Monday 12 November 2018

'Mindful' Draper Esprit sees its portfolio value jump 45pc

Simon Cook is CEO of Draper Esprit
Simon Cook is CEO of Draper Esprit
Ellie Donnelly

Ellie Donnelly

Venture capital firm Draper Esprit has said it is "mindful" of the prevailing market backdrop and committed to maintaining a "prudent" approach to new opportunities.

Announcing its interim results yesterday, the Dublin and London-listed group also said that the currently uncertainly caused by Brexit was something it was conscious of.

"The ability for UK-based companies to access the best and brightest talent from around the world remains critical," said CEO Simon Cook.

"However, being dual-listed in both London and Ireland provides us with continued flexibility to access Europe in a post-Brexit environment," he added.

Overall the company has seen the value of its primary portfolio increase by 45pc to £354m (€404m) in the six months to 30 September.

The company reported a 20pc return to investors during the six-month period, driven by a strong performance in its core portfolio.

Core portfolio holdings have increased in value by 33pc to £235.1m, and represent approximately 70pc of the gross portfolio value.

During the six months the company invested £65m, with a further £10.6m invested from enterprise investor scheme (EIS) and venture capital trust (VCT) funds.

In total the company has invested in 11 new companies and six existing companies during the half year period.

Mr Cook said that the company continued to successfully execute the strategy of providing early and growth-stage technology companies with the capital, network, and support they need to pursue their global growth plans.

"We remain on course to exceed our stated objective of a portfolio return of 20pc per annum for the full year, with a 20pc fair value increase delivered in the six months period ended 30 September 2018," Mr Cook added.

Among the company's investments are Roomex, a travel software business headquartered in Dublin, and fintech Revolut.

Irish Independent

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