Thursday 17 August 2017

Brian Caulfield venture firm raises €114m in new share issue

Investor Brian Caulfield argues that ‘the volume of startups in Ireland is small relative to the US’
Investor Brian Caulfield argues that ‘the volume of startups in Ireland is small relative to the US’
Adrian Weckler

Adrian Weckler

The venture capital firm Draper Esprit, jointly listed in the UK and Ireland, has raised €114m from a new share issue.

The sum brings to €183m the total raised by the company so far in 2017.

Draper Esprit has invested in a number of Irish technology firms through its Irish partner, the veteran Dublin venture capitalist Brian Caulfield.

The company benefited from the €300m sale of Dublin semiconductor firm Movidius to Intel last year.

Mr Caulfield said Draper Esprit is now likely to expand in Dublin.

He also said that the company will now look to invest in "larger Series A" deals here requiring more than €15m. "These larger investments have generally been very difficult to find in Ireland so we are plugging an important gap," said Mr Caulfield.

Shares in Draper Esprit's new fundraising round were placed through Numis and Goodbody.

"We are seeing increasing innovation and entrepreneurship in Europe," said Simon Cook, chief executive of Draper Esprit. He added that "70pc of our capital [will be] reserved for scaling-up and increasing our stakes in existing portfolio companies through later rounds".

Irish Independent

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