DGAP-News: FinLab AG

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FinLab backs Mike Novogratz's Galaxy Digital Holdings in PRE-IPO round

Frankfurt/M., February 9, 2018 - FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR) has participated in a pre-IPO round of Galaxy Digital Holdings Ltd., a company founded by legendary hedge fund manager Mike Novogratz. FinLab is part of a consortium that invests USD 5.5 million, of which approximately USD 2 million come from FinLab.

Former hedge fund manager Mike Novogratz has successfully raised USD 250 million in this private placement to finance the launch of Galaxy Digital, a cryptocurrency merchant bank which shall be publicly-listed in Canada soon.

Novogratz, who after his departure from Fortress in 2013, where he had been CIO, had been an early backer of Bitcoin, Ether and many other successful crypto currencies and crypto companies, will move his entire existing cryptocurrency and blockchain portfolio into Galaxy Digital.

Galaxy Digital's cryptocurrency merchant bank will have a threefold business model. It will open a cryptocurrency trading desk and initially seek to capitalize on opportunities for cross-exchange arbitrage. It will also invest in blockchain startups and initial coin offerings (ICOs). Finally, it will provide advisory and asset management services to wealthy clients.

As FinLab shares the same investment focus with Galaxy Digital, the investment into Galaxy Digital shall also underpin a strategic partnership focused on sharing deal flow and doing co-investments.
 

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About FinLab AG:

Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A.GR) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector in Europe. FinLab focuses on developing German FinTech startups and providing venture capital for their financial needs, whereby in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.

Press contact:
FinLab AG:
investor-relations@finlab.de
http://www.finlab.de
Phone: +49 69 719 12 80 0