In its most recent review of its portfolio, completed at the end of June, it wrote down the value of e-commerce platform Nosto and Access Telehealth by 20 per cent and 24 per cent respectively, while leaving the valuations of InstantScripts, Mosh, Brosa and Rezdy untouched.
“Last year our reaction to the market was to say ‘let’s see what we can sell and get cash for at these valuations,’ and we realised some investments at good prices,” Mr Wilson said. “Most of our companies are [profitable], or have a path to profitability, and decent cash runways, so there is also limited risk on funding with us also having reserved capital available to support future rounds.”
“Previously the market was rewarding founders for just trying to grow as fast as they could, and I think it was always going to happen that we would have this correction and an adjustment back towards good unit economics,” Mr Wilson said. “We’re using this period to continue to double down on efforts like internationalisation, new product offerings and the incredible opportunities ahead as we accelerate our efforts in teams and workplaces,” the spokesman said.