TIDMGROW
RNS Number : 0790M
Draper Esprit PLC
17 September 2021
17 September 2021
Draper Esprit plc
("Draper Esprit", "the Group" or the "Company")
Investment update
Draper Esprit (LSE: GROW, Euronext Dublin: GRW), a leading
venture capital firm investing in and developing high growth
digital technology businesses, today provides an update on recent
developments in its portfolio.
Key highlights are as follows:
-- Continued capital deployment in the increasing number of
growth opportunities in the European venture capital market,
investing a total of GBP130 million during the year to date
including 8 new, and 6 follow-on, investments.
-- Additional investments of GBP25m and GBP15m in existing
portfolio companies Form3 and CoachHub, respectively.
-- Existing portfolio company Cazoo lists on the New York Stock
Exchange, receiving proceeds of over $1bn before expenses.
FORM3
Draper Esprit participated with a further GBP25m in a $160m
Series C round in platform payment technology provider Form3. The
round was led by new investor Goldman Sachs and also included
existing investors Lloyds Banking Group, Nationwide Building
Society, Barclays, Mastercard and 83North. Founded In 2016, Form3
is the leading platform payment technology provider and offers an
alternative to the traditional payment infrastructure model,
providing an always-on, cloud-native, Payments-as-a-Service
platform. Form3 is trusted by some of the UK and Europe's biggest
Tier 1 banks and fastest-growing Fintechs to handle their critical
payments architecture.
Based on the valuation implied by the fundraising, the Company's
gross fair value holding (before carry deductions) is approximately
GBP58 million. Excluding the GBP25 million of newly invested
capital, this is an uplift of approximately GBP23 million to the
March 2021 gross fair value of GBP10 million .
COACHHUB
In September, Draper Esprit participated with a further GBP15
million investment in an $80 million Series B extension round in
CoachHub, supported by existing investors RTP Global, HV Capital,
Signals Venture Capital, Partech and Speedinvest. CoachHub is the
leading global talent development platform and enables
organisations to create a personalised, measurable and scalable
coaching program for the entire workforce, regardless of department
and seniority level. CoachHub uses artificial intelligence to match
individuals with more than 2,500 certified business and well-being
coaches in 70 countries across six continents, with coaching
sessions available in more than 60 languages.
CAZOO
In August, Draper Esprit portfolio company Cazoo announced its
business combination with AJAX I and its listing on the New York
Stock Exchange. Cazoo (NYSE: CZOO) received $1bn in proceeds before
expenses from the transaction, which will be used to further build
out its brand and infrastructure. Cazoo is an online car retailer
which, since being founded in 2018, has delivered over 35,000 cars
to customers across the UK and mainland Europe. Following its
recent acquisitions, Cazoo is also now Europe's leading car
subscription player with thousands of subscribers across the UK,
Germany and France.
Based on the share price of $9/share the Company's gross fair
value holding (before carry deductions) is approximately GBP37
million, which is an uplift of approximately GBP11 million to the
March 2021 gross fair value of GBP26 million.
Martin Davis, Chief Executive Officer of Draper Esprit,
commented:
"Our recent activity has demonstrated the strength of our
portfolio and our investment team, and we have been able to
participate in follow-on rounds in some of the more established
businesses in our portfolio, such as CoachHub and Form3. Cazoo's
IPO is further evidence of this, as in only three years, it has
established itself as one of the most significant players in the
European used car market. As we recover from the pandemic, the
technology sector continues to go from strength to strength and we
are well positioned to continue to support the most promising
companies."
-ENDS-
Enquiries:
Draper Esprit plc
Martin Davis (Chief Executive Officer)
Ben Wilkinson (Chief Financial Officer) +44 (0)20 7931 8800
Numis Securities
Joint Financial Adviser and Corporate
Broker
Simon Willis
Richard Thomas
Jamie Loughborough +44 (0)20 7260 1000
Goodbody Stockbrokers
Joint Financial Adviser and Corporate
Broker,
Euronext Dublin Sponsor
Don Harrington
Charlotte Craigie
Linda Clarke +44 (0) 20 3841 6202
Powerscourt
Public relations
Elly Williamson +44 (0)7970 246 725 /
Jane Glover +44 (0)7713 246 126
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in
Europe, investing in disruptive, high growth technology companies.
We believe the best entrepreneurs in Europe are capable of building
the global businesses of the future. We fuel their growth with
long-term capital, access to international networks and decades of
experience building businesses.
As at 31 March 2021, Draper Esprit is a shareholder in a diverse
portfolio of 70+ companies with 17 of those part of our core
portfolio which accounts for over 60% of our holdings. Our core
companies include UiPath, Aircall, Graphcore and Revolut. We invest
across four sectors: Consumer Technology, Enterprise Technology,
Hardware and Deeptech, and Digital Health and Wellness, with highly
experienced partners constantly looking for new opportunities in
each. We look for high-growth companies operating in new markets,
with a serious potential for global expansion, strong IP, powerful
technology, and management teams to deliver success. We also look
for businesses with the potential to generate strong margins to
ensure rapid, sustainable growth in substantial addressable
markets.
Draper Esprit provides an opportunity for public market
investors to access these fast-growing tech businesses, without
having to commit to long term investments with limited liquidity.
Since IPO to the AIM market of the London Stock Exchange plc in
June 2016, we have deployed circa GBP550m+ capital into fast
growing tech companies and have realised over GBP300m.
For more information, go to https://draperesprit.com/
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END
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