- Draper Esprit and the Earlybird Digital West partner group said Tuesday they had entered into agreement to share dealflow, investment resources and expertise to co‐invest together in high growth European technology companies.

Draper Esprit also said it had invested an initial €18m (£16m) in the latest Earlybird Fund VI and committed to invest a further circa €17m (£15m) a year over the next four years in the fund.

Following Draper Esprit's commitment, commitments in the Earlybird Fund VI would total €175m of which €36m had been invested to date across 13 companies.

Initial companies in the Earlybird Fund VI include Shapeshift, Everoad, Movinga, Fraugster, Medidate, Xain and Crossengage.

Draper Esprit issued new shares to Earlybird Digital West partners in exchange for a minority stake in the management company of the Earlybird Fund VI.

'With our resources combined as genuine partners we will be able to help European entrepreneurs scale their global ambitions even higher. Together with our recent placing to raise £115m, and strong financial performance reported in our recently announced results, this strategic partnership builds on the significant momentum we are achieving,' said Simon Cook, CEO and co‐founder of Draper Esprit.

At 9:06am: [LON:GROW] Draper Esprit Plc share price was +17.5p at 517.5p

Story provided by