Marketing

Draper Esprit announced series of new investments


Venture capitalist firm Draper Esprit has announced a series of investments in some of its affiliate companies.

It said it has invested a total of £130 million (€152 million) during the year to date, including eight new and six follow-on investments.

Additional investments of £25 million and £15 million have been made in existing portfolio companies Form3 and CoachHub respectively.

Its existing portfolio company Cazoo has listed on the New York Stock Exchange, receiving proceeds of over $1 billion (€850 million) before expenses.

Draper Esprit participated with a further £25 million in a $160m Series C round in platform payment technology provider Form3.

The round was led by new investor Goldman Sachs and also included existing investors Lloyds Banking Group, Nationwide Building Society, Barclays, Mastercard and 83North.

Founded In 2016, Form3 is the leading platform payment technology provider and offers an alternative to the traditional payment infrastructure model, providing an always-on, cloud-native, payments-as-a-service platform.

Based on the valuation implied by the fundraising, the company’s gross fair value holding is approximately £58 million. Excluding the £25 million of newly invested capital, this is an uplift of approximately £23 million to the March 2021 gross fair value of £10 million.

In September, Draper Esprit participated with a further £15 million investment in an $80 million Series B extension round in CoachHub, supported by existing investors RTP Global, HV Capital, Signals Venture Capital, Partech and Speedinvest.

CoachHub is a global talent development platform and enables organisations to create a personalised, measurable and scalable coaching program for the entire workforce, regardless of department and seniority level.

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It uses artificial intelligence to match individuals with more than 2,500 certified business and well-being coaches in 70 countries across six continents, with coaching sessions available in more than 60 languages.

In August, Draper Esprit portfolio company Cazoo announced its business combination with AJAX I and its listing on the New York Stock Exchange.

Cazoo received $1 billion in proceeds before expenses from the transaction, which will be used to further build out its brand and infrastructure.

Cazoo is an online car retailer which, since being founded in 2018, has delivered over 35,000 cars to customers across the UK and mainland Europe.

Based on the share price of $9/share the company’s gross fair value holding is approximately £37 million, which is an uplift of approximately £11 million to the March 2021 gross fair value of £26 million.



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