Monday 23 September 2019

Value of Dublin-listed Draper Esprit portfolio jumps 45pc

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

Ellie Donnelly

Dublin and London-listed Draper Esprit has seen the value of its primary portfolio increase by 45pc to £354m (€404m) in the six months to 30 September.

In a trading update today the venture capital firm 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.

The company invested £65m over the six months, 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 six month period.

Commenting on the results, Simon Cook, CEO of Draper Esprit, 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 said.

"The ongoing and rapid advances in key technology subsectors such as artificial intelligence, blockchain, digital healthcare and fintech continue to shape our investment strategy and, having invested as a group £75.6m, with over £45m to close in the near-term by the company, Draper Esprit remains one of the most active VCs in Europe."

Looking forward the company said it was committed to maintaining a "prudent" approach to new opportunities.

"The uncertainty around Brexit is something we are mindful of and the ability for UK-based companies to access the best and brightest talent from around the world remains critical," Mr Cook said.

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

Online Editors

Also in Business