Monday 21 October 2019

Draper Esprit leads $40m investment in mobile software platform

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

Ellie Donnelly

Draper Esprit is leading a $40m (€35m) investment in Finalcad, a building, infrastructure and construction mobile software platform.

The Dublin-listed company invested €14m in the round, alongside international investors Cathay Innovation and Salesforce Ventures.

This latest Series C funding round brings the total funds raised by Finalcad to $60m (€53m), and the business will use the funding to extend the product platform into the energy, operations and maintenance sectors, increase headcount, and to invest further in R&D.

Finalcad improves construction companies' operational efficiency through a mobile digital platform.

Site engineers, foremen, architects and consultants can collaborate using Finalcad's app, enabling collaboration across a wide variety of workflows both on site and at the office, a statement from Draper Esprit said.

Other recent investments led by Draper Esprit include $14m in Form3 through a Series B round, $31m in Series A funding in Fluidic Analytics round and a £14.5m growth round for Crowdcube, in addition to the previously announced secondary portfolio acquisition of DFJ Europe X fund for £25.9m.

"These four investments demonstrate our position as one of Europe's most active VC firms, the attractiveness of our £500m+ evergreen capital and global network to potential investees, and the growing diversity of our portfolio across fintech, deep tech and digital health," Simon Cook, CEO at Draper Esprit, said.

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