Woodson Capital Management takes substantial holding in Alex Waislitz’s Thorney Technologies
Investment group backed by the founder of multi-billion-dollar hedge fund Tiger Global jumps into $37m capital raising.
An investment group backed by the founder of multi-billion-dollar hedge fund, Tiger Global, has emerged as a substantial shareholder in Alex Waislitz’s Thorney Technologies group following a $37m capital raising.
New York-based investor Woodson Capital Management, which was seeded by billionaire Julian Robertson’s Tiger Management, has agreed to be a cornerstone investor in the raising which was completed at an 18 per cent discount to Thorney Technologies‘ most recent unaudited pre-tax NTA.
Woodson, which manages a global consumer and technology fund, has been a backer of buy now, pay later tech darling Afterpay, while Tiger Global has long-term investments in Facebook, Apple, Google and LinkedIn and its previous bets include Spotify, Ola and Flipkart.
“We are delighted with the support shown by new and existing investors, with bids received well in excess of amounts raised under the Placement. We are pleased to welcome Woodson Capital Management as a substantial shareholder in TEK,” Mr Waislitz said.
It comes after Thorney Technologies in August reported a net profit of $199,866 last year compared to $22.5m a year ago, but ended the year with cashflow positive after reaping $31.5 million from the proceeds of the sale of trading investments.
The company said the proceeds of the latest capital raising would be used primarily to invest in technology-related companies in both Australia and overseas across the investment life-cycle with a continuing focus on pre-IPO opportunities.
“The Company continues to be inundated with exciting and potentially valuable pre-IPO investment opportunities, and the Board intends to continue to be at the forefront of access to these investment opportunities,” it said in statement on Monday.
Thorney Technologies shares closed 2 cents higher at 36 cents after resuming from a trading halt for the raising, which was conducted by Bell Potter.
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