way for employers to offer 
employees control over their finances with instant 
access to their earned wages (www.rainapp.com);  
SDG 8 & 10

ESG-partial companies in TMT’s portfolio

At present, there are eight companies in TMT’s 
portfolio that address one or more of the UN SDGs 
in the way they conduct their business. These are 
VertoFX, 3D Look, Bolt, Feel, Moeco, Muncher, My 
Device Inc. (trading as Whizz), and Phoenix.

We continue to monitor developments in ESG 
initiatives among TMT’s portfolio companies in 
order to better evaluate their contribution to overall 
business models.

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Rather than wasting energy 
on hot water, Laundryheap 
eliminates the need for 
excessive heating.

Some of Laundryheap’s partner 
facilities use high-speed 
extraction machines, resulting 
in more water being saved after 
every wash and less time being 
required in dryers. In addition to 
this, they take a circular water 
use approach, where central 
boilers are used to efficiently 
heat their machines, rather 
than electrically heating all 
individually. The steam produced 
through this method can be 
controlled and reused for dryers, 
dry cleaning and ironing.

Laundryheap - Laundry 
& dry cleaning with 24h 
delivery

Founded in 2014 in London, Laundryheap is a 
next generation laundry & dry-cleaning company, 
offering professional laundry and dry-cleaning 
services delivered to your doorstep in as quick as 
24 hours.

Laundryheap places sustainability standards at the 
core of how it conducts its business, implementing 
environmentally-friendly processes that have a 
measurable impact across its water and energy 
consumption, use of detergents, electric assisted 
vehicles (EAVs), CO₂ output, and recycling (by way 
of using cotton bags rather than plastic ones). 
For example, by the end of 2022, Laundryheap 
had reduced carbon emission by 41 CO₂ tonnes, 
thanks to the implementation of a range of 
measures, including the acquisition of its first set of 
EAVs.

In June 2023, Laundryheap acquired its French 
competitor Wast, and in October 2023 further 
expanded its presence in France by acquiring the 
digital assets of Parisian competitor Lavoir Modern. 

Since its beginnings in London, Laundryheap 
currently operates in 12 countries globally, 
namely Qatar, Ireland, Netherlands, Bahrain, UAE, 
Singapore, Kuwait, United Kingdom, Sweden, 
United States, Denmark, and France. 

TMT invested an initial £0.5m in Laundryheap in 
2021 and an additional £1.0m in 2022.

www.laundryheap.co.uk/sustainability

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Forta - AI healthcare 
improving access to 
dependable quality care

Wait times to receive care in the USA are increasing 
as more individuals are diagnosed with conditions 
like autism, Alzheimer’s and chronic diseases. The 
US is facing a potential shortage of up to 124,000 
physicians by 2034, and patients and clinicians are 
increasingly turning to technology to help ease 
these healthcare burdens. 

San-Francisco-based Forta is answering their call 
with its mission to enable access to high-quality 
healthcare by researching and deploying the latest 
advances in AI, including large language models 
(LLMs), to empower caregivers and improve clinical 
care. 

Families wait months or years for Applied 
Behaviour Analysis (ABA) therapy. To solve this 
problem, Forta empowers caregivers to become 
Behaviour Technicians. Forta’s app uses custom 
software and AI to help improve the quality and 
outcomes of the treatment plan. Its family-powered 
autism therapy programme, provides a parent 
training programme empowering parents to help 
their child learn and develop through personalized 
therapy.

Forta’s peer-reviewed study published in the 
Cureus journal shows 76% of clients saw an 
improvement in therapy goal achievement using 
Forta’s tech enabled clinical model, compared 
to a traditional approach, with a 2x increase in 
utilization and a 127% improvement in therapy 
goals in the first 20 weeks. 

Forta raises US$55m Series 
A financing round.

In January 2024, Forta 
announced it had raised US$55 
million in Series A financing led 
by global software investor 
Insight Partners. Leading 
technology and healthcare 
investors participated in the 
round, including Exor Ventures, 
Alumni Ventures, Trailmix 
Ventures, Tectonic Ventures, 
Gaingels, Asymmetric Capital 
Partners, Launch Bay Capital, 
and The House Fund, as well as 
founders of 23&Me, Curative, 
Forward, Flexport, Warby Parker, 
Prelude Fertility, Harry’s and 
Allbirds. With this new funding, 
Forta intends to expand its 
family-powered autism therapy 
practice to provide AI-enabled 
applied behaviour analysis 
(ABA) therapy and develop its 
suite of clinical algorithms.

In August 2023, TMT invested an initial US$0.7m in 
Montera, Inc., trading as Forta

www.fortahealth.com

 
 
 
 
 
Rainapp – Access your 
pay today

Rain is the easy way for employers to offer 
employees control over their finances with instant 
access to their earned wages. Employers that 
choose Rain see an increase in retention, job 
applications, and employee engagement.

Rain has already been rolled out to hundreds of 
companies located world-wide. Rain’s mission is to 
regrow individual freedom by giving people control 
over their income and finances, and by doing so kill 
predatory financial products like payday loans and 
overdraft fees. 

Rain is backed by QED, a leading venture capital 
firm based out of Alexandria, Virginia, USA, which 
has invested in notable companies like Credit 
Karma, ClearScore, Creditas, and many more. 
Rain’s founders are highly experienced and excited 
about bringing greater financial freedoms to 
workers and being a large part of the movement 
to end payday loans with high-interest rates. In 
2023, Americans spent US$170B while waiting for 
their next paycheck. Fees for payday loans, credit 
cards, overdrafts, and low balances add up. 63% of 
Americans who are living paycheck-to-paycheck are 
stuck in this debt trap and could benefit from early 
wage access.

How does Rain work? Rain is free and easy for 
employers to implement. When an employer 
agrees to work with Rain, employees are invited 
to download the free Rain Instant Pay app from 
the Apple or Google app store. The employees will 
have early access to the earned portions of their 
wages. Rain’s income is based on charging a small 
transaction fee, similar to an ATM fee.

In October 2023, TMT invested US$1m in Rain.

www.rainapp.com 

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Rain closes historic US$116M 
Series A funding, largest in 
HR Tech History (according 
to Crunchbase).

In March 2023, Rain announced 
that it raised US$116 million in 
Series A funding, encompassing 
US$66 million in equity and 
US$50M in debt. QED Investors 
and Invus Opportunities led 
the Series A with participation 
from firms including WndrCo, 
Tribe Capital, and Dreamers 
VC. The debt facility was 
arranged by Sound Point Capital 
Management, LP. The funding 
will be used to support Rain’s 
continued expansion in the 
U.S. through investments in 
technology and infrastructure, 
employee and employer 
experience, and marketing.

 
 
Directors’ Report

For the year ended 31 December 2023

The Directors present their report and audited 
financial statements of the Company for the year 
ended 31 December 2023.

Further information on the Company’s results 
and financial position is included in the financial 
statements.

Principal activity and review of the business

The board has decided that it will not recommend a 
final dividend (2022: nil).

TMT Investments Plc (“TMT” or the “Company”) was 
incorporated under the laws of Jersey.  The Company 
has been established for the purpose of making 
investments in the TMT sector where the Directors 
believe there is a potential for growth and the creation 
of shareholder value.  The Company primarily targets 
companies operating in markets that the Directors 
believe have strong growth potential and having the 
potential to become multinational businesses.  The 
Company can invest in any region of the world.

Results and Dividends

The profit for the year amounted to US$6,377,773 
(2022: loss of US$81,393,833), which includes a 
profit on changes in fair value of financial assets 
at Fair Value through profit and loss (“FVPL”) of 
US$7,341,554 (2022: loss of US$79,638,928).

Company listing

TMT is traded on the AIM market (“AIM”) of the 
London Stock Exchange.  The Company’s ticker is TMT.  
Information required by AIM Rule 26 is available in the 
‘Investor Relations’ section of the Company’s website 
at www.tmtinvestments.com.

Board meetings

Three Board meetings, two meeting of the Audit 
Committee, and one meeting of the Remuneration 
Committee were held in 2023. The number of 
meetings attended by the Directors is set out below.

Director

Board  

meetings

Audit Committee  

Remuneration 

Nomination  

meetings

Committee Meetings

Committee Meetings

Yuri Mostovoy

Alexander Selegenev

Andrea Nastaj

James Mullins

Total meetings

3

1

3

3

3

-

-

2

2

2

-

-

1

1

1

-

-

-

-

-

Changes in share capital

Substantial shareholdings

The Company has one class of ordinary share that 
carries no right to fixed income, and each share 
carries the right to one vote at general meetings of 
the Company.  As at 31 December 2023 and the date 
of this report, the Company’s issued share capital 
consisted of 31,451,538 ordinary shares of no par 
value each in the Company.

The Directors are aware of the following shareholdings 
of 3% or more of the issued share capital of the 
Company as of 18 March 2024.

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Directors’ Report continued

Shareholders

Number of ordinary shares

% of issued ordinary 

share capital

Macmillan Trading Company Limited

Wissey Trade & Invest Ltd

Ramify Consulting Corp

Zaur Ganiev

Canaccord Genuity Group Inc

Merit Systems Inc.

Menostar Holdings Limited 

Eclectic Capital Limited

Others

Total

Concert Party

7,076,058 

5,000,000 

4,728,576 

2,443,810 

2,154,939

2,054,865 

1,503,489 

1,224,442 

22.50%

15.90%

15.03%

7.77%

6.85%

6.53%

4.78%

3.89%

5,265,359 

16.75%

31,451,538

100.00%

A concert party, as defined in the City Code on Takeovers and Mergers (the “Code”), currently exists, consisting of 
the following shareholders:

Shareholder (legal holder)

Beneficial holder (if 

No. of Ordinary 

different to legal holder)

Shares

% of issued 

share capital

Macmillan Trading Company Limited 

(“Macmillan”)

Alexander Morgulchik 45.05%, 

German Kaplun 37.17%, Artemii 

7,076,058

22.50%

Iniutin 17.78%,

Wissey Trade & Invest Ltd (“Wissey”)

Andrey Kareev

Ramify Consulting Corp. (“Ramify”)

German Kaplun

Merit Systems Inc.

Artemii Iniutin

Menostar Holdings Limited (“Menostar”) Dmitry Kirpichenko

Eclectic Capital Limited (“Eclectic”)

Nika Kirpichenko

Natalia Inyutina (Adult daughter of 

Artemii Iniutin)

Artemii Iniutin

Vlada Kaplun (Adult Daughter of 

German Kaplun)

Marina Kedrova (Adult Daughter of 
German Kaplun)

German Kaplun

Alexander Morgulchik

Total

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5,000,000

4,728,576

2,054,865

1,503,489

1,224,442

727,156

380,877

363,578

363,578

138,938

138,938

15.90%

15.03%

6.53%

4.78%

3.89%

2.31%

1.21%

1.16%

1.16%

0.44%

0.44%

23,700,495

75.36%

 
 
Since September 2013, when the Company became subject to the Code, the concert party has been interested 
in, in aggregate, more than 50% of the Company’s issued share capital at all times. 

The total direct and indirect interest in TMT by the concert party’s beneficial holders are as follows:

Beneficial holder

No. of Ordinary Shares

% of issued share capital

German Kaplun

Andrey Kareev

Artemii Iniutin

Alexander Morgulchik

Dmitry Kirpichenko

Nika Kirpichenko

Natalia Inyutina

Vlada Kaplun

Marina Kedrova

Total

NOTES:

7,497,458

5,000,000

3,694,092

3,326,702

1,503,489

1,224,442

727,156

363,578

363,578

23.84%

15.90%

11.75%

10.58%

4.78%

3.89%

2.31%

1.16%

1.16%

23,700,495

75.36%

The majority of the ordinary shares held by Eclectic were previously held by Menostar, who invested in the 
Company at the time of its Admission. The beneficial owner of Eclectic is Nika Kirpichenko who is the wife of 
Dmitry Kirpichenko, the beneficial owner of Menostar. Wissey and Menostar both invested in the Company on 
its Admission and, along with Eclectic, have invested in and/or been otherwise involved with other business 
ventures associated with the two founders of the Company Alexander Morgulchik and German Kaplun.

The Company will update this disclosure in future annual financial reports and, if relevant, via RNS 
announcements.

Directors

During the financial year the following Directors held office:

Yuri Mostovoy

Non-executive Chairman 

Alexander Selegenev

Executive Director

James Joseph Mullins

Independent Non-Executive Director

Andrea Nastaj

Independent Non-Executive Director 

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Directors’ Report continued

The Directors’ fees for 2023 and 2022 were as follows:

Director

Yuri Mostovoy

Alexander Selegenev

James Joseph Mullins

Petr Lanin

Andrea Nastaj

2023 USD

2022 USD

56,250

113,750

28,077

-

18,741

55,000

110,000

27,081

9,347

10,738

Subsequent events post the period end

In January 2024, TMT received a total additional US$1.5 million in dividends from Hugo, as part of the 
consideration for Hugo’s disposal of its food delivery and quick commerce business in Central America to 
Delivery Hero completed in 2022.

TMT invested US$1,000,000 in Propertymate Inc., trading as NewHomesMate, a marketplace for newly built 
homes (www.newhomesmate.com)

TMT disposed a part of its shares in NASDAQ-traded Backblaze for a total net consideration of US$4.2 million.

Statement of Directors’ responsibilities in respect of the annual report and the financial statements

The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable 
law and UK-adopted International Financial Reporting Standards (“IFRSs”). 

The Companies (Jersey) Law 1991 (as amended) (“Companies Law”) requires the Directors to prepare financial 
statements for each financial year.  The Directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at 
any time the financial position of the Company and enable them to ensure that its financial statements comply 
with the Companies Law.  They have general responsibility for taking such steps as are reasonably open to 
them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The Directors are responsible for the preparation of the Directors’ report and corporate governance 
statement.  The Directors are responsible for the maintenance and integrity of the corporate and financial 
information included on the Company’s website.  Legislation in Jersey governing the preparation and 
dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors must not approve the financial statements unless they are satisfied that they give a true and 
fair view of the state of affairs of the Company and of the profit or loss for that period.  In preparing these 
financial statements, the Directors are required to:

•  select suitable accounting policies and then apply them consistently;

•  make judgements and accounting estimates that are reasonable and prudent;

•  state whether applicable UK-adopted IFRSs have been followed, subject to any 
  material departures disclosed and explained in the financial statements; and

•  prepare the financial statements on the going concern basis unless it is 
inappropriate to presume that the Company will continue in business.

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Directors’ responsibility statement 

Each of the Directors, whose names are listed in the Directors section above confirm that, to the best of each 
person’s knowledge and belief:

•  the financial statements, prepared in accordance with UK-adopted IFRSs, give a true and fair 
  view of the assets, liabilities, financial position and profit or loss of the Company; and

•  the Directors’ report contained in the annual report includes a true and fair review of the 
  development and performance of the business and the position of the Company.

Going concern

The Directors confirm that, after giving due consideration to the financial position and expected cash flows 
of the Company; they have a reasonable expectation that the Company will have adequate cash resources to 
continue in operational existence for the foreseeable future, and for at least one year from the date of approval 
of these financial statements and they have therefore adopted the going concern basis in preparing the financial 
statements.

Disclosure of information to auditors

Each of the persons who is a Director at the date of approval of this annual report confirms that:

•  so far as the Directors are aware, there is no relevant audit information 
  of which the Company’s auditors are unaware; and

•  the Directors have taken steps that they ought to have taken to make themselves aware of any 
relevant audit information and to establish that the auditors are aware of that information. 

The Company’s auditors will be proposed for reappointment at the Company’s next scheduled AGM.

On behalf of the Board of Directors

Alexander Selegenev 
Executive Director 
18 March 2024

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Independent 
Auditor’s Report

To the shareholders of TMT Investments Plc for the year ended 31 December 2023

Opinion

Conclusions relating to going concern

We have audited the financial statements of TMT 
Investments PLC (the ‘Company’) for the year ended 
31 December 2023 which comprise the statement 
of comprehensive income, statement of financial 
position, statement of cash flows, statement 
of changes in equity, and notes to the financial 
statements, including a summary of significant 
accounting policies. The financial reporting framework 
that has been applied in their preparation of the 
financial statements is UK adopted International 
Accounting Standards, as applied in accordance with 
the provisions of the Companies (Jersey) Law 1991.

In our opinion, the financial statements:

•  give a true and fair view of the state of the 

Company’s affairs as at 31 December 2023 and of 
the Company’s profit for the year then ended; and

•  have been properly prepared in accordance with 
UK adopted International Accounting Standards; 
and

•  have been prepared in accordance with the 

requirements of the Companies (Jersey) Law 1991.

Basis for opinion

We conducted our audit in accordance with 
International Standards on Auditing (UK) (ISAs 
(UK)) and applicable law. Our responsibilities 
under those standards are further described in 
the Auditor’s responsibilities for the audit of the 
financial statements section of our report. We are 
independent of the Company in accordance with the 
ethical requirements that are relevant to our audit 
of the financial statements in the UK, including the 
FRC’s Ethical Standard as applied to listed entities, and 
we have fulfilled our other ethical responsibilities in 
accordance with these requirements. We believe that 
the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion.

In auditing the financial statements, we have 
concluded that the Directors’ use of the going 
concern basis of accounting in the preparation of the 
financial statements is appropriate. Our evaluation 
of the Directors’ assessment of the Company’s ability 
to continue to adopt the going concern basis of 
accounting included:

•  Analysing the financial performance and financial 

strength of the business based on recently audited 
annual results; and

•  Assessment of the liquidity of the business, 

including analysis of the quantum of investments 
that are readily realisable for cash; and

•  Evaluating the on-going liabilities profile of the 
business not including performance-based 
expenses such as bonus fees; and

•  Analysis of the share price over the past 12 

months to ensure there have been no significant 
movements that suggest the Company’s reputation 
in the marketplace presents a material threat to 
going concern; and

•  Review of events and transactions subsequent 

to the balance sheet date that present a material 
threat to going concern.

Based on the work we have performed, we have 
not identified any material uncertainties relating to 
events or conditions that, individually or collectively, 
may cast significant doubt on the Company’s ability 
to continue as a going concern for a period of at least 
twelve months from when the financial statements are 
authorised for issue.

Our responsibilities and the responsibilities of the 
Directors with respect to going concern are described 
in the relevant sections of this report.

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Our application of materiality

We apply the concept of materiality both in planning 
and performing our audit, and in evaluating the 
effect of misstatements. We consider materiality to 
be the magnitude by which misstatements, including 
omissions, could influence the economic decisions of 
reasonable users that are taken on the basis of the 
financial statements.

materiality, to determine the extent of testing needed. 
Importantly, misstatements below these levels will not 
necessarily be evaluated as immaterial as we also take 
account of the nature of identified misstatements, and 
the particular circumstances of their occurrence, when 
evaluating their effect on the financial statements as a 
whole.

In order to reduce to an appropriately low level the 
probability that any misstatements exceed materiality, 
we use a lower materiality level, performance 

Based on our professional judgement, we determined 
materiality for the financial statements as a whole and 
performance materiality as follows:

Materiality Measure

2023

Materiality

$4,070,500

2022

$4,034,600

Basis for determining 

materiality

Rationale for benchmark 

applied

~2% of net assets

~2% of net assets

The Company’s principal activity of that 
of venture capital investment, as such 

business performance is driven by the 

underlying value of investment assets held 

by the Company.

The Company’s principal activity of that of 

venture capital investment, as such business 

performance is driven by the underlying value 

of investment assets held by the Company.

Performance materiality  

$2,849,409

$2,824,275

Basis for determining 

performance materiality  

Rationale for benchmark 

applied

70% of materiality

70% of materiality

Given the judgemental nature of the valuation 

Given the judgemental nature of the valuation 

of investments as well as the Company’s AIM-

of investments as well as the Company’s AIM-

listed status a performance materiality has 

listed status a performance materiality has 

been applied reflecting that this is a higher 

been applied reflecting that this is a higher 

risk engagement.

risk engagement.

We reported all audit differences found in excess of 
our triviality threshold of $203,529 (2022: $201,734) to 
the directors and the management board.

As part of designing our audit, we determined 
materiality and assessed the risks of material 
misstatement in the financial statements. In 
particular, we looked at where the directors made 
subjective judgements, for example in respect of 
significant accounting estimates that involved making 
assumptions and considering future events that are 
inherently uncertain. As in all of our audits we also 
addressed the risk of management override of internal 
controls, including evaluating whether there was 
evidence of bias by the directors that represented a 
risk of material misstatement due to fraud.

Our approach to the audit

As part of designing our audit, we determined 
materiality and assessed the risks of material 

misstatement in the financial statements. In 
particular, we looked at where the directors made 
subjective judgements, for example in respect of 
significant accounting estimates that involved making 
assumptions and considering future events that are 
inherently uncertain.

We tailored the scope of our audit to ensure that we 
performed enough work to be able to  give an opinion 
on the financial statements as a  whole, taking into 
account an understanding of the structure of the 
Company, its activities, the accounting processes and 
controls, and the industry in which it operates. Our 
planned audit testing was directed accordingly and 
was focused on areas where we assessed there to be 
the highest risk of material misstatement.

The audit testing included substantive testing on 
significant transactions, balances and disclosures, the 
extent of which was based on various factors such as 
our overall assessment of the control environment, 

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the effectiveness of controls and the management of 
specific risk. 

We communicate with those charged with governance 
regarding, among other matters, the planned scope 
and timing of the audit and significant findings, 
including any significant deficiencies in internal control 
that we identify during the audit.

Key audit matters

Key audit matters are those matters that, in our 
professional judgment, were of most significance in 
our audit of the financial statements of the current 

period and include the most significant assessed 
risks of material misstatement (whether or not due 
to fraud) we identified, including those which had 
the greatest effect on: the overall audit strategy, the 
allocation of resources in the audit; and directing the 
efforts of the engagement team. These matters were 
addressed in the context of our audit of the financial 
statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion 
on these matters. This is not a complete list of all risks 
identified by our audit.

Valuation of investments $203,086,676 (2021: $195,260,535)

Significance and nature of key risk

How our audit addressed the key risk

The Company’s investment strategy targets 
early stage/start-up businesses. To this 
end valuations of individual investments 
can be highly subjective, especially in the 
case of valuations linked to earnings-based 
multiples.

Given the inherent uncertainty as well as 
the highly material nature of the balance 
in the statement of financial position this is 
considered to be a key risk area. 

Furthermore, as investments are carried 
at fair value through the profit or loss in 
the financial statements investment gains 
and losses in the year also drive underlying 
business performance.

The Company’s investments accounting 
policy is outlined in note 2.6 of these 
financial statements.

We reviewed the investments portfolio and selected a sample 
of individual investments to review in detail. The selection basis 
for these investments was based on their relative value in the 
statement of financial position as well as investments that 
applied valuation methodologies that involved increased inherent 
uncertainty. This sample covered 98.7% of the total stated 
investments in the financial statements.

We confirmed the ownership percentage of each investment to 
appropriate signed documentation. Where investments are valued 
based on cost we have also vouched the initial cost of purchase to 
these documents.

For equity-based valuations we have obtained the source 
documentation determining the fair value per share and assessed 
this for reasonableness of assumptions made.

For earnings-based multiples we have obtained the valuation 
calculations and considered reasonableness of assumptions made, 
including the multiple applied.

For listed market investments we have independently recalculated 
the value of the Company’s shareholding based on the market price 
as at 31 December 2023.

In the case of all investments we considered potential impairment 
indicators that might suggest a material overstatement of the 
investment value.

With respect to valuation methodologies subject to increased 
estimation uncertainty our specialist valuations team considered 
the reasonableness of the assumptions used.

Key observations communicated to the Audit Committee

While there is inherent uncertainty in the valuation of many of the Company’s investments, due to the very 
nature of the companies invested in, we have no material concerns over the appropriateness of the valuation 
methodologies applied, including individual assumptions made, with respect to investments reviewed as part 
of the statutory audit.

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Our audit procedures were designed to respond 
to risks of material misstatement in the financial 
statements, recognising that the risk of not detecting a 
material misstatement due to fraud is higher than the 
risk of not detecting one resulting from error, as fraud 
may involve deliberate concealment by, for example, 
forgery, misrepresentations or through collusion. 
There are inherent limitations in the audit procedures 
performed and the further removed noncompliance 
with laws and regulations is from the events and 
transactions reflected in the financial statements, the 
less likely we are to become aware of it.

Other information

The directors are responsible for the other 
information. The other information comprises the 
information included in the annual report, other 
than the financial statements and our auditor report 
thereon. Our opinion on the financial statements 
does not cover the other information and, except to 
the extent otherwise explicitly stated in our report, 
we do not express any form of assurance conclusion 
thereon.

In connection with our audit of the financial 
statements, our responsibility is to read the other 
information and, in doing so, consider whether the 
other information is materially inconsistent with the 
financial statements or our knowledge obtained in the 
audit or otherwise appears to be materially misstated. 
If we identify such material inconsistencies or 
apparent material misstatements, we are required to 
determine whether there is a material misstatement 
in the financial statements or a material misstatement 
of the other information. If, based on the work we 
have performed, we conclude that there is a material 
misstatement of this other information, we are 
required to report that fact.  We have nothing to 
report in this regard.

Matters on which we are required 
to report by exception

In the light of the knowledge and understanding of 
the company and its environment obtained in the 
course of the audit, we have not identified material 
misstatements in the directors’ report.

We have nothing to report in respect of the following 
matters in relation to which the Companies (Jersey) 
Law 1991 requires us to report to you if, in our 
opinion:

•  Proper accounting records have not been kept by 
the company, or proper returns adequate for our 
audit have not been received from branches not 
visited by us; or

•  The financial statements are not in agreement with 

the accounting records and returns; or

•  Certain disclosures of directors’ remuneration 

specified by law are not made; or

•  We have not received all the information and 

explanations we require for our audit.

Responsibilities of directors

The directors are responsible for the preparation of 
the financial statements and for being satisfied that 
they give a true and fair view, and for such internal 
control as the directors determine is necessary to 
enable the preparation of financial statements that 
are free from material misstatement, whether due to 
fraud or error. 

In preparing the financial statements, the directors are 
responsible for assessing the Company’s ability  
to continue as a going concern, disclosing, as 
applicable, matters related to going concern and using 
the going concern basis of accounting unless the 
directors either intend to liquidate the Company  
or to cease operations, or have no realistic alternative 
but to do so.

Auditor’s responsibilities for the audit 
of the financial statements

Our objectives are to obtain reasonable assurance 
about whether the financial statements as a whole 
are free from material misstatement, whether due 
to fraud or error, and to issue an auditor’s report 
that includes our opinion. Reasonable assurance is 
a high level of assurance but is not a guarantee that 
an audit conducted in accordance with ISAs (UK) will 
always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the 
economic decisions of users taken on the basis of 
these financial statements. 

Capability of the audit in detecting irregularities,  
including fraud

Based on our understanding of the company and 
industry, and through discussion with the directors 
and other management (as required by auditing 
standards), we identified that the principal risks of 
non-compliance with laws and regulations related 
to anti-bribery. We considered the extent to which 
non-compliance might have a material effect on the 
financial statements. We also considered those laws 
and regulations that have a direct impact on the 
preparation of the financial statements such as the 
Companies (Jersey) Law 1991. We communicated 
identified laws and regulations throughout our 
team and remained alert to any indications of non-
compliance throughout the audit. We evaluated 
management’s incentives and opportunities for 
fraudulent manipulation of the financial statements 

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(including the risk of override of controls), and 
determined that the principal risks were related 
to management bias in accounting estimates and 
judgemental areas of the financial statements such 
as the valuation of investments. Audit procedures 
performed by the engagement team included:

•  Discussions with management and assessment of 
known or suspected instances of non-compliance 
with laws and regulations and fraud, and review of 
the reports made by management; and

•  Assessment of identified fraud risk factors; and

•  Identifying and assessing the design effectiveness 

of controls that management has in place to 
prevent and detect fraud; and

•  Review of the integrity of banking records; and

•  Challenging assumptions and judgements made by 
management in its significant accounting estimates; 
and

•  Performing analytical procedures to identify any 
unusual or unexpected relationships, including 
related party transactions, that may indicate risks of 
material misstatement due to fraud; and

•  Confirmation of related parties with management, 
and review of transactions throughout the period 
to identify any previously undisclosed transactions 
with related parties outside the normal course of 
business; and

•  Reading minutes of meetings of those charged with 

governance; and

•  Review of the valuation methodology and 

associated assumptions for investments held; and  

•  Review of significant and unusual transactions and 
evaluation of the underlying financial rationale 
supporting the transactions; and

•  Use of data analytics in identifying and testing 

journal entries, in particular any manual entries 
made at the year end for financial statement 
preparation.

Because of the inherent limitations of an audit, 
there is a risk that we will not detect all irregularities, 
including those leading to a material misstatement 
in the financial statements or non-compliance 
with regulation. This risk increases the more that 
compliance with a law or regulation is removed from 
the events and transactions reflected in the financial 
statements, as we will be less likely to become aware 
of instances of non-compliance.

As part of an audit in accordance with ISAs (UK), 
we exercise professional judgment and maintain 
professional scepticism throughout the audit. We also:

•  Identify and assess the risks of material 

misstatement of the financial statements, whether 
due to fraud or error, design and perform audit 
procedures responsive to those risks, and obtain 
audit evidence that is sufficient and appropriate 
to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, 
as fraud may involve collusion, forgery, intentional 
omissions, misrepresentations, or the override of 
internal control..

•  Obtain an understanding of internal control 
relevant to the audit in order to design audit 
procedures that are appropriate in the 
circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of the 
Company’s internal control.

•  Evaluate the appropriateness of accounting policies 

used and the reasonableness of accounting 
estimates and related disclosures made by the 
directors.

•  Conclude on the appropriateness of the directors’ 
use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether 
a material uncertainty exists related to events or 
conditions that may cast significant doubt on the 
Company’s ability to continue as a going concern. 
If we conclude that a material uncertainty exists, 
we are required to draw attention in our auditor’s 
report to the related disclosures in the financial 
statements or, if such disclosures are inadequate, 
to modify our opinion. Our conclusions are based 
on the audit evidence obtained up to the date of 
our auditor’s report. However, future events or 
conditions may cause the Company to cease to 
continue as a going concern.

•  Evaluate the overall presentation, structure and 

content of the financial statements, including the 
disclosures, and whether the financial statements 
represent the underlying transactions and events in 
a manner that achieves fair presentation.

•  Obtain sufficient appropriate audit evidence 

regarding the financial information of the entities 
or business activities within the Company to 
express an opinion on the consolidated financial 
statements. We are responsible for the direction, 
supervision and performance of the Company 
audit. We remain solely responsible for our  
audit opinion.

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We communicate with those charged with governance 
regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, 
including any significant deficiencies in internal control 
that we identify during our audit.

Use of our Report

This report is made solely to the company’s members, 
as a body, in accordance with Article 113A of the 
Companies (Jersey) Law 1991. Our audit work has 
been undertaken so that we might state to the 
company’s members those matters we are required to 
state to them in an auditor’s report and for no other 
purpose. To the fullest extent permitted by law, we do 
not accept or assume responsibility to anyone other 
than the Company and the Company’s members as 
a body, for our audit work, for this report, or for the 
opinions we have formed.

Anne Dwyer BSc(Hons) FCA (Senior Statutory Auditor)

For and on behalf of  
Kreston Reeves LLP 
Chartered Accountants 
Statutory Auditor 
London 
Date:

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Financial 
Statements

STATEMENT OF COMPREHENSIVE INCOME 

Gains/(Losses) on investments

Dividend income

Total investment income (loss)

Expenses

Administrative expenses

Operating gain/(loss)

Finance income, net

Currency exchange loss

Gain/(Loss) before taxation

Taxation

For the year ended 
31/12/2023

For the year ended 
31/12/2022

Notes

USD

USD

3

5

7

8

7,357,560

(79,864,874)

36,883

105,844

7,394,443

(79,759,030)

(1,322,882)

(1,443,395)

6,071,561

(81,202,425)

263,441

9,729

42,771

(201,137)

6,377,773

(81,393,833)

-

-

Gain/(Loss) attributable to equity shareholders

6,377,773

(81,393,833)

Total comprehensive income/(loss) for the year  

6,377,773

(81,393,833)

Gain/(Loss) per share

Basic and diluted gain/(loss) per share (cents per share)

9

20.28

(258.78)

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STATEMENT OF FINANCIAL POSITION Company registration number: 106628 (Jersey) 

At 31 December 

At 31 December 

2023

USD

2022

USD

Notes

Non-current assets

Financial assets at FVPL

10

203,086,676

195,260,535

Total non-current assets

203,086,676

195,260,535

Current assets

Trade and other receivables

Cash and cash equivalents

Total current assets

Total assets

Current liabilities

11

12

151,908

1,382,811

6,590,935

10,102,683

6,742,843

11,485,494

209,829,519

206,746,029

Trade and other payables

13

1,717,816

5,012,099

Total current liabilities

1,717,816

5,012,099

Total liabilities

Net assets

Equity

Share capital

Retaining earnings

Total equity

1,717,816

5,012,099

208,111,703

201,733,930

14

53,283,415

53,283,415

154,828,288

148,450,515

208,111,703

201,733,930

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STATEMENT OF CASH FLOWS

Operating activities

For the year 
ended 31/12/2023

For the year 
ended 31/12/2022

Notes

USD

USD

Gain/(Loss) attributable to equity shareholders

6,377,773

(81,393,833)

Adjustments for non-cash items:

Changes in fair value of financial assets at FVPL

3

(7,341,554)

79,638,928

Interest received

Impairment of receivables

Changes in working capital:

Decrease/(Increase) in trade and other receivables

Decrease in trade and other payables

Net cash used in operating activities

Investing activities

Purchase of financial assets at FVPL

Proceeds from sale/disposal of financial assets at FVPL

Interest received on treasury bills and deposits

11

13

10

10

7

(263,441)

(9,729)

52,510

249,060

(1,174,712)

(1,515,574)

1,178,393

418,778

(3,294,283)

(4,892,724)

(3,290,602)

(5,989,520)

(4,686,489)

(9,608,593)

4,201,902

163,266

263,441

9,729

Net cash used in investing activities

(221,146)

(9,435,598)

Decrease in cash and cash equivalents

(3,511,748)

(15,425,118)

Cash and cash equivalents at the beginning of the year

10,102,683

25,527,801

Cash and cash equivalents at the end of the year

12

6,590,935

10,102,683

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STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2022 and for the year ended 31 December 2023, USD 

Share capital Retained earnings

Note

USD

USD

Total

USD

Balance at 31 December 2021

53,283,415

229,844,348

283,127,763

Comprehensive loss

Loss for the year

Total comprehensive  
loss for the year

-

-

(81,393,833)

(81,393,833)

(81,393,833)

(81,393,833)

Balance at 31 December 2022

53,283,415

148,450,515

201,733,930

Gain for the year

Total comprehensive income 
for the year

-

-

6,377,773

6,377,773

6,377,773

6,377,773

Balance at 31 December 2023

53,283,415

154,828,288

208,111,703

The financial statements were approved by the Board of Directors on 18 March 2024 and were signed  
on its behalf by:

Alexander Selegenev 
Executive Director

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Notes to  
the Financial 
Statements

For the year ended 31 December 2023

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1. Company information

TMT Investments Plc (“TMT” or the “Company”) is a company 
incorporated in Jersey with its registered office at 13 Castle Street,  
St Helier, Jersey, JE1 1ES, Channel Islands.

The Company was incorporated and registered on 30 September 
2010 in Jersey under the Companies (Jersey) Law 1991 (as amended) 
with registration number 106628 under the name TMT Investments 
Limited.  The Company obtained consent from the Jersey Financial 
Services Commission pursuant to the Control of Borrowing (Jersey) 
Order 1985 on 30 September 2010.  On 1 December 2010 the 
Company re registered as a public company and changed its name to 
TMT Investments Plc.  The Company’s ordinary shares were admitted 
to trading on the AIM market of the London Stock Exchange on 10 
December 2010.

The memorandum and articles of association of the Company do not 
restrict its activities and therefore it has unlimited legal capacity.  The 
Company’s ability to implement its Investment Policy and achieve its 
desired returns will be limited by its ability to identify and acquire 
suitable investments.  Suitable investment opportunities may not always 
be readily available.

The Company seeks to make investments in any region of the world. 
The Company invests in high growth technology companies globally 
across a number of core specialist sectors.  The Company’s objective is 
to generate an attractive rate of return for shareholders, predominantly 
through capital appreciation.

Financial statements of the Company are prepared by and approved 
by the Directors in accordance with International Financial Reporting 
Standards, UK adopted International Accounting Standards and their 
interpretations issued or adopted by the International Accounting 
Standards Board (“IFRSs”).  The Company’s accounting reference date  
is 31 December.

2. Summary of significant accounting policies

2.1 BASIS OF PRESENTATION

The principal accounting policies applied by the Company in the 
preparation of these financial statements are set out below and have 
been applied consistently.

The financial statements have been prepared on a going concern basis, 
under the historical cost basis as modified by the fair value of financial 
assets at FVPL, as explained in the accounting policies below, and in 
accordance with IFRS.  Historical cost is generally based on the fair value 
of the consideration given in exchange for assets.

The preparation of financial statements, in compliance with UK adopted 
International Accounting Standards, requires the use of certain 
critical accounting estimates. It also requires management to exercise 
judgment in applying the Company’s accounting policies (see note 2.12).

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A
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0
2
3

N
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85

 
 
 
 
 
 
 
 
2.2 GOING CONCERN

The Directors confirm that, after giving due consideration to the financial 
position and expected cash flows of the Company and due to availability of 
highly liquid investments readily realisable for cash should this be needed; 
they have a reasonable expectation that the Company will have adequate 
cash resources to continue in operational existence for the foreseeable 
future, and for at least one year from the date of approval of these financial 
statements and they have therefore adopted the going concern basis in 
preparing the financial statements.

2.3 SEGMENTAL REPORTING 

Operating segments are reported in a manner consistent with the 
internal reporting provided to the chief operating decision maker who is 
responsible for allocating resources and assessing performance of the 
operating segments and which has been identified as the Board that make 
strategic decisions.  For the purposes of IFRS 8 ‘Operating Segments’ the 
Company currently has one segment, being ‘Investing in the TMT sector’.

Even though the Company only invests in the TMT sector, there are still 
geographical disclosures that need to be made to comply with IFRS 8 
‘Operating Segments’.

2.4 FOREIGN CURRENCY 
TRANSLATION 

Functional and presentation currency 

Items included in the financial statements of the Company are measured 
in United States Dollars (‘US dollars’, ‘USD’ or ‘US$’), which is the Company’s 
functional and presentation currency.

Transactions and balances 

Foreign currency transactions are translated into US$ using the exchange 
rates prevailing at the dates of the transactions.  Foreign currency 
monetary items are translated using the closing rate (i.e. mid market  
price investments).

Non monetary items that are measured at fair value in a foreign currency 
are translated using the exchange rates at the date when the fair value was 
measured. (i.e. comparable company analysis and cost based investments 
as these are effectively re fair valued at each year end). 

Exchange differences arising from the translation at the year end exchange 
rates of monetary assets and liabilities denominated in foreign currencies 
are recognised in the statement of comprehensive income.

Conversion rates, USD

Currency

As at 
31/12/2023

Average rate, 
2023

British pounds, £

Euro, €

1.2747

1.1047

1.2393

1.0862

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86

 
 
 
 
 
 
2.5 CASH AND CASH 
EQUIVALENTS

Cash and cash equivalents consist of cash at bank and in hand, deposits 
held at call with banks, and other short term highly liquid investments with 
maturities of three months or less from the date of acquisition.

2.6 FINANCIAL ASSETS  
AND LIABILITIES

Recognition and measurement

The Company recognises financial assets and liabilities when it becomes 
party to the contractual provisions of the instrument. Financial assets 
are derecognised when the contractual rights to the cash flows from the 
financial asset expire, or when the financial asset and substantially all 
the risks and rewards are transferred. A financial liability is derecognised 
when it is extinguished, discharged, cancelled or expires. Financial assets 
are initially measured at fair value adjusted for transaction costs (where 
applicable). Financial assets are classified into the following categories:

•  amortised cost;

•  fair value through profit or loss (FVPL); and

•  fair value through other comprehensive income (FVOCI).

In the periods presented, the Company did not have any financial assets 
categorised as FVOCI.  The classification is determined by both:

•  the entity’s business model for managing the financial asset; and  

•  the contractual cash flow characteristics of the financial asset.

Subsequent measurement 
FVPL

All financial investments of the Company are measured at fair value 
through profit or loss and are subject to a fair value revaluation at year  
end date.

The Company manages its investments with a view of profiting from the 
receipt of dividends and changes in fair value of equity investments. 
Financial assets of the Company comprise of listed and unlisted equity 
investments, convertible promissory notes and SAFEs. All the financial 
assets are not for trading and are classified as financial assets at FVPL. 
Directly attributable transaction costs are recognised in profit or loss as 
incurred. Financial assets at fair value through profit or loss are measured 
at fair value, and changes therein are recognised in profit or loss.

When measuring the fair value of a financial instrument, the Company uses 
relevant transactions during the year or shortly after the year end, which 
gives an indication of fair value and considers other valuation methods to 
provide evidence of value. The “price of recent investment” methodology is 
used mainly for venture capital investments, and the fair value is derived by 
reference to the most recent financing round or sizeable partial disposal. 
Fair value change is only recognised if that round involved a new external 
investor. From time to time, the Company may assess the fair value in 
the absence of a relevant independent transaction by relying on other 
market observable data and valuation techniques, such as the analysis 
of comparable companies and/or comparable transactions. The nature 
of such valuation techniques is highly judgmental and dependent on the 
market sentiment at the time of the analysis.

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2
0
2
3

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87

 
 
 
 
 
 
 
 
Fair values are categorised into different levels in a fair value 
hierarchy based on the inputs used in the valuation techniques as 
follows:

Level 1: The fair value of financial instruments traded in active markets is 
based on quoted market prices at the end of the reporting period. The 
quoted market price used for financial assets held by the Company is the 
mid market price at the time. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an 
active market is determined using valuation techniques which maximise 
the use of observable market data and rely as little as possible on entity 
specific estimates. Specific valuation techniques used to value financial 
instruments include the use of quoted market prices or dealer quotes for 
similar instruments. 

Level 3: If one or more of the significant inputs is not based on observable 
market data, the instrument is included in level 3. 

Transfers between levels of the fair value hierarchy, for the purpose of 
preparing these financial statements, are deemed to have occurred at the 
beginning of the reporting period.

Where an active market is established for an investment it is classified 
to level 1 with a mid market price valuation methodology applied. Where 
observable market data becomes available for an investment, including 
for comparable companies within an active market, it is classified to level 
2 with comparable company analysis used as the valuation methodology. 
The investment otherwise remains classified to level 3, with the cost of 
investment or price of recent investment valuation methodology applied.

Financial assets that qualify as an associate, as 20% or more of the voting 
rights are held by the company, are exempt from IAS 28 ‘Investments in 
Associates’, as TMT is a venture capital organisation. Such investments are 
therefore treated as financial assets at FVPL.

Financial assets at amortised cost

Financial assets are measured at amortised cost if the assets meet the 
following conditions:

•  they are held within a business model whose objective is to hold the 

financial assets and collect its contractual cash flows; and

•  the contractual terms of the financial assets give rise to cash flows that 
  are solely payments of principal and interest on the principal amount 
  outstanding.

After initial recognition, these are measured at amortised cost using the 
effective interest method. Discounting is omitted where the effect of 
discounting is immaterial. The Company’s cash and cash equivalents, trade 
and other receivables fall into this category of financial instruments.

Impairment of Financial Assets

In relation to the impairment of financial assets, IFRS 9 requires an 
expected credit loss model to be applied. The expected credit loss model 
requires the Company to account for expected credit losses and changes 
in those expected credit losses at each reporting date to reflect changes 
in credit risk since initial recognition of the financial assets. IFRS 9 requires 
the Company to recognise a loss allowance for expected credit losses on 
receivables. In particular, IFRS 9 requires the Company to measure the 
loss allowance for a financial instrument at an amount equal to the lifetime 

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88

 
 
 
 
 
expected credit losses (ECL) if the credit risk on that financial instrument 
has increased significantly since initial recognition, or if the financial 
instrument is a purchased or originated credit impaired financial asset. 
However, if the credit risk on a financial instrument has not increased 
significantly since initial recognition, the Company is required to measure 
the loss allowance for that financial instrument at an amount equal to 12 
months ECL.

Income

Interest income from convertible notes receivable is recognised as it 
accrues by reference to the principal outstanding and the effective interest 
rate applicable, which is the rate that exactly discounts the estimated future 
cash flows through the expected life of the financial asset to the asset’s 
carrying value.

2.7 NET FINANCE INCOME 

Net finance income comprises interest income on deposits, bank balances 
and other cash equivalents. Interest income is recognised as it accrues 
in the statement of comprehensive income, using the effective interest 
method.

2.8 TAXATION 

The tax currently payable is based on taxable profit for the year. Taxable 
profit differs from net profit as reported in the profit and loss account 
because it excludes items of income or expense that are taxable or 
deductible in other years and it further excludes items that are never 
taxable or deductible. The company’s liability for current tax is calculated 
using tax rates that have been enacted or substantively enacted by the 
reporting end date.

Deferred tax is provided in full using the liability method, on temporary 
differences arising between the tax bases of assets and liabilities and 
their carrying amounts in the financial statements.  Deferred tax is not 
accounted for if it arises from initial recognition of an asset or liability in 
a transaction other than a business combination that, at the time of the 
transaction, affects neither accounting nor taxable profit or loss.  Deferred 
tax is determined using tax rates that are expected to apply when the 
related deferred tax asset is realised or when the deferred tax liability is 
settled.  Deferred tax assets are recognised to the extent that it is probable 
that future taxable profits will be available against which the temporary 
differences can be utilised.

The Company is incorporated in Jersey. There are not any tax expenses 
recognised in the Statement of comprehensive income as the Company’s 
current income tax rate in Jersey is 0%.

2.9 EQUITY INSTRUMENTS 

Ordinary shares are classified as equity.  Costs directly attributable to the 
issue of new shares are shown in equity as a deduction from the proceeds.

T
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A
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A
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P
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2
0
2
3

N
O
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T
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89

 
 
 
 
 
 
 
 
2.10 NEW IFRSs AND 
INTERPRETATIONS 

The following standards and amendments became effective from 1 January 
2023, but did not have any impact on the Company:

•  IFRS 17 Insurance Contracts;

•  Amendments to IFRS 17 – Initial Application of IFRS 17 & IFRS 9 

(Comparative Information);

•  Amendments to IAS 1 - Presentation of Financial Statements 

(Classification of Liabilities as Current or Non current);

•  Amendments to IAS 1 and IFRS Practice Statement 2 – Making Materiality 

Judgements (Disclosure of Accounting Policies);

•  Amendments to IAS 12 – Income Taxes (Deferred Tax related to Assets 
  and Liabilities arising from a Single Transaction);

•  Amendments to IAS 8 – Accounting Policies, Changes in Accounting 
  Estimates and Errors (Definition of Accounting Estimates).

2.11 FUTURE IFRS CHANGES

The following table summarises changes to IFRS adoption which is 
mandatory for periods beginning in 2023 and beyond:

Standard

Effective date

Overview

Amendment to IFRS 
16 – Leases on sale 
and leaseback

1 January 2024 (early 
adoption permitted)

These amendments include requirements for sale and 
leaseback transactions in IFRS 16 to explain how an entity 
accounts for a sale and leaseback after the date of the 
transaction. Sale and leaseback transactions where some 
or all the lease payments are variable lease payments that 
do not depend on an index or rate are most likely to be 
impacted.

Amendment to IAS 
1 – Non current 
liabilities with 
covenants

1 January 2024 (early 
adoption permitted)

These amendments clarify how conditions with which an 
entity must comply within twelve months after the reporting 
period affect the classification of a liability. The amendments 
also aim to improve information an entity provides related 
to liabilities subject to these conditions.

Amendment to IAS 7 
and IFRS 7 - Supplier 
finance

1 January 2024 (early 
adoption permitted)

Amendments to 
IAS 21 - Lack of 
Exchangeability

1 January 2024 (early 
adoption permitted)

These amendments require disclosures to enhance the 
transparency of supplier finance arrangements and their 
effects on an entity’s liabilities, cash flows and exposure to 
liquidity risk.  The disclosure requirements are the IASB’s 
response to investors’ concerns that some companies’ 
supplier finance arrangements are not sufficiently visible, 
hindering investors’ analysis.

An entity is impacted by the amendments when it has a 
transaction or an operation in a foreign currency that is 
not exchangeable into another currency at a measurement 
date for a specified purpose. A currency is exchangeable 
when there is an ability to obtain the other currency (with 
a normal administrative delay), and the transaction would 
take place through a market or exchange mechanism that 
creates enforceable rights and obligations.

These changes are not expected to have any impact on the Company in 2024 and beyond.

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90

 
 
 
 
 
 
 
2.12 ACCOUNTING ESTIMATES 
AND JUDGEMENTS

Estimates and judgements need to be regularly evaluated and are based 
on historical experience and other factors, including expectations of future 
events that are believed to be reasonable under the circumstances.  The 
Company makes estimates and assumptions concerning the future.  The 
resulting accounting estimates will, by definition, rarely equal the related 
actual results.

The estimates and underlying assumptions are reviewed on an on going 
basis.  Revisions to accounting estimates are recognised in the period in 
which the estimate is revised if the revision affects only that period or in the 
period of the revision and future periods if the revision affects both current 
and future periods.

The estimates significant to the financial statements during the year and at 
the year end is the consideration of the fair value of financial assets at FVPL 
as set out in the relevant accounting policies shown above. A number of the 
financial assets at FVPL held by the Company are at an early stage of their 
development.  The Company cannot yet carry out regular reliable fair value 
estimates of some of these investments.  Future events or transactions 
involving the companies invested in may result in more accurate valuations 
of their fair values (either upwards or downwards) which may affect the 
Company’s overall net asset value. 

As summarised in note 10 the Company has investments held at year 
end of US$96,422,492 (2022: US$94,755,170) classified as level 2 in the 
fair value hierarchy, valued on a comparable company analysis basis. The 
Company has a further US$80,653,740 (2022: US$77,512,433) classified 
as level 3, valued at cost or price of recent investment (less any currency 
exchange related impairment charges). Generally, when impairments are 
used in the comparable company valuation methodology, impairments 
are allocated on a 50% 66% basis when management determine that 
there is increased uncertainty over the investee’s business prospects 
and/or exit strategy, or a 100% basis when management determine that 
the investment is unlikely to be recovered. Readers of these financial 
statements should consider the inherent uncertainty principle involved 
when considering these investment valuations.

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A
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2
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2
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91

These changes are not expected to have any impact on the Company in 2024 and beyond.

 
 
 
 
 
 
 
 
3. Gains (Losses) on investments

Gross interest income from convertible notes 
receivable

Net interest income from convertible 
notes receivable

Gains/(Losses) on changes in fair value of 
financial assets at FVPL

Impairment of receivables

Other gains/(losses) on investment

For the year ended  
31/12/2023  
USD

For the year ended 

 31/12/2022  
USD

6,213

6,213

40,012

40,012

7,341,554

(79,638,928)

(52,510)

62,303

(249,060)

(16,898)

Total net gains/(losses) on investments

7,357,560

(79,864,874)

During the year ended 31 December 2023, impairment losses related to receivables for previously disposed 
investments of US$52,510 were recognised (2022: US$249,060).

4. Segmental analysis 

GEOGRAPHIC INFORMATION

The Company has investments in the following geographic areas: the USA, Canada, Estonia, the United Kingdom, 
Portugal, BVI and the Cayman Islands.

Non-current financial assets

As at 
31/12/2023

USA and 
Canada

Cayman 
Islands

BVI

Estonia

Cyprus

Kingdom Portugal

United 

USD

USD

USD

USD

USD

USD

USD

Total

USD

Equity 
investments

Convertible 
notes & SAFEs

73,579,189

-

1,695,398

74,200,126

16,517,060

1,030,000

-

-

 Total

90,096,249

1,030,000

1,695,398

74,200,126

-

-

-

34,987,820

-

184,462,533

-

1,077,083

18,624,143

34,987,820

1,077,083

203,086,676

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92

 
 
 
 
As at 
31/12/2022

USA and 
Canada

Cayman 
Islands

USD

USD

BVI

USD

Estonia

Cyprus

Kingdom Portugal

USD

USD

USD

USD

Total

USD

United 

Equity 
investments

Convertible 
notes & SAFEs

66,393,603

-

3,255,052

71,759,682

330,000

30,481,358

-

172,219,695

14,800,030

1,030,000

-

1,628,090

4,100,000

601,950

880,770

23,040,840

 Total

81,193,633

1,030,000

3,255,052

73,387,772

4,430,000 31,083,308

880,770

195,260,535

5. Administrative expenses

Administrative expenses include the following amounts:

Staff expenses (note 6)

Professional fees

Legal fees

Bank and LSE charges

Audit fees

Accounting fees

Other expenses

For the year ended 
31/12/2023  
USD

For the year ended  
31/12/2022  
USD

845,218

270,695

26,818

16,507

50,985

20,070

92,589

1,322,882

825,366

326,651

82,941

15,069

59,577

17,480

116,311

1,443,395

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93

 
 
 
 
 
 
 
 
6. Staff expenses 

Directors’ fees

Wages and salaries

For the year ended 
31/12/2023

For the year ended  
31/12/2022

USD

216,818

628,400

845,218

USD

212,166

613,200

825,366

Wages and salaries shown above include fees and salaries relating to the year ended 31 December 2023.

The Directors’ fees for 2023 were as follows:

For the year ended 
31/12/2023  
USD

For the year ended  
31/12/2022  
USD

113,750

56,250

28,077

-

18,741

216,818

110,000

55,000

27,081

9,347

10,738

212,166

The Directors’ fees shown above are all classified as ‘short term 
employment benefits’ under International Accounting Standard 24. The 
Directors do not receive any pension contributions or other benefits. The 
average number of staff employed (excluding Directors) by the Company 
during the year was 7 (2022: 7).

Key management personnel of the Company are defined as those 
persons having authority and responsibility for the planning, directing 
and controlling the activities of the Company, directly or indirectly.  Key 
management of the Company are therefore considered to be the Directors 
of the Company.  There were no transactions with the key management, 
other than their fees and reimbursement of business expenses.

Under the Company’s Bonus Plan, subject to achieving a minimum hurdle 
NAV and high watermark conditions, the team receives an annual cash 
bonus equal to 10% of the net increases in the Company’s NAV, adjusted 
for any changes in the Company’s equity capital resulting from issuance of 
new shares, dividends, share buy backs and similar corporate transactions. 
The Company`s bonus year runs from 1 January to 31 December. As the 
Company’s adjusted NAV did not exceed the previously achieved high 
watermark during the financial year, no bonus accrued for the year ended 
31 December 2023.

Alexander Selegenev

Yuri Mostovoy

James Joseph Mullins

Petr Lanin

Andrea Nastaj

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7. Net finance income

Interest income

8. Income tax expense

For the year ended 
31/12/2023  
USD

For the year ended  
31/12/2022  
USD

263,441

263,441

9,729

9,729

The Company is incorporated in Jersey.  No tax reconciliation note has been 
presented as the Company’s current income tax rate in Jersey is 0%.

9. Gain/(Loss) per share

The calculation of basic gain per share is based upon the net losses for the 
year ended 31 December 2023 attributable to the ordinary shareholders of 
US$6,377,773 (2022: net loss of US$81,393,833) and the weighted average 
number of ordinary shares outstanding calculated as follows:

Gain per share

Basic gain/(loss) per share  
(cents per share)

Gain/(Loss) attributable to equity 
holders of the entity  

For the year ended 
31/12/2023

For the year ended  
31/12/2022

20.28

(258.78)

6,377,773

(81,393,833)

The weighted average number of ordinary shares outstanding was calculated as follows:

Weighted average number  
of shares in issue

Ordinary shares

For the year ended 
31/12/2023

For the year ended 31/12/2022

31,451,538

31,451,538

31,451,538

31,451,538

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A
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2
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N
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10. Non-current financial assets

Reconciliation of fair value measurements of non current financial assets:

Investments held at fair value through 
profit and loss, USD:

- listed and unlisted shares (i)

- promissory notes (ii)

SAFEs (iii)

Opening valuation

Purchases (including consulting and legal fees)

Disposal proceeds

Impairment losses in the year

Realised gain

Unrealised gains/(losses)

Closing valuation

Movement in unrealised gains/(losses)

Opening accumulated unrealised gains

Unrealised gains/(losses)

Transfer of previously unrealised gains/(losses) 
to realised reserve on disposal of investments

At 31 December 2023 
USD

At 31 December 2022 
USD

184,462,533

1,600,030

17,024,113

203,086,676

172,219,695

4,830,070

18,210,770

195,260,535

At 31 December 2023 
USD

At 31 December 2022 
USD

195,260,535

4,686,489

(4,201,902)

(10,289,184)

1,098,401

16,532,337

203,086,676

118,262,354

16,532,337

(1,605,184)

265,454,136

9,608,593

(163,266)

(1,280,016)

-

(78,358,912)

195,260,535

195,706,888

(78,358,912)

914,378

Closing accumulated unrealised gains

133,189,507

118,262,354

Reconciliation of investments, if held under the 
cost and price of recent investment model:

Historic cost basis

Opening book cost

Purchases (including consulting fees) 

Disposals on sale of investment

Impairment losses in the year

Closing book cost

76,998,181

4,686,489

(1,498,317)

(10,289,184)

69,897,169

69,747,248

9,608,593

(57,660)

(2,300,000)

76,998,181

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96

The following table shows the changes made for 2022 compared to 2021. These investments were held at cost or 

price of recent investments of the total value of US$133,457,069 as of 31 December 2021:

 
 
 
 
Valuation methodology

Level 1 - Mid-market price

Level 2 - Comparable company analysis

Level 3 - Cost or price of recent investment

At 31 December 2023 
USD

At 31 December 2022 
USD

26,010,444

96,422,492

80,653,740

22,992,932

94,755,170

77,512,433

203,086,676

195,260,535

The estimates significant to the financial statements during the year and at 
the year end is the consideration of the fair value of financial assets at FVPL 
as set out in the relevant accounting policies shown above. A number of the 
financial assets at FVPL held by the Company are at an early stage of their 
development. The Company cannot yet carry out regular reliable fair value 
estimates of some of these investments.  Future events or transactions 
involving the companies invested in may result in more accurate valuations 
of their fair values (either upwards or downwards) which may affect the 
Company’s overall net asset value.  

Valuation methodologies can be changed from time to time, the following 
table shows the changes made for 2023 compared to 2022. These 
investments were held at cost or price of recent investments of the total 
value of US$7,876,217 as of 31 December 2022:

Company name

2023

2022

Cheetah (Go X)

Comparable company analysis

Cost and price of recent investment

Muncher

Qumata

Comparable company analysis

Cost and price of recent investment

Comparable company analysis

Cost and price of recent investment

The following table shows the changes made for 2022 compared to 2021. These investments were held at cost or 
price of recent investments of the total value of US$133,457,069 as of 31 December 2021:

Company name

2023

2022

3D Look

Affise

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Academy of change

Comparable company analysis

Cost or price of recent investment

Bolt

EstateGuru

MEL Science

Moeco

PandaDoc

Scalarr

Study Space, Inc 
(EdVibe)

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Comparable company analysis

Cost or price of recent investment

Wanelo

Comparable company analysis

Cost or price of recent investment

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

97

 
 
 
 
 
 
 
 
The list of fully impaired investments, in which the Company still maintained ownership as of 31 December 2023, 
was as follows:

Company name

Rollapp

UsingMiles/Help WW/Source Inc.

Favim

AdInch

E2C

Drupe

Virool/Turgo

Sixa

Usual Beverage Co.

StudyFree

Wanelo

Investment 
amount (USD)

Year of impairment

350,000 

250,000 

300,000 

1,000,000 

124,731 

225,000 

600,000

900,000 

300,000

1,000,000 

2018

2018

2018

2018

2020

2019

2017

2019

2022

2022

Financial assets at fair value through profit or loss are measured at fair 
value, and changes therein are recognised in profit or loss.

355,000

2023

Rocket Games (Legionfarm)

1,650,000 

2023

2023

2023

1,784,185

1,999,999

1,000,000 

When measuring the fair value of a financial instrument, the Company 
uses relevant transactions during the year or shortly after the year end, 
which gives an indication of fair value and considers other valuation 
methods to provide evidence of value. The “price of recent investment” 
methodology is used mainly for venture capital investments, and the fair 
2023
value is derived by reference to the most recent equity financing round or 
sizeable partial disposal. Fair value change is only recognised if that equity 
2023
round or partial disposal involved a new external investor. From time to 
time, the Company may assess the fair value in the absence of a relevant 
2,500,000
independent equity transaction by relying on other market observable data 
15,338,915
and valuation techniques, such as the analysis of comparable companies 
and/or comparable transactions. The nature of such valuation techniques 
is highly judgmental and dependent on the market sentiment at the time of 
the analysis.
Financial assets at fair value through profit or loss are measured at fair 
value, and changes therein are recognised in profit or loss.

1,000,000 

2023

When measuring the fair value of a financial instrument, the Company uses 
relevant transactions during the year or shortly after the year end, which 
gives an indication of fair value and considers other valuation methods to 
provide evidence of value. The “price of recent investment” methodology is 
used mainly for venture capital investments, and the fair value is derived by 
reference to the most recent financing round or sizeable partial disposal. 
Fair value change is only recognised if that round or partial disposal 
involved a new external investor. From time to time, the Company may 
assess the fair value in the absence of a relevant independent transaction 
by relying on other market observable data and valuation techniques, such 
as the analysis of comparable companies and/or comparable transactions. 
The nature of such valuation techniques is highly judgmental and 
dependent on the market sentiment at the time of the analysis.

Scalarr

Academy of change

Conte.ai/Postoplan.

Metrospeedy

BaFood

Total

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

98

 
 
 
 
T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

99

 
 
 
 
 
 
 
 
(i) 

Equity investments as at 31 December 2023:

Investee company

Date of initial 

investment

Value at 1 Jan 
2023, USD

investments during 

the period, USD

from loan notes 
and SAFEs, USD

Additions to equity 

Conversions 

Investee company

investments, USD

Disposals, USD

31 Dec 2023, USD

stake owned

Value at  

Fully diluted equity 

Gain/loss from changes 

in fair value of equity 

Wanelo

Backblaze

Remote.it

Bolt

11/21/2011

602,447

7/24/2012

22,992,931 

6/13/2014

131,200

9/15/2014

69,756,984 

PandaDoc

7/11/2014

10,844,468 

Full Contact

1/11/2018

244,506

Scentbird

4/13/2015

6,590,954 

Workiz

Hugo

5/16/2016

3,971,659 

1/19/2019

3,255,052 

MEL Science

2/25/2019

905,656

Qumata

6/6/2019

1,818,822 

eAgronom

8/31/2018

454,678

Rocket Games 

(Legionfarm)

Timbeter

Classtag

9/16/2019

200,000

12/5/2019

213,520

2/3/2020

200,000

3S Money Club

4/7/2020

14,090,596 

Hinterview

9/21/2020

812,730

Virtual Mentor 

(Allright)

11/12/2020

772,500

NovaKid

11/13/2020

2,949,855 

MTL Financial 

(OutFund)

Scalarr

Accern

11/17/2020

2,565,918 

8/15/2019

1,378,282 

8/21/2019

2,873,884 

N
N
O
O
T
T
E
E
S
S

T
T
O
O
T
T
H
H
E
E

F
F
I
I
N
N
A
A
N
N
C
C

I
I

A
A
L
L

S
S
T
T
A
A
T
T
E
E
M
M
E
E
N
N
T
T
S
S

100
100

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

200,000

Classtag

(101,965)

(298,035)

- 

- 

- 

- 

- 

- 

- 

(40)

(1,559,614) 

1,695,398 

-

(602,447)

- 

5,361,765 

(2,344,253) 

26,010,443 

2,424,114 

PandaDoc

(2,830,644) 

Scentbird

418,646

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

131,200

72,181,098 

8,013,824 

244,506

7,009,600 

3,971,659 

905,656

909,411

417,213

220,940

- 

- 

- 

860,526

772,500

2,949,855 

2,716,817 

2,873,884 

<5%

5-10%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

5-10%

<5%

- 

- 

- 

- 

- 

- 

- 

(909,411)

(37,465)

(200,000)

7,420

150,899

(1,378,282)

Wanelo

Backblaze

Remote.it

Bolt

Full Contact

Workiz

Hugo

MEL Science

Qumata

eAgronom

Rocket Games 

(Legionfarm)

Timbeter

Virtual Mentor 

(Allright)

NovaKid

MTL Financial 

(OutFund)

Scalarr

Accern

3S Money Club

3,016,809 

17,107,405 

10-15%

Hinterview

47,796

 
 
 
 
 
 
 
 
(i) 

Equity investments as at 31 December 2023:

T
T
M
M
T
T

I

I
I

n
N
v
V
e
s
E
t
S
m
T
e
M
n
t
E
s
N
n
T
t
S
e
r
A
i
m
N
N
R
U
e
s
A
u
L
l
t
s
R
2
E
0
P
2
O
2
R
T
2
0
2
3

-

Investee company

2023, USD

the period, USD

and SAFEs, USD

Investee company

Date of initial 

investment

Value at 1 Jan 

investments during 

from loan notes 

Additions to equity 

Conversions 

Gain/loss from changes 

in fair value of equity 
investments, USD

Disposals, USD

Value at  
31 Dec 2023, USD

Fully diluted equity 

stake owned

(602,447)

- 

- 

5,361,765 

(2,344,253) 

26,010,443 

- 

2,424,114 

Wanelo

Backblaze

Remote.it

Bolt

PandaDoc

7/11/2014

10,844,468 

PandaDoc

(2,830,644) 

Full Contact

Scentbird

Workiz

Hugo

MEL Science

Qumata

eAgronom

Rocket Games 

(Legionfarm)

Timbeter

- 

418,646

- 

(40)

- 

(909,411)

(37,465)

(200,000)

7,420

Wanelo

Backblaze

Remote.it

Bolt

11/21/2011

602,447

7/24/2012

22,992,931 

6/13/2014

131,200

9/15/2014

69,756,984 

Full Contact

1/11/2018

244,506

Scentbird

4/13/2015

6,590,954 

Workiz

Hugo

5/16/2016

3,971,659 

1/19/2019

3,255,052 

MEL Science

2/25/2019

905,656

Qumata

6/6/2019

1,818,822 

eAgronom

8/31/2018

454,678

9/16/2019

200,000

12/5/2019

213,520

Rocket Games 

(Legionfarm)

Timbeter

Classtag

Virtual Mentor 

(Allright)

MTL Financial 

(OutFund)

Scalarr

Accern

NovaKid

11/13/2020

2,949,855 

11/12/2020

772,500

11/17/2020

2,565,918 

8/15/2019

1,378,282 

8/21/2019

2,873,884 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

3S Money Club

4/7/2020

14,090,596 

3S Money Club

3,016,809 

Hinterview

9/21/2020

812,730

Hinterview

47,796

Virtual Mentor 

(Allright)

NovaKid

MTL Financial 

(OutFund)

Scalarr

Accern

- 

- 

150,899

(1,378,282)

- 

- 

- 

- 

- 

- 

- 

- 

17,107,405 

10-15%

860,526

772,500

2,949,855 

2,716,817 

- 

2,873,884 

<5%

<5%

<5%

<5%

5-10%

<5%

N
N
O
O
T
T
E
E
S
S

T
T
O
O
T
T
H
H
E
E

F
F
I
I
N
N
A
A
N
N
C
C

I
I

A
A
L
L

S
S
T
T
A
A
T
T
E
E
M
M
E
E
N
N
T
T
S
S

101
101

- 

- 

- 

- 

- 

- 

131,200

72,181,098 

8,013,824 

244,506

7,009,600 

3,971,659 

(1,559,614) 

1,695,398 

- 

- 

- 

- 

- 

905,656

909,411

417,213

- 

220,940

<5%

5-10%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

2/3/2020

200,000

200,000

Classtag

(101,965)

(298,035)

- 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(i) 

Equity investments as at 31 December 2023: : (continued)

Investee company

Date of initial 

investment

Value at 1 Jan 
2023, USD

investments during 

the period, USD

from loan notes 
and SAFEs, USD

Additions to equity 

Conversions 

Investee company

investments, USD

Disposals, USD

31 Dec 2023, USD

stake owned

Value at  

Fully diluted equity 

Gain/loss from changes 

in fair value of equity 

Feel

Affise

3D Look

FemTech

Muncher

8/13/2020

3,653,220 

9/18/2019

1,795,680 

3/3/2021

500,000

- 

- 

- 

3/30/2021

810,606

55,084

- 

- 

- 

- 

4/23/2021

3,707,395 

- 

2,000,000 

Muncher

(2,853,697) 

214,842

3,868,062 

10-15%

CyberWrite

5/20/2021

975,741

100,000

Feel

Affise

3D Look

FemTech

CyberWrite

Outvio

VertoFX

51,017

18,550

283,666

395.609

993,810

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1,795,680 

500,000

916,707

2,853,698 

1,075,741 

552,350

6,449,328 

1,132,999 

- 

828,525

1,800,000 

903,675

1,580,320 

910,609

2,799,561 

1,789,241 

4,000,000 

964,102

5-10%

<5%

5-10%

5-10%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

5-10%

5-10%

<5%

750,000

5-10%

EstateGuru

27,825

-

- 

- 

6,449,328 

Collectly

- 

- 

- 

- 

- 

- 

- 

- 

Academy of change

(330,000)

Prodly

Sonic Jobs

EdVibe (Study Space, 

Inc)

Agendapro

1Fit (Alippe, Inc)

1,080,320 

601,950

Laundryheap

1,789,241 

My Device Inc

- 

- 

SOAX

Spin.ai

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Outvio

Collectly

VertoFX

6/22/2021

533,800

6/7/2023

- 

7/16/2021

1,132,999 

Academy of change

8/2/2021

330,000

EstateGuru

9/6/2021

800,700

Prodly

9/9/2021

1,800,000 

Sonic Jobs

9/15/2021

620,009

EdVibe (Study Space, 

Inc)

11/2/2021

750,000

1Fit (Alippe, Inc)

12/24/2021

500,000

Agendapro

9/3/2021

515,000

Laundryheap

1/28/2022

1,203,801 

My Device Inc

11/30/2021

- 

1/21/2022

4,000,000 

12/17/2018

964,102

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

102

SOAX

Spin.ai

Total

172,219,695 

155.084

11,040,519 

Total

5,249,137 

(4,201,902) 

184,462,533 

 
 
 
 
(i) 

Equity investments as at 31 December 2023: : (continued)

Investee company

2023, USD

the period, USD

and SAFEs, USD

Investee company

Date of initial 

investment

Value at 1 Jan 

investments during 

from loan notes 

Additions to equity 

Conversions 

Gain/loss from changes 

in fair value of equity 
investments, USD

Disposals, USD

Value at  
31 Dec 2023, USD

Fully diluted equity 

stake owned

8/13/2020

3,653,220 

9/18/2019

1,795,680 

3/3/2021

500,000

3/30/2021

810,606

55,084

Feel

Affise

3D Look

FemTech

214,842

- 

- 

51,017

4/23/2021

3,707,395 

2,000,000 

Muncher

(2,853,697) 

CyberWrite

5/20/2021

975,741

100,000

6/22/2021

533,800

CyberWrite

Outvio

6/7/2023

- 

6,449,328 

Collectly

7/16/2021

1,132,999 

VertoFX

- 

18,550

- 

- 

Academy of change

8/2/2021

330,000

Academy of change

(330,000)

EstateGuru

9/6/2021

800,700

Prodly

9/9/2021

1,800,000 

Sonic Jobs

9/15/2021

620,009

EdVibe (Study Space, 

Inc)

11/2/2021

750,000

EstateGuru

Prodly

Sonic Jobs

EdVibe (Study Space, 

Inc)

27,825

- 

283,666

- 

1Fit (Alippe, Inc)

12/24/2021

500,000

1Fit (Alippe, Inc)

1,080,320 

Agendapro

9/3/2021

515,000

Agendapro

Laundryheap

1/28/2022

1,203,801 

601,950

Laundryheap

My Device Inc

11/30/2021

- 

1,789,241 

My Device Inc

1/21/2022

4,000,000 

12/17/2018

964,102

SOAX

Spin.ai

395.609

993,810

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

3,868,062 

10-15%

1,795,680 

500,000

916,707

2,853,698 

1,075,741 

552,350

6,449,328 

1,132,999 

- 

828,525

1,800,000 

903,675

5-10%

<5%

5-10%

5-10%

<5%

<5%

<5%

<5%

<5%

<5%

<5%

750,000

5-10%

1,580,320 

910,609

2,799,561 

1,789,241 

4,000,000 

964,102

<5%

<5%

<5%

5-10%

5-10%

<5%

172,219,695 

155.084

11,040,519 

Total

5,249,137 

(4,201,902) 

184,462,533 

Feel

Affise

3D Look

FemTech

Muncher

Outvio

Collectly

VertoFX

SOAX

Spin.ai

Total

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

103

-

 
 
 
 
 
 
 
 
(ii) 

Convertible loan notes as at 31 December 2023:

Investee company

Date of initial 

investment

Value at 1 Jan 
2023, USD

Additions to convertible 

note investments during 
the period, USD

Conversions 
to equity USD

Gain/(loss) from 

changes in fair value of 

convertible notes, USD

Disposals 

 USD

Value at 31 Dec 2023,  

Sharethis

3/26/2013

570,030

Conte.ai/ Postoplan

12/8/2020

1,628,090 

Metrospeedy

7/16/2021

1,000,000 

MedVidi

9/27/2021

1,030,000 

Laundryheap

11/21/2022

601,950

Total

4,830,070 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

(601,950)

(601,950)

Investee company

Sharethis

MedVidi

Laundryheap

Conte.ai/ Postoplan

(1,628,090) 

Metrospeedy

(1,000,000) 

- 

- 

- 

- 

- 

- 

- 

- 

- 

USD

570,030

- 

- 

- 

1,030,000 

Total

(2,628,090) 

1,600,030 

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

104

 
 
 
 
(ii) 

Convertible loan notes as at 31 December 2023:

Investee company

Date of initial 

Value at 1 Jan 

investment

2023, USD

Additions to convertible 

note investments during 

the period, USD

Conversions 

to equity USD

Investee company

Gain/(loss) from 

changes in fair value of 
convertible notes, USD

Disposals 
 USD

Value at 31 Dec 2023,  
USD

Sharethis

3/26/2013

570,030

Sharethis

- 

Conte.ai/ Postoplan

12/8/2020

1,628,090 

Conte.ai/ Postoplan

(1,628,090) 

Metrospeedy

7/16/2021

1,000,000 

Metrospeedy

(1,000,000) 

MedVidi

9/27/2021

1,030,000 

Laundryheap

11/21/2022

601,950

MedVidi

Laundryheap

- 

- 

Total

4,830,070 

Total

(2,628,090) 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

(601,950)

(601,950)

- 

- 

- 

- 

- 

- 

570,030

- 

- 

1,030,000 

- 

1,600,030 

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

105

 
 
 
 
 
 
 
 
(iii) 

SAFEs as at 31 December 2023:

Investee company

Date of initial 

investment

Value at 1 Jan 
2023, USD

Additions to convertible 

note investments during 
the period, USD

Conversions 
to equity USD

Investee company

Gain/loss from changes 

in fair value of SAFE 

investments,  USD

Disposals 

 USD

Value at 31 Dec 2023,  

USD

Cheetah (Go-X)

7/29/2019

350,000

Adwisely (Retarget)

9/24/2019

1,600,000 

Rocket Games 

(Legionfarm)

Classtag

Moeco

Aurabeat

Synder (CloudBusiness 

Inc)

Collectly

9/17/2019

1,450,000 

2/3/2020

200,000

7/8/2020

500,000

5/3/2021

1,030,000 

5/26/2021

2,060,000 

7/13/2021

2,060,000 

OneNotary (Adorum)

10/1/2021

500,000

BaFood

11/5/2021

2,500,000 

Educate online

11/16/2021

1,000,000 

My Device Inc

11/30/2021

1,050,000 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

(200,000)

- 

- 

- 

(6,449,328) 

- 

- 

- 

(1,789,241) 

My Device Inc

Cheetah (Go-X)

(175,000)

Adwisely (Retarget)

Rocket Games 

(Legionfarm)

Classtag

Moeco

Aurabeat

Inc)

Collectly

Synder (CloudBusiness 

OneNotary (Adorum)

BaFood

Educate online

1Fit (Alippe, Inc)

Inc)

Muncher

Bairro

GameOn

Phoenix

Montera

Rain Technologies Inc.

Praktika.ai

(1,450,000) 

1,368,571 

4,389,328 

(2,500,000) 

1,847,458 

739,241

470,000

30,909

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

(175,000)

1,600,000 

- 

- 

- 

- 

- 

- 

500,000

1,030,000 

3,428,571 

500,000

2,847,458 

1,700,000 

1,077,084 

500,000

1,030,000 

515,000

721,000

1,000,000 

400,000

Mobilo (Lulu Systems, 

Inc)

Muncher

Bairro

1/12/2022

880,770

12/9/2021

1,030,000 

200,000

- 

Mobilo (Lulu Systems, 

12/13/2021

2,000,000 

- 

(2,000,000) 

165,405

500,000

1,030,000 

515,000

721,000

1,000,000 

400,000

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1Fit (Alippe, Inc)

4/19/2023

GameOn

Phoenix

Montera

6/19/2023

5/29/2023

8/2/2023

Rain Technologies Inc.

10/17/2023

Praktika.ai

12/29/2023

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

Total

106

18,210,770 

4,531,405 

(10,438,569) 

Total

4,720,507 

17,024,113 

 
 
 
 
(iii) 

SAFEs as at 31 December 2023:

Investee company

Date of initial 

Value at 1 Jan 

investment

2023, USD

Additions to convertible 

note investments during 

the period, USD

Conversions 

to equity USD

Investee company

Gain/loss from changes 

in fair value of SAFE 
investments,  USD

Disposals 
 USD

Value at 31 Dec 2023,  
USD

Cheetah (Go-X)

7/29/2019

350,000

Cheetah (Go-X)

(175,000)

Adwisely (Retarget)

9/24/2019

1,600,000 

Adwisely (Retarget)

- 

Rocket Games 

(Legionfarm)

9/17/2019

1,450,000 

2/3/2020

200,000

(200,000)

7/8/2020

500,000

5/3/2021

1,030,000 

Synder (CloudBusiness 

5/26/2021

2,060,000 

7/13/2021

2,060,000 

(6,449,328) 

Rocket Games 

(Legionfarm)

Classtag

Moeco

Aurabeat

Synder (CloudBusiness 

Inc)

Collectly

(1,450,000) 

- 

- 

- 

1,368,571 

4,389,328 

OneNotary (Adorum)

10/1/2021

500,000

OneNotary (Adorum)

- 

BaFood

11/5/2021

2,500,000 

Educate online

11/16/2021

1,000,000 

BaFood

Educate online

My Device Inc

11/30/2021

1,050,000 

(1,789,241) 

My Device Inc

Mobilo (Lulu Systems, 

12/9/2021

1,030,000 

200,000

12/13/2021

2,000,000 

- 

(2,000,000) 

1/12/2022

880,770

Mobilo (Lulu Systems, 

Inc)

Muncher

Bairro

1Fit (Alippe, Inc)

4/19/2023

1Fit (Alippe, Inc)

GameOn

Phoenix

Montera

Rain Technologies Inc.

Praktika.ai

(2,500,000) 

1,847,458 

739,241

470,000

- 

30,909

- 

- 

- 

- 

- 

- 

Classtag

Moeco

Aurabeat

Inc)

Collectly

Inc)

Muncher

Bairro

GameOn

Phoenix

Montera

6/19/2023

5/29/2023

8/2/2023

Rain Technologies Inc.

10/17/2023

Praktika.ai

12/29/2023

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

165,405

500,000

1,030,000 

515,000

721,000

1,000,000 

400,000

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Total

18,210,770 

4,531,405 

(10,438,569) 

Total

4,720,507 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

(175,000)

1,600,000 

- 

- 

500,000

1,030,000 

3,428,571 

- 

500,000

- 

2,847,458 

- 

1,700,000 

- 

1,077,084 

500,000

1,030,000 

515,000

721,000

1,000,000 

400,000

17,024,113 

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

107
107

 
 
 
 
 
 
 
 
11. Trade and other receivables

Prepayments 

Other receivables

Interest receivable on promissory 
notes

Interest receivable on deposit

At 31 December 2023

At 31 December 2022

USD

60,914

18,145

66,917

5,932

151,908

USD

42,550

1,219,506

113,214

7,541

1,382,811

The fair value of trade and other receivables approximate to their carrying 
amounts as presented above.

Other receivables as of 31 December 2023 represented amounts due from 
the disposed investment in Classtag.

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

108

 
 
 
 
12. Cash and cash equivalents

The cash and cash equivalents as at 31 December 2023 included cash and cash equivalents in banks and brokers.

Cash and cash equivalents comprised the following:  

At 31 December 2023

At 31 December 2022

Treasury bills

Deposits

Bank balances

USD

1,732,693

1,164,380

3,693,862

6,590,935

USD

-

2,502,188

7,600,495

10,102,683

The following table represents an analysis of cash and equivalents by rating agency designation based on 
Moody`s rating or their equivalent:

Bank balances

At 31 December 2023

At 31 December 2022

C rating

Caa2 rating

Baa3 rating

Not rated

Deposits

A1 rating

USD

119,041

3,566,010

1,736

7,075

USD

7,587,687

-

2,447

10,361

3,693,862

7,600,495

At 31 December 2023

At 31 December 2022

USD

1,164,380

1,164,380

USD

2,502,188

2,502,188

Treasury bills

At 31 December 2023

At 31 December 2022

AAA rating

USD

1,732,693

1,732,693

USD

-

-

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

109

 
 
 
 
 
 
 
 
13. Trade and other payables

At 31 December 2023 
USD

At 31 December 2022 
USD

16,000

12,622

81,838

66,100

1,638,709

4,817,785

10,156

162

40,167

7,702

3,307

35,367

1,717,816

5,012,099

The fair value of trade and other payables approximate to their carrying 
amounts as presented above.

Salaries payable

Directors’ fees payable

Bonuses payable

Trade payables

Other current liabilities

Accruals

14. Share capital

On 31 December 2023 the Company had an authorised share capital of unlimited ordinary shares of no par value 
and had issued ordinary share capital of:

Share capital

Issued capital comprises:

Fully paid ordinary shares 

Balance at 31 December 2022

Issue of ordinary shares 

Balance at 31 December 2022

At 31 December 2023

At 31 December 2022

USD

53,283,415

Number

31,451,538

USD

53,283,415

Number

31,451,538

Number of shares

Number of shares

31,451,538

-

31,451,538

31,451,538

-

31,451,538

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

110

 
 
 
 
15. Capital management

The capital structure of the Company consists of equity share capital, 
reserves, and retained earnings.

The Board’s policy is to maintain a strong capital base so as to maintain 
investor and market confidence and to enable the successful future 
development of the business.

The Company is not subject to externally imposed capital requirements.

No changes were made to the objectives, policies and process for 
managing capital during the year.

16. Financial risk management and financial instruments

The Company has identified the following risks arising from its activities 
and has established policies and procedures to manage these risks.  
The Company’s principal financial assets are cash and cash equivalents, 
investments in equity shares, and convertible notes receivable.

Credit risk

As at 31 December 2023 the largest exposure to credit risk related to 
convertible notes receivable and SAFEs (US$18,624,143, as at 31 December 
2022 - US$23,040,840), and cash and cash equivalents (US$6,590,935, as at 
31 December 2022 - US$10,102,683).

The Company’s exposure to credit risk is influenced mainly by the individual 
characteristics of each investee company. The credit quality of investments 
in equity shares and convertible promissory notes is based on the financial 
performance of the individual portfolio companies. For those assets that 
are not impaired it is believed that the risk of default is small and that 
capital repayments and interest payments will be made in accordance with 
the agreed terms and conditions of the Company’s investment. In other 
cases, an appropriate asset impairment is recorded to reflect the fair value. 
The exposure to credit risk is approved and monitored on an on going 
basis individually for all significant investee companies.

The exposure risk is reduced because the counterparties are banks with 
high credit ratings (“BBB+” Liquidity banks) assigned by international credit 
rating agencies. The Directors intend to continue to spread the risk by 
holding the Company’s cash reserves in more than one financial institution.

(i) Exposure to credit risk

The carrying amount of the following assets represents the maximum 
credit exposure. The maximum exposure to credit risk as at 31 December 
was as follows:

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

111

 
 
 
 
 
 
 
 
Convertible notes receivable & SAFEs

Trade and other receivables

Cash and cash equivalents

At 31 December 2023

At 31 December 2022

USD

18,624,143

151,908

6,590,935

25,366,986

USD

23,040,840

1,382,811

10,102,683

34,526,334

Market risk

The Company’s financial assets are classified as financial assets at FVPL. The measurement of the Company’s 
investments in equity shares and convertible notes is largely dependent on the underlying trading performance 
of the investee companies, but the valuation and other items in the financial statements can also be affected by 
fluctuations in interest and currency exchange rates. 

Interest rate risk

Changes in interest rates impact primarily cash and cash equivalents by changing either their fair value (fixed 
rate deposits) or their future cash flows (variable rate deposits).  Management does not have a formal policy of 
determining how much of the Company’s exposure should be to fixed or variable rates. At 31 December 2023 the 
Company had cash deposit of USD 4,730,390 (as at 31 December 2022 - US$2,502,188), earning a variable rate 
of interest. The Board of Directors monitors the interest rates available in the market to ensure that returns are 
maximized.

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

112

 
 
 
 
Foreign currency risk management

The Company is exposed to foreign currency risks on investments and salary and director remuneration payments 
that are denominated in a currency other than the functional currency of the Company.  The currency giving rise to 
this risk is primarily GBP and EUR. The exposure to foreign currency risk as at 31 December 2023 was as follows:

At 31 December 
2023

At 31 December 
2023

At 31 December 
2022

At 31 December 
2022

GBP

EUR

GBP

EUR

84,373

8,775

171,705  

177,998

(15,162)

-

(14,861)

-

69,211

54,296

8,775

7,943

156,844

177,998

130,280

166,727

62,290

7,897

141,160

160,198

6,921

878

15,684

17,800

Current assets

Cash and cash 
equivalents

Current liabilities

Trade and other 
payables

Net (short) long 
position

Net exposure 
currency 

Net exposure 
currency (assuming 
a 10% movement in 
exchange rates)

Impact on exchange 
movements in 
the statement of 
comprehensive 
income

The foreign exchange rates of the USD at 31 December were as follows:

Currency

British pounds, £

Euro, €

31/12/2023

31/12/2022

1.2747

1.1047

1.2039

1.0676

This analysis assumes that all other variables, in particular interest rates, remain constant. 

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

113

 
 
 
 
 
 
 
 
Fair value and liquidity risk management

The Company’s approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its 
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking 
damage to the Company.

The Company has low liquidity risk due to maintaining adequate banking facilities, by continuously monitoring actual 
cash flows and by matching the maturity profiles of financial assets and current liabilities.

As at 31 December 2023, the cash and equivalents of the Company were US$6,590,935. As at 31 December 2022, 
the cash and equivalents of the Company were US$10,102,683.

The following are the maturities of current liabilities as at 31 December 2023:

Carrying amount

Within one year

2-5 years

More than 5 years

Salaries

Directors’ fees payable

USD

16,000

12,622

USD

16,000

12,622

Bonuses payable

1,638,709

1,638,709

Trade payables

Other current liabilities

Accruals

10,156

162

40,167

10,156

162

40,167

1,717,816

1,717,816

USD

USD

-

-

-

-

-

-

-

-

-           

-           

-                      

-                      

-                      

-

The following table analyses the fair values of financial instruments measured at fair value by the level in the fair 
value hierarchy as at 31 December 2023:

Level 1

USD

Level 2

USD

Level 3

USD

Level 4

USD

Financial assets

Financial assets at FVPL

26,010,444

96,422,492

80,653,740

203,086,676           

26,010,444

96,422,492

80,653,740

203,086,676

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

114

 
 
 
 
17. Related party transactions

The Company’s Directors receive fees and bonuses from the Company, 
details of which can be found in Note 6.

18. Subsequent events

In January 2024, TMT received a total additional US$1.5 million in dividends 
from Hugo, as part of the consideration for Hugo’s disposal of its food 
delivery and quick commerce business in Central America to Delivery Hero 
completed in 2022.

TMT invested US$1,000,000 in Propertymate Inc., trading as 
NewHomesMate, a marketplace for newly built homes  
(www.newhomesmate.com).

TMT disposed a part of its shares in NASDAQ traded Backblaze for a total 
net consideration of US$4.2 million.

19. Control

The Company is not controlled by any one party.  Details of significant 
shareholders are shown in the Directors’ Report.

T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

N
O
T
E
S

T
O
T
H
E

F
I
N
A
N
C

I

A
L

S
T
A
T
E
M
E
N
T
S

115

 
 
 
 
 
 
 
 
Directors and 
Professional Advisers

DIRECTORS

Yuri Mostovoy 
Non-executive Chairman

Alexander Selegenev 
Executive Director

Andrea Nastaj 
Independent Non-executive Director

James Joseph Mullins 
Independent Non-executive Director

SECRETARY 
Computershare Company Secretarial Services (Jersey) 
Limited 

REGISTERED OFFICE 
13 Castle Street, St Helier, Jersey, JE1 1ES 

13 Castle Street, St Helier, Jersey, JE1 1ES

COMPANY REGISTRATION NUMBER 
106628 (Jersey)

NOMINATED ADVISER

JOINT BROKER

Strand Hanson Limited 
26 Mount Row, Mayfair 
London W1K 3SQ 

Cavendish Capital Markets 
One Bartholomew Close 
London EC1A 7BL 

PUBLIC RELATIONS ADVISER

JOINT BROKER

Kinlan Communications 
2-4 Exmoor Street 
London W10 6BD

Hybridan LLP 
3rd Floor, Moor Place, 1 Fore St Avenue  
London EC2Y 9DT

AUDITORS

REGISTRAR

Kreston Reeves LLP 
2nd Floor 
168 Shoreditch High Street 
London E1 6RA

Computershare Investor Services (Jersey) Limited 
13 Castle Street, St Helier 
Jersey, JE1 1ES

COMPANY WEBSITE

www.tmtinvestments.com 

I

D
R
E
C
T
O
R
S

A
N
D

P
R
O
F
F
E
S
S
O
N
A
L

I

A
D
V

I

S
E
R
S

116

 
 
 
 
 
 
T
M
T

I

N
V
E
S
T
M
E
N
T
S
A
N
N
U
A
L
R
E
P
O
R
T
2
0
2
3

I

D
R
E
C
T
O
R
S

A
N
D
P
R
O
F
E
S
S
O
N
A
L

I

A
D
V

I

S
E
R
S

117

 
 
 
 
 
 
 
Registered office: 13 Castle Street,  
St Helier Jersey JE1 1ES

Tel. +44 1534 281 800 Fax. +44 8451 258 623