Portfolio Update

Draper Esprit VCT plc
Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97
Portfolio update
18 February 2020

Draper Esprit VCT plc (LSE:DEVC), a leading venture capital trust investing in high growth digital technology businesses, today provides an update on recent developments in its portfolio.

Draper Esprit VCT alongside its co-investment syndicate partner Draper Esprit plc has sold its stake in Pod Point, the UK’s largest independent provider of electric vehicle charging, to EDF for a transaction value supportive of the NAV announced at 30 September 2019, representing an attractive return for the VCT.

Since its foundation in 2009, Pod Point has shipped over 69,000 charging points across the UK and Norway and has also built an extensive network connecting electric vehicle drivers with almost 3,000 public charging bays at locations including branches of Tesco, Lidl and Center Parcs. Draper Esprit VCT originally invested in the business in 2018.

Martin Davis CEO of Draper Esprit plc commented:
“The disposal of our holding in Pod Point is a great outcome both for Pod Point and for Draper Esprit. We’ve worked closely with Erik and the Pod Point team through a critical point in the company’s development as the electric vehicle charging market approaches the mainstream. EDF Energy is absolutely the best partner to support the Company on the next stage of this journey, as it looks to accelerate the role out of charging points, and help it become a market leader.

“We’re incredibly proud of the progress Pod Point has made in building the most advanced intelligent charging network in the UK and we look forward to watching their continued momentum as part of EDF”.

William Horlick VCT Partner at Draper Esprit VCT commented:
“This disposal of our holding in Pod Point validates the co-investment agreement the VCT entered into with Draper Esprit in 2016 to invest in high growth technology companies. Since 2016 the VCT has invested £15 million into 18 new technology companies alongside other Draper funds. This is the first exit from that Draper portfolio and the return for the VCT on Pod Point represents a multiple on cost of over two times and an IRR of over 60%. The VCT is currently fundraising to expand its portfolio of exciting tech companies”.