Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) has told investors that 2022 has been a year of continued growth for the company, despite the decline in capital markets.
Victory Square, which provides venture capital (VC) investment access to a diverse portfolio of next-generation technology companies within an audited, transparent and liquid investment vehicle, said its first-quarter performance demonstrates the power of its diversified portfolio during challenging times.
It ended the three months to March 31, 2022, with an unaudited net asset value (NAV) of $99,861,912, a 52% improvement on the NAV of $65,503,828 it reported at the end of 1Q 2021.
READ: Victory Square Technologies announces 2021 results; says NAV increased to $102M from $51M in 2020
"We've seen significant growth in our wholly-owned subsidiary Hydreight, our NAV has never been stronger and our team is laser-focused on unlocking value from the existing portfolio, and building a pipeline of new opportunities," the company's CEO Shafin Diamond Tejani said in a statement.
The company said it ended the quarter with cash and cash equivalents of $2,188,209.
Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth.
The company's sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Its portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
Contact the author at stephen.gunnion@proactiveinvestors.com