Value of SPARK’s Moshi stake takes a monster 60% drop

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London-listed tech investment firm SPARK Ventures said Moshi parent company Mind Candy has “continued to disappoint, missing budgeted revenues and reporting sales substantially behind previous years”.

SPARK values its stake at £319,000 against £788,000  six months ago and £3.1 million 18 months ago.

The Moshi craze peaked around 2012 but it struggled with the transition from the web to apps, and Mind Candy founder Michael Acton Smith stepped down as chief executive this year.

SPARK is still in the money after previously selling some Mind Candy shares at a near-£3 million profit. It was more upbeat about  its investment in MyDeco, saying it has “resurrected some value” thanks to its holding in furniture website Made.com, chaired by Brent Hoberman.

SPARK returned £19 million to shareholders in  the period.

Source Article from http://www.standard.co.uk/business/business-news/value-of-sparks-moshi-stake-takes-a-monster-60-drop-9920276.html

December 12, 2014 |
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