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Draper Esprit PLC (GROW)


Tuesday 02 February, 2021

Draper Esprit PLC

Investment update

RNS Number : 6336N
Draper Esprit PLC
02 February 2021

2 February 2021


Draper Esprit plc


("Draper Esprit", "the Group" or the "Company")


Investment update


Draper Esprit (LSE: GROW, Euronext Growth: 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.




Draper Esprit notes yesterday's announcement from UiPath Inc., the robotic process automation software business, of its successful $750 million fundraising round at a $35 billion valuation.


The round was led by Alkeon Capital and Coatue, with Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T. Rowe Price Associates Inc. also participating.


UiPath provides a comprehensive robotic software solution for IT-based process automation of legacy processes and is one of the fastest-growing enterprise software companies in the world.


Draper Esprit originally acquired its holding in UiPath in January 2019 through the acquisition of interests in Earlybird Digital East Fund I.


Based on the valuation implied by the fundraising, Draper Esprit's gross fair value (before carry deductions) is approximately £115 million (using a GBP/USD 1.37 exchange rate). This is an uplift of £78 million to the September 2020 fair value of £37 million.


Martin Davis, Chief Executive Officer of Draper Esprit, commented:


"UiPath continues to hold a leading position in its sector and this successful fundraising suggests investors are completely behind the business as it grows. This round demonstrates that investors see even more dramatic growth opportunities for the best tech companies which have become essential to industry and the global economy.  UiPath is yet another success story coming from our Earlybird partnership, reinforcing the value of that relationship that offers us a broader opportunity to invest in the best European technology companies."






Draper Esprit plc

Martin Davis (Chief Executive Officer)

Ben Wilkinson (Chief Financial Officer)

+44 (0)20 7931 8800

Numis Securities

Nominated Adviser & Joint Broker

Simon Willis

Richard Thomas

Jamie Loughborough

+44 (0)20 7260 1000

Goodbody Stockbrokers

Euronext Growth Adviser & Joint Broker

Don Harrington

Charlotte Craigie

Dearbhla Gallagher

+44 (0) 20 3841 6202


Public relations

Elly Williamson

Donjeta Miftari

+44 (0)7970 246 725 / +44 (0)7961 628 862


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.


Currently, Draper Esprit is a shareholder in a diverse portfolio of 67 companies with 15 of those part of our core portfolio which accounts for over 60% of our holdings. Our core companies include Trustpilot, 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 with strong IP, powerful technology, and the management teams to deliver success. They operate in new markets, with serious potential for global expansion. 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 in June 2016, we have deployed circa £450m+ capital into fast growing technology companies and have realised over £210m. In October 2020 we raised gross proceeds of circa £110m to help us capitalise on a European VC market which is expanding rapidly but is still less than one quarter of the combined size of the US and European market by value. It will also allow us to capitalise on the transition to a digital future that has been given added impetus as a result of the recent pandemic.


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