EDISON INVESTMENT RESEARCH LIMITED (LON:KEFI) Bloc Ventures: Demand for deep tech unhindered by downturn
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Edison Investment Research Limited
London, UK, 1 August 2022
Bloc Ventures: Demand for deep tech unhindered by downturn Following the exits of Marmalade and EVRYTHNG in 2021, Bloc’s FY21 NAV/share rose 7% y-o-y to £25.30. Bloc has now delivered a FY18–21 NAV/share CAGR of 19% and a portfolio IRR of 25% since inception. In Q122, incorporating a successful Series A round for Pharrowtech, NAV/share rose a further 9% to £27.51. In FY21, Bloc strengthened its team and processes with new hires. In FY22, management is raising a Series B extension round, having postponed a larger Series C funding round until market conditions improve. Despite challenging markets, management is able to identify a number of potential portfolio up-rounds that it believes could lead to growth in FY22 NAV/share of over 30% y-o-y.
Bloc can point to a strong track record, with an FY18–21 NAV per share CAGR of 19% and a targeted annual return of 20%+, underpinned by strong secular and technology sector trends. Its portfolio continues to offer the prospect of further up-rounds in FY22. With a clear sector focus, a structured investment process and an early-stage portfolio with high growth potential, despite worsening market conditions, Bloc remains an attractive investment opportunity for the medium term.
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