"The state-owned multi-tentacled British Business Bank (BBB) has never been a simple organisation to understand, but at least one could vaguely grasp its intended role in life. Our mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK, declares its website. Jolly good. For decades, complaints have been heard about gaps in the financing ecosystem for startups and promising young UK companies,"
"But then we turn to this week's eye-catching move by the development agency: a 25m equity investment in Kraken Technologies, the whizzy software platform that is being separated from the greater Octopus Energy empire with an eye to an eventual stock market listing. Kraken fits the bill as a tech company but, in two other respects, it is miles away from what the BBB usually does."
The British Business Bank's stated mission is to drive economic growth by helping smaller businesses access finance to start, scale and remain in the UK. The BBB made a 25m equity investment in Kraken Technologies, a software platform being separated from Octopus Energy ahead of a prospective stock-market listing. Kraken is valued at $8.65bn (about £6.45bn) and has roughly $500m of recurring revenues, implying a valuation near 17 times revenue. The $1bn fundraising round was led by DI Capital Partners, and the BBB's roughly 0.35% stake is unlikely to have been decisive given Kraken's strong investor demand.
Read at www.theguardian.com
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