Draper Esprit Raises New Capital, Looks to Invest in Digital Transformation Firms

Draper Esprit (LSE:GROW) has announced an “accelerated investment strategy to capture a greater share of technology investment opportunities” driven by COVID and the increasing velocity of digital transformation. Announced yesterday, Draper Esprit sought to raise around £100 million in a share placement. The placement was oversubscribed with gross proceeds standing at £110 million.

Martin Davis, CEO Draper Esprit, commented on the additional funding:

“We have been closely watching the development of our portfolio companies and the market as a whole as the post COVID-19 world emerges, and have been greatly encouraged by the increased pace of change driven by greater adoption of technology and an increased priority on digitisation. This enables us to play a central role in helping entrepreneurs invent the future, and this funding round will play a key role in us delivering on that vision. We are delighted also to be welcoming new investors both from the UK and Europe onto our share register as part of this fundraising, as well as receiving strong support for the transaction from our existing shareholders.”

As a publicly listed venture company, Draper Esprit has invested in multiple high profile Fintechs including N26, Revolut, Seedrs and Crowdcube. The advent of COVID has fueled digital transformation as social distancing and mandated lockdowns have compelled firms to operate remotely and consumers to quickly adapt lifestyles to life during a pandemic.

Draper said it would accelerate its investment strategy and increase its rate of investment to approximately £120 million per year.

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