What’s new at Unfold.vc? A record return on Infermedica, as well as a payout of several million in dividends to shareholders
In conjunction with our partial exit from Infermedica, we sold a portion of our stake in the company for PLN 9.3M, with the company valued at over PLN 500M. Keeping in line with our strategy, our fund will continue to pay dividends to our shareholders next year, thus sharing the profits from the previous year. We are also raising capital for new investments in innovative companies that hold the same potential as Infermedica.
Our profit sharing strategy continues at Unfold.vc. This year, shareholders were offered dividends of PLN 3.3M, i.e., PLN 0.11 per share. Just over a year ago, we paid out a total of PLN 2.1M. This amount in dividends today is possible due to profits from the sale of part of our stake in Infermedica – a company providing a tool to improve diagnostics and support doctors on the job.
Along with the partial exit, our fund also sold our shares of Wrocław-based Infermedica for PLN 9.3 million, with the company valued at over half a billion PLN. This amount will go towards the portfolios of our foreign VC funds. This transaction has helped us reach a 15-fold return on investment in the company (calculated using the cash on cash method). In addition, we still have a share package in Infermedica, which is currently valued at over PLN 20 million.
“We joined Infermedica in 2016 as one of the first investors. Since then, the company has developed at an impressive rate, especially during the pandemic, increasing its share in the International market. Today, Infermedica cooperates with companies from over 30 different countries, also enjoying recognition from foreign investors” says Rafał Sobczak, managing partner at Unfold.vc. “The decision to sell part of our stake in Infermedica was not easy, as we still see great potential in the company’s prospects for growth. The sale was, however, of strategic importance and it achieved satisfactory returns. We also still have a large share package in the company, and we are actively gaining additional capital for further International investments in the near future,” adds Rafał.
In addition to Unfold.vc, other investors in Infermedica include the British One Peak fund, the European Bank for Reconstruction and Development (EBRD), the domestic Inovo Venture Partners, the Estonian Karma.vc fund, and the German Heal Capital.
“The path that Infermedica has taken is quite impressive. The company has signed contracts worth several hundred thousand dollars a year. Infermedica will continue to grow, as will the funds investing in it. We hope to see even more dynamically developing Polish startups from the HealthTech industry” says Christian Lautner, expert partner at Heal Capital.
Consistency and satisfaction
In accordance with the Dividend Policy adopted in 2021, our fund will once again be paying dividends – increasing by over 50% compared to last year. Thus, we want to maximize shareholder profits.
“On the one hand, we would like to reinvest our funds and finance the development of our portfolio companies; on the other hand, we also want to share the profits. Our goal is to maintain the strategy of having regular payouts, which we hope will increase year by year with each successful exit. We have companies in our portfolio with significant potential for growth, and planned exit strategies over the next few years,” emphasizes Jakub Sitarz, president of Unfold.vc.
We ended last year with a net profit of nearly PLN 46 million, which means a six-fold increase, year on year.
* The final decision regarding the payment of dividends will be made at the next General Meeting of Shareholders.
Our portfolio currently includes: Timecamp, Brand24, Sundose, Infermedica, Intelliseq, Primetric, Poley.me, Exit Plan Games and the neurocare group. Our latest investment is AgronetPRO: an agrotechnology company that helps farmers monitor the condition of their fields and eliminate damage caused by frosts or infections.Ultimately, Unfold.vc should have in its reserves at least several million in capital – so that the fund can make smooth and quick investments on a volatile market. And this, given the current macroeconomic forecasts, may come soon.