Associates of personal fairness agency Know-how Crossover Ventures (TCV) offered almost 300,000 shares of Spotify on Tuesday (Might 6), with a mixed market worth of about $189.6 million.
The gross sales had been disclosed in 5 separate Type 144 filings with the US Securities and Trade Fee on Tuesday, as noticed by MBW.
TCV is an early investor in Spotify, reportedly backing everything of the corporate’s $250 million funding spherical in 2013. That elevate valued Spotify at above $4 billion.
In keeping with the brand new filings, the most important sale got here from TCV XI, L.P., which offered 194,009 shares valued at $123.7 million. Three different associated entities additionally disclosed Spotify divestments:
- TCV XI (A), L.P. offered 61,577 shares for $39.3 million
- TCV XI Member Fund, L.P. offered 13,447 shares for $8.6 million
- TCV XI (B), L.P. offered 13,725 shares for $8.8 million
- TCV XI (Lux), SCSp offered 14,565 shares for $9.3 million
All shares are categorized as frequent inventory and had been offered by Morgan Stanley & Co. LLC. The filings point out that every one shares had been beforehand acquired by way of open market purchases in 2022.
The gross sales sign a big liquidation of Spotify holdings by TCV, a longtime investor within the streaming big. The TCV-related entities didn’t report any vital gross sales within the final 5 years.
Following the 2013 Collection F, TCV additionally reportedly took half in Spotify’s fundraising in 2015 that secured $526 million from TCV, Goldman Sachs, GSV Capital, Rinkelberg Capital, Teliasonera and extra.
TCV, which invests in digital and content material corporations, additionally led a $250 million funding spherical for Vice Media in September 2014. The next yr, TCV took half in a $60 million funding spherical for Consider Digital, now referred to as publicly listed digital music firm Consider.
TCV can be a part of a consortium led by Consider founder and CEO Denis Ladegaillerie which plans to accumulate the remaining shares of Consider from public shareholders. As MBW beforehand famous, TCV at the moment holds 96.65% of Consider‘s share capital privately, whereas the sub-4% the rest of Consider’s inventory is held by public shareholders on the Paris Euronext.
TCV has to date invested over $18 billion in additional than 350 tech corporations and backed over 150 IPOs and strategic offers.
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