LONDON, UK: IP Group plc, the developer of intellectual property-based businesses, announced that its portfolio company Hinge Health Inc has completed a $400 million Series E financing, valuing the company at $6.2 billion.
The round was led by Tiger Global and Coatue Management with Alkeon and Whale Rock acquiring ownership as part of a $200 million secondary investment.
Following completion of the investment round, IP Group has an undiluted beneficial holding of approximately 1.8 per cent in Hinge Health, valued at £62.8 million.
As announced on 25 October 2021, IP Group has recorded a net realised and unrealised fair value gain of approximately £27.5 million or 2.6p per share.
In addition, the Group took the opportunity to realise a modest proportion of its holding, generating net proceeds of approximately £9.4 million.
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses.
The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support.
IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.
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