Platina’s DIP vehicle to close series of deals

Platina-backed DIP Capital Partners has entered into a trio of deals for its inaugural €40 million (£34m, $44m) data disruption vehicle.

Together, the commitments represent a total deployment of approximately €6.1 million (£5.2m, US$6.8m) across the mobility, retail and mobile technology sectors.

The first investment – a US$1.7 million (£1.2m, US$1.5m) equity commitment in mobile technology company Adludio – was announced this week and represents DIP’s first foray into mobile advertising, a market expected to be worth US$315 billion (£240bn, US$281bn) by 2021.

Adludio specialises in digital mobile advertising using 3D effects, gyro, augmented reality and haptic feedback, and clients include the likes of Adidas, Red Bull, Estee Lauder, Diageo, Unilever, McDonald’s and Huawei.

It is understood the investment was part of a larger fundraising round which raised circa US$6 million (£4.5m, €5.3m) from existing and new investors.

“The technology [Adludio employs] is providing companies with the tools to increase and measure the engagement and the results of a campaign and this was a very interesting differentiator for us,” said Riccardo Cirillo, Platina Partners managing partner and founder of DIP Capital Partners.

In the realms of mobility, DIP has also signed a term sheet with listed electric motorbike manufacturer Energica Motor Company for a €2 million (£1.7m, $2.2m) equity investment and a two-year convertible bond of €1.5 million (£1.2m, US$1.6m).

According to a stock filing, the bond will carry a rate of 5% a year with lock-up in the following six months. The agreement is expected to close by the end of June this year.

The third investment is understood to have closed last week, with a circa £1 million (€1.1m US$1.3m) commitment in a retail technology company. DIP declined to comment further on the transaction.

Maiden fund

DIP Fund I closed fundraising in February last year with €40 million (£34m, $44m) in capital, and aims to invest in 10 companies with a target IRR of 20%.

The vehicle – which is sponsored by Platina, best known for its investments in the renewable energy market – is focused on late-stage growth opportunities with scale-up potential in the technology sector.

Last year, the company made a £1.5 million (€1.7m US$1.9m) investment in British car technology firm wejo and it is now looking for further disruptive opportunities across Europe across mobility, artificial intelligence, energy and retail technology sectors.

 

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