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Vostok New Ventures pours in $71 million in Babylon Holdings

Author : Sunil Hebbalkar | Published Date : 2019-08-03 
  • Babylon Holdings announces new investment cycle to fund product innovation and international expansion.
  • Vostok New Ventures plans to invest over $71 million in the upcoming round.

Bermuda based Vostok New Ventures Limited’s major holdings, Babylon Holdings Limited, reportedly announced a new investment round in an amount close to $500 million.

It has been claimed that the amount to be raised through this investment round would be used to fund product innovation and international expansion, chiefly in the US. According to authentic sources, Vostok New Ventures is contributing in the round and is investing a total of over $71 million in Babylon including formerly announced convertible debt investments of $16 million.

As per the sources with knowledge on the matter, in the first closure of $400 million commitment, the company has been reported to possess 10.6 per cent of Babylon Holdings on a fully converted basis and when the round is filled to $500 million, the company will own over 10.0 per cent of Babylon on a fully converted basis.

The complete funding round values Babylon at $2 billion and is expected to result in an important positive revision of Vostok New Ventures’s holdings in Babylon. Vostok New Ventures Net Asset Value is claimed to increase by roughly $107 million or 18 per cent compared to the last stated NAV as per 31st March 2019.

Per Brilioth, CEO of Vostok New Ventures was reportedly quoted stating that the new funding round will allow Babylon to stimulate its growth and strengthen the company’s leading position in digital health. He further added that the company is looking forward to supporting Babylon and its management over the upcoming years to accelerate its business.

For the records, Vostok New Ventures Limited, which has its headquarters in Bermuda, is an investment company adhering to the concepts of making use of experience, specialization and expanded network to identify and capitalize assets with substantial potential for value appreciation.

Source credit: https://ml-eu.globenewswire.com/Resource/Download/63d82319-8c95-4e33-9dfd-3d6928dd118d

About Author

Sunil Hebbalkar

Sunil Hebbalkar

Sunil Hebbalkar currently works as a content writer for fractovia.org and other portals. A post graduate in mechanical design engineering, he nurtures a passion for writing articles related to myriad industry verticals such as the technology, automotive, and healthcare sectors. When free, Sunil pursues his interest in cycling, reading, and sketching. He can be contacted at- [email protected] | https://twitter.com/HSuniel

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