Augmentum Update: June 2023
In this update we share news from across the Augmentum portfolio and team, including M&A activity, portfolio news and team promotions.Portfolio Highlights
Congratulations to our portfolio company Cushon, the workplace savings and sustainable pensions fintech, who have been acquired by NatWest Group.We led Cushons Series A fundraising in June 2021 with an initial investment of 5 million and since that date we have invested a further 5.8 million. Augmentum will receive proceeds of 22.8 million from the completion of the acquisition, representing a 46.2% uplift on the unaudited 30 September 2022 holding value of 15.6 million, an IRR of 61.7% and cash multiple of 2.1x on cost.
Learn more about our journey with Cushon in this blog by Tim Levene and Ellen Logan, and see the full RNS here. Onfido announced their acquisition of Airside, a digital identity company used by US government agencies and airlines to fast-track passengers in transit. More here.
Monese announced the launch of XYB, an end-to-end 'coreless' banking platform provider, enabling banks and non-banks to break down the barriers to building and providing financial services in record time. More here.
Wayhome raised 8 million in their latest fundraise. Augmentum participated alongside Allianz X, Volution, Love Ventures and Cur8 Capital. More here.
Tide reached 500,000 members in the UK and became the first fintech globally to remove 100% of their emissions using durable carbon removal. More here and here.
Team Updates
We celebrated a number of well-deserved promotions within the Augmentum team. Ellen Logan and Reggie de Wasseige have been promoted to Principal, Johnnie Martin to Senior Analyst and Fareedah Daranijo to Marketing and Operations Associate.We have also joined Coadec (the Coalition for a Digital Economy), the policy voice of tech startups and scaleups, as a founding investor member.Tim Levene was invited to 11 Downing Street to discuss fintech scaling with Chancellor Jeremy Hunt and other industry leaders. Tim also spoke at events including Paris Fintech Forum Leaders Summit, Mello2023, The Redburn & Rothschild Fintech Conference, The Innovate Finance Global Summit and was featured on the Finscale Podcast. Ellen Logan ran our third Female Fintech Founder Office Hours session, alongside VCs Portage and Outward. Ellen also moderated panels at the Lazard T500 Venture and Growth Conference and Finovate Europe, and spoke at the Innovate Finance Global Summit.Martyn Holman participated in 'The Leadership In Insurance Podcast: VC Insights series' podcast, sharing his thoughts on the current state of play in the insurtech scene. Read Martyn's blog post about our first insurtech investment in Baobab here.
ESG
Augmentum became signatories of The Investing in Women Code, a commitment to support the advancement of female entrepreneurship in the United Kingdom by improving female entrepreneurs access to tools, resources and finance from the financial services sector.We enjoyed hosting a group of West London school girls as part of The Lord Mayor's Appeal "We Can Be" initiative, introducing the students to a career in the City and the inner workings of a fintech investor.
Upcoming Events
6th-8th June: Tim, Perry, Martyn, Ellen and Reggie are in Amsterdam this week for Money20/20. Feel free to reach out to them on LinkedIn if you are there too and would like to meet.12th-16th June: London Tech Week returns for its 10th anniversary. We are pleased to be supporting Fintech Fringe as part of this. Catch Ellen on the "The inside track on raising capital in the UK" panel on 15th June. See the full line up of events here.
19-23 June: Fintech Week London. We are looking forward to hosting 25 fintech founders at our offices on 22nd June as part of a London & Partners "Meet the Investor" event. See what else is happening during Fintech Week here.
In the News
"The Square Mile and Me: Fintech supremo Tim Levene on Moscows vodka scene, Coya City and a bold call for 2023 ", writes Charlie Conchie for City A.M (4th May 2023)."Is capital tourism an opportunity or a threat for investors?" writes Sarah Godfrey for Portfolio Adviser (16th May 2023).
"Augmentums Tim Levene on the fintech funding downturn and why it could surge back this year", writes Charlie Conchie for City A.M (18th April 2023).
Recent Awards
Europe Fintech Awards 2023Team of the Year - Finalist
Director of the Year - Finalist (Tim Levene)IR Magazine Awards 2023
Best Investor Event - Finalist (Capital Markets Day)
Best Retail IR Strategy - FinalistUK Fintech Awards 2023
Team of the Year - Finalist
Director of the Year - Finalist (Tim Levene)Private Equity Awards 2023
Venture Capital/Growth Deal of the Year Finalist (interactive investor)Investment Week Women in Investment Awards 2023
Women in Investment Awards Finalists (Georgie Hazell Kivell and Ellen Logan)Are you following us on social media?LinkedInTwitterMediumYouTubeImportant Information
This financial promotion is issued by Augmentum Fintech Management Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number: 811734. Augmentum Fintech Management Limited is appointed as manager to Augmentum Fintech Plc. This financial promotion is for information purposes only and nothing contained in this financial promotion constitutes investment advice. This financial promotion is intended for professional investors and for retail investors who have sufficient knowledge and experience of UK listed investment trust companies. If you as a retail investor are uncertain whether an investment is suitable for you, you should seek advice from a regulated financial adviser. The value of investments, and any income from them, can fall as well as rise and you may not get back the amount invested. Reference to "Augmentum" or "Augmentum Fintech" refers to "Augmentum Fintech Management Limited" unless otherwise stated. Reference to the "Company" refers to Augmentum Fintech plc. Reference to "we", "our", "The Augmentum Team" and named persons refers to employees, consultants or advisors of/to "Augmentum Fintech Management Limited".