Draper Esprit spends €80m on acquisitions
Dublin-listed Draper Esprit is spending €63m to acquire a 27pc stake in German-based venture capital funds.
Separately Draper Esprit is buying a 5pc interest in Digital East Fund for approximately $20m (€17.6m).
The acquisitions will be funded by the group’s plan to raise £100m (€113m) through a share placing.
The issue price will be 530 pence per placing share. Funds raised will also be used to finance further direct and secondary investment opportunities. The placing shares are being offered by way of an accelerated bookbuild.
Simon Cook, CEO Draper Esprit said: "We passionately believe in the potential for Europe to become a high-tech powerhouse and are putting our money where our mouth is by furthering our strategic partnership with Earlybird."
"The two funds include a number of high quality, well positioned and fast growing European assets, the prospects of which we are very excited about. We're also supplementing our current financial resources to continue to invest in our strong pipeline of potential future investment opportunities," Mr Cook added.
As a result of the two acquisitions, Draper Esprit will acquire underlying holdings in Smava, Peak Games, Nfon, B2X, Socialbakers and UiPath, which, along with underlying holdings in 13 other companies, will be added to its portfolio.