Sunday 23 October 2016

State-backed Draper Esprit pumps €3.7m into Stockholm-based health firm

Published 18/07/2016 | 08:12

Finance Minister Michael Noonan
Finance Minister Michael Noonan

Venture capital firm Draper Esprit, which is backed by the Government through the Ireland Strategic Investment Fund, has announced its first investment since floating on the stock exchange last month.

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The company has pumped £3.1m (€3.7m) into Stockholm-based digital health business Lifesum with Draper Esprit venture partner Vishal Gulati joining the Lifesum board.

The tech firm has become one of Europe's fastest growing health apps with over 15 million users. Lifesum looks to engage users to help them maintain a health lifestyle and work towards fitness goals.

The investment comes after Lifesum closed a $10m Series B funding round with the money earmarked to fund international growth.

Draper Esprit chief executive Simon Cook said: "As we outlined during our IPO, we are looking to invest in high quality management teams with innovative digital technology from across all of Europe.  Scandanavia has produced many great digital success stories such as Spotify and the team at Lifesum has created a very powerful platform."

Henrik Torstensson, CEO of Lifesum, commented: "Their investment will help accelerate the company's next phase in becoming a truly global product and brand. The support from our new partners, as leading tech investors, and experienced digital healthcare and wellbeing investors, will help us to meet our product development targets, while facilitating the continued growth of our European and US user bases."

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