News from your portfolio – 6 October 2024 to 5 January 2025

Over the last quarter, your portfolio’s valuation has remained largely stable, with its current value below your initial investment cost. We recognise that this is disappointing, but it is typical for an early-stage portfolio in the early years of investing. This is because some businesses will not go according to initial plans, leading to a drop in value or the company potentially failing. And typically, companies that become successful take time to increase in value.

An example of a company making good progress to date is Tatum – a blockchain infrastructure company that helps developers build blockchain apps on multiple blockchains through a single unified Application Program Interface (API) integration. The company is still working on its product market fit, but the new Chief Executive Officer (CEO) has been in place for six months and is having a positive impact. The company has announced a strategic partnership with Kadena, the only blockchain purpose-built to meet the demands of businesses and traditional financial institutions. This partnership equips developers with reliable node infrastructure and tooling to seamlessly integrate Kadena’s blockchain technology into their applications. Tatum now has over 150 million end users with a transaction volume of over $35 billion.

We’ll continue to provide practical support to your portfolio in several ways. This may be working with companies to recruit key talent because, more than anything else, it’s the people working in the business who will determine whether it succeeds or fails. It could be through access to our extensive network of contacts, and hosting workshops on practical topics like operating internationally. We also sit on company boards and contribute to their strategy, helping them develop responses to challenges. However, it should be expected that even with our support, some of your early-stage companies will fail. We will continue to keep you updated with all relevant developments across your portfolio as it matures.

For any older news relating to your portfolio and any potential tax implications, please visit the ‘Communications’ tab in your online valuation.