Mogo offloads Vena Solutions investment for 116% gain

Apr. 28, 2021 8:20 AM ETMogo Inc. (MOGO), MOGO:CABy: Khyathi Dalal, SA News Editor1 Comment

Mogo (NASDAQ:MOGO) sold its investment in Vena Solutions for ~C$4.7M in proceeds, a 116% increase from Dec.31, 2020 book value.
Mogo's investment portfolio was acquired as part of its 2019 business combination with Difference Capital Financial and the Vena investment is one of about a dozen equity investments in private technology and e-gaming companies.
This investment portfolio, which was carried at C$18.4M at Dec. 31, 2020, does not include the company's investment in bitcoin.
"Following the successful raise of over C$85M in Q1 to support our growth initiatives, this monetization further strengthens our balance sheet and highlights the significant value of our investment portfolio," president Greg Feller commented.
Mogo divested its equity stake in Vena as part of its recent C$300M Series C funding, indicating one of the largest minority rounds for a Canadian tech company.
Vena is a cloud-native corporate performance management platform that leverages the familiarity and flexibility of an Excel interface within the Vena Growth Engine.
Shares trading 0.12% down premarket