Friday 20 September 2019

Draper Esprit in €20m acquisition of Seedcamp Funds I and II

Simon Cook
Simon Cook
Ellie Donnelly

Ellie Donnelly

Dublin and London-listed venture capital investor Draper Esprit has announced the acquisition of Seedcamp Funds I and II for £17.9m (€20m).

As a result the company has acquired stakes in a number of high profile growing technology companies including Transferwise.

UK-based Transferwise, an international money transfer platform, will be added to the company's core portfolio.

Launched in 2011, Transferwise is one of Europe's most successful fintech start-ups having raised $117m in funding from a number of investors including Richard Branson.

The portfolio also includes what Draper Esprit described as a number of “promising companies” including Codacy, Edited, Erply, Fishbrain, Codility, and Winnow.

Following the deal, Draper Esprit will continue to invest further in the portfolio to help it develop and grow, working closely with both the team at Seedcamp and within the portfolio companies as they grow.

The Seedcamp management team will continue to work closely alongside the Draper Esprit team to manage the portfolio and to create further value for founders and investors in the funds.

"This acquisition further bolsters our growing secondary business, and we are excited to work with a really good portfolio of European technology companies including Transferwise," Simon Cook, CEO Draper Esprit, said.

The news comes following yesterday’s announcement from Draper Esprit that its portfolio value had increased by a massive 44pc to £162.8m in the six months to 30 September.

Net assets at the company were £266.8m, up from £150.7m in March this year, as the company benefited from substantial growth in its net asset value.

Profit after tax was £20.9m, down from £26m in the same period last year, while the company raised additional capital of £100m during the six month period, according to the group’s interim results released yesterday.

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