IamFire PLC on Tuesday said its primary portfolio company WeShop Holdings Ltd has completed a large fundraise, leaving it valued at about £130 million, alongside various operational highlights like increased downloads.

IamFire is a London-based investment issuer focused on opportunities in the social commerce, life sciences and natural resources sectors. WeShop is a British Virgin Islands-based e-commerce platform.

IamFire said WeShop had accumulated a six-figure sum through an equity fundraise at £4.76 per share, valuing the platform at approximately £130 million.

Shares in IamFire, meanwhile, were flat at 1.95 pence on Tuesday morning in London.

IamFire said it currently holds convertible loan notes worth £6.9 million directly in WeShop, and holds the right to subscribe for a further £900,000. If the notes converted, IamFire would hold 2.8 million shares in WeShop. Moreover, the platform’s £130 million valuation gives IamFire a see-through holding of £22.5 million if the notes convert to equity.

IamFire also said that WeShop’s traffic is increasing. The network reported over 230,000 user downloads at May 31, up from 43,000 at November 21. Furthermore over 180,000 purchases now have been made through WeShop, with an annualised gross merchandise value of £33.4 million at the end of May up from £27.9 million for March. To date, the network’s total gross merchandise value is £22.1 million.

Meanwhile, IamFire said that WeShop’s list of over 1,000 affiliated UK retailers has further expanded to include multiple prominent firms including John Lewis & Partners, J Sainsbury PLC’s Argos and Frasers Group PLC’s Sports Direct International. It also said the platform’s partnership with charity football match Soccer Aid for Unicef 2023, which raised £14.6 million on June 11, gave WeShop widespread exposure.

‘WeShop’s growth continues to impress and over £20 million has been spent through the platform. We now enter the next phase of the company’s growth which will be enhanced through digital marketing and national advertising campaigns,’ said WeShop Chair Richard Griffiths. ‘The WeShop team continues to work tirelessly to achieve its goal of building the world’s first shoppable social network owned by its community.’

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