StockMarketWire.com - Draper Esprit has raised £100m through a conditional placing of 25,912,346 new ordinary shares and a subscription of 4,951,851 shares.

The group said the placing, which was oversubscribed, was undertaken with a range of new and existing institutional investors.

The new ordinary shares were placed through Numis and Goodbody, the company's joint brokers.

It said the fundraise supported £60 million of funds the group had already raised in 2017 across its EIS, VCT and secondary co-investment fund platforms.

Chief executive Simon Cook said: "Much has been written about the uncertain future that British VC fundraising faces in the wake of Brexit.

"At Draper Esprit we believe our industry can find new investors and that the UK can continue to play a significant role in leading the wider European VC market. "As a permanent capital listed company, dual-listed in the UK and Ireland, we can access public markets by offering a partnership model with investors who wouldn't otherwise have access to, or the capacity to actively manage, these type of investments; as well as reinvesting our realisations from exits into the next generation of tech businesses each year without the need to raise a new fixed life private fund every 5 years. "As a wider group we have also raised significant co-investment funds through our EIS, VCT and secondary funds, with £60m raised in 2017 to date. We are seeing increasing innovation and entrepreneurship in Europe, especially in enterprise software, digital hardware, consumer services and digital health, and our funds will be used to continue investing in these areas from series A, B and beyond, with 70% of our capital reserved for scaling-up and increasing our stakes in existing portfolio companies through later rounds. "We have now raised in excess of £160 million of new capital to deploy during 2017 following the £153 million raised during 2016 from our IPO, EIS and VCT funds and the cash realisations available for reinvestment within the Company's portfolio. "If we continue to grow our co-investment funds and make further realisations for reinvestment, at this rate we would over the five years of a typical LP fund, have the equivalent of £800 million (approximately US$1 billion) to deploy, making us a strong partner in Europe and filling a much needed gap in the market post Brexit. "We invest in forward-thinking and innovative businesses and firmly believe that the best entrepreneurs in Europe are capable of building world leading technology companies when provided with patient, long term growth capital, access to global networks and support from an experienced investment team."



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