DASH undertakes fresh capital raise

DASH Technology Group is completing a new capital raising, with its valuation surging 59%.

The cloud-based financial advice and investment management platform has signed a binding legal documentation with a new, undisclosed investor as part of an ongoing raise.

According to Bailador Technology Investments, a substantial shareholder of DASH, the new investment comes at a 59% higher valuation than its current equity investment.

DASH declined to comment on the raise.

Bailador's investment is structured as a $25 million equity investment and $5 million debt investment; the 59% uplift applies to the equity investment only, delivering a blended increase of 49% ($14.7 million) on the total carrying value which represents an increase in net tangible assets of $0.099 per share (pre-tax).

Bailador co-founder and managing partner David Kirk said: "DASH has made very pleasing progress since we invested 12 months ago. This new investment and valuation uplift is a reflection of that progress."

"Pleasingly, the business has put in place strong foundations for future growth and is well positioned in the wealth management industry which benefits from attractive tailwinds."

DASH has some $18 billion in funds under advice, which is significantly more than the $10.6 billion it had when Bailador last topped up its investment in October last year.

The platform has recently partnered with S64 to broaden private market investments channels for financial advisers and their clients.