23 December 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
Investment in WeatherMe OÜ
TMT Investments PLC, which invests in high-growth, internet-based companies across a variety of sectors, is pleased to announce the completion of an investment in WeatherMe OÜ (www.vitalfields.com).
Incorporated in Tallinn, Estonia, WeatherMe OÜ ("VitalFields") is a mobile and Internet-based software application providing a comprehensive farm management solution.
With the help of industry scientists and machine learning algorithms, VitalFields is helping farmers with:
· Plant disease and growth phase modelling;
· Tracking climatic patterns and analyzing farmers' risks; and
· Farm management (everything from planning farm activities to stock management and P&L reports).
By optimizing fieldwork and resources, farmers are able to make production more efficient. In time, VitalFields also plans to become a valuable analytical tool, which will assist farmers in becoming even more efficient by providing them with advice based on the knowledge accumulated from similar farms and their production methods.
TMT's investment consists of a €100,000 unsecured convertible promissory note in VitalFields ("Note") on the following terms:
· Interest rate - 15% per annum.
· Term - unless previously converted, the Note will be repayable in whole or in part at par at the option of investors holding a majority of the Notes on any date after the first anniversary of the Note.
· Conversion -
o Automatic conversion: Any outstanding principal and unpaid accrued interest on the Note will be automatically converted into VitalFields' equity securities upon the earliest of (i) closing of the next equity financing, or (ii) change of control of VitalFields, in either case at an equity valuation equal to the lower of (a) 90% of the equity valuation of VitalFields applicable to the next equity financing or change of control, or (b) €3,500,000 for the whole of VitalFields' fully diluted common stock.
o Optional conversion: prior to a change of control of VitalFields or at any time after the first anniversary of the Note, any outstanding principal and unpaid accrued interest on the Note may be converted at the option of investors holding a majority of the Notes at an equity valuation equal to €3,500,000 for the whole of VitalFields' fully diluted common stock.
The company is run by two co-founders: Martin Rand (CEO) and Vahur Meus (CTO).
Martin has a wealth of product management experience from Skype where he shipped one of the few Skype business products - Skype manager. He also has executive management experience from TeliaSonera and agricultural experience while working at the Plant Production Inspectorate of Estonia as a CIO.
Vahur has a deep technical knowledge working as a back-end developer at PlayTech, one of the popular game development studios. He has also created a terminology translation system called TermBase that was acquired by the Estonian Language Institute.
Definitive agreements for the transaction were entered into, and the transaction was completed, on 20 December 2013.
For further information contact:
About TMT Investments
TMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has raised USD28m and invested in 27 companies to date. The company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com
