Investment and Exit update
Draper Esprit plc
("Draper Esprit", "the Group" or the "Company")
Investment and Exit update
Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today provides an update on recent developments in its portfolio.
Pod Point
Draper Esprit has sold its stake in Pod Point, the UK's largest independent provider of electric vehicle charging, to EDF Energy for a transaction value ahead of September 2019 fair value and representing a return of 2.3x, with an IRR of 39% over three years.
Since its foundation in 2009, Pod Point has shipped over 69,000 charging points across the UK and Norway and has also built an extensive network connecting electric vehicle drivers with almost 3,000 public charging bays at locations including branches of Tesco, Lidl and Center Parcs. Draper Esprit originally invested in the business in 2017.
The disposal of Pod Point brings the total value of cash generated by the Company from exits or partial exits to £36 million in this financial year.
Aiven
In February, Aiven, a Finland-based software company combining the best open source technologies with cloud infrastructure, raised $40 million in Series B funding in a round led by IVP, the leading US based VC firm. Aiven is a Draper Esprit portfolio company via the partnership with Earlybird Venture Capital.
Draper Esprit also invested further in the round with the Earlybird partnership and Aiven is expected to move to a core holding of Draper Esprit as a result of an approx. £8 million fair value uplift and further investment.
The investment will be used to accelerate the development of Aiven's platform and increase headcount to support growing demand. Aiven tripled its revenue run rate during 2019, adding 200 new customers and opening new offices in Berlin and Sydney.
Commenting on the developments, Martin Davis, Draper Esprit Chief Executive Officer, said:
"Draper Esprit has continued to build on the momentum we demonstrated at the half year stage."
"The disposal of our holding in Pod Point is a great outcome both for Pod Point and for Draper Esprit. We've worked closely with Erik and the Pod Point team through a critical point in the company's development as the electric vehicle charging market approaches the mainstream. EDF Energy is absolutely the best partner to support the Company on the next stage of this journey, as it looks to accelerate the role out of charging points, and help it become a market leader.
"We're incredibly proud of the progress Pod Point has made in building the most advanced intelligent charging network in the UK and we look forward to watching their continued momentum as part of EDF Energy.
"We're also delighted that Aiven has raised funds to support its continued growth and pleased that it is able to welcome IVP as a new investor.
"These developments demonstrate the strength of the Draper Esprit model: we support innovative growth businesses as they scale up and create value for our shareholders throughout the investment cycle."
-ENDS-
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