Unfold.vc with a record return at Infermedica!
The listed venture capital fund Unfold.vc continues its strategy of sharing profits. This year, it offered its shareholders a dividend of PLN 3.3m, which would mean PLN 0.11 per share. This is more than a year ago, when it paid them a total of PLN 2.1m. The recommended dividend is possible, among other things, thanks to the sale of a part of a stake in Infermedica – a company that provides tools to improve diagnostics and relieve doctors in their daily work. The Wrocław-based startup plans to automate as many elements of healthcare as possible. Over the past two years it has raised two rounds of funding totalling PLN 160m.
In connection with the partial exit, Unfold.vc sold shares in Wrocław-based Infermedika for PLN 9.3m, with its estimated value at over half a billion PLN. The shares will go into the portfolios of foreign VC funds. Thanks to the transaction, Unfold.vc has achieved a 15-fold return on its investment in the company to date (calculated with the cash on cash method). In addition, Unfold.vc still holds a stake in Infermedika, currently valued at over 20 million PLN.
– We joined Infermedika in 2016 as one of the first investors. Since then, the company has grown at an impressive pace, especially in the era of pandemics, increasing its international market share. Today it cooperates with companies from more than 30 countries, enjoying the recognition of foreign investors as well. –says Rafał Sobczak, managing partner at Unfold.vc.
– The decision to sell part of the Infermedika package was not an easy one, as we still see growth prospects for the company. However, the sale was of strategic importance and the achieved return is satisfactory. We still remain with a large package of the company, gaining additional capital for further international investments in the coming period – adds Rafał Sobczak.
Apart from Unfold.vc, investors in Infermedica include the British fund One Peak, the European Bank for Reconstruction and Development (EBRD), Polish Inovo Venture Partners, Estonian fund Karma.vc or German Heal Capital.
– The path followed by Infermedica is impressive. The company is already signing contracts worth several hundred thousand dollars a year. Infermedica will continue to grow and the funds investing in it will grow with it. We hope that there will be more and more Polish HealthTech startups developing so dynamically –says Christian Lautner, expert partner from Heal Capital.
Consistency and satisfaction
In accordance with the 2021 Dividend Policy, Unfold.vc will once again pay a dividend – increasing it by more than 50% compared to last year. Fund representatives emphasise that they want to maximise shareholder returns.
– On the one hand, we want to reinvest funds and finance the development of our portfolio companies, and on the other hand, share the profit. Our goal is to maintain the strategy of regular payouts, which, we hope, will increase year by year with successive successful exits. We have companies in our portfolio with the potential for significant value growth and exit in the perspective of a few years –emphasises Jakub Sitarz, President of Unfold.vc.
Last year, Unfold.vc in Wrocław ended with a net profit of almost PLN 46 million, which means a six-fold increase year on year.
The final decision on dividend payment will be made at the next General Meeting of Shareholders.
The fund will go shopping
The portfolio of Unfold.vc in Wrocław currently includes, among others: Timecamp, Brand24, Sundose, Infermedica, Intelliseq, Primetric, Poley.me, Exit Plan Games or neurocare group. The company’s latest investment is AgronetPRO – an agrotechnology company, which helps farmers to monitor the condition of their fields and reduce damage caused by frost or infections.
The fund’s representatives announce that the target capital of Unfold.vc will be at least a dozen or so million zlotys – so that the fund can smoothly and quickly implement its investments on a volatile market. And this, in view of current macroeconomic forecasts, may happen soon.
