Draper Esprit plc GROW

I’ve just started this too, it’s nice to have a bit of a stake in freetrade even if it is indirectly. Also they’re in investments in TransferWise (I believe they’ve sold this now but I’m not sure), Revoult as well as obviously freetrade point to a decent track record.

Is there any estimate of what % of their company/portfolio that FT represents for them?

They invested $7.5m (£5.8m) in the Series A. The most recent portfolio update was for the interim period ending September 2020, where Gross Portfolio Value was given as £702m. Since then there have been an unknown double digit investment in Primary Bid, two investments in Graphcore and Coachhub totalling $14m (£20.6m), as well as investments in Endomag and Agora totalling £17m. Their UIPath investment also appreciated £78m. So rough GPV at the moment is £830m. Their investment in FT should have appreciated approx. 210% since then so approx. worth £18m now. So the answer is 2.2%, although you should wait for the final results - the investment is now probably large enough to make it to their core portfolio and therefore included in the breakdowns.

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£4.0 million into stock investing app, Freetrade, with £3.0 million from EIS and VCT funds, as part of its Series A round;

from their Final results for the year ended 31 March 2020 update.

Draper Espirit’s investment was split between the PLC, EIS, and their VCT.

Investment was towards the end of 2019 at around 95p a share, since then the share price has increased 3.96x. So based on that the PLC holds about £15.87m worth of Freetrade shares.

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I would also imagine they’re getting in on the funding coming this year too so that amount may increase even more. Could honestly be a smart long-term investment , cause all being well FT IPO down the line would be huge for them

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RNS on the Trustpilot IPO

News article | London Stock Exchange

Even more interestingly, Sam has confirmed Draper were included in Freetrade’s Series B

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Listed Venture Capital

Google Finance

Yes! Look this company up guys.

https://markets.ft.com/data/equities/tearsheet/summary?s=GROW:LSE

LSE: GROW

Good way to get diversified exposure to European VC, less risky than making investments on Crowdcube or AIM!

Trading significantly below NAV according to latest reports.

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Why was this so heavily down today compared to the market?

Probably because it’s on AIM. AIM stocks have been getting battered today.

Liking the fundamentals of Draper Esprit. Their market cap is only 499.46M and yet their assets are 624M (including 50M cash!).

Really like their pipeline in terms of future exits too.

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Still the case :slight_smile: Nice NAV/share growth too.

Company report on financials out 14th June for this one. some pre release info from the company gives an indication of good things to come I think for this company.

A strong pipeline of deals £50m already approved by invenstment committee and a further £75m sitting in the pipeline being looked at.

The companies focus is to continue to upscale in terms of investment into the portfolio and into the people, systems and processes around the investment team. great to see positive moves in this, confidence in their own abilities to invest and grow.

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They have a great portfolio of companies(including Freetrade). I’ve been put off by new share issuance in the past.

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Revolut is now valued at $33 billion (~£24 billion). Based on the valuation implied by the fundraising, the Company’s gross fair value holding (before carry deductions) is approximately £119 million. This is an uplift of £99 million to the March 2021 gross fair value of £20 million. The Company first invested in Revolut in 2018 as part of its Series C round.

From Draper Espirit’s Investment Update - 13:40:52 15 Jul 2021

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Absolutely love Draper Esprit. Seems they have a fantastic ability to pick winners. Moving up to the FTSE250 next week should be very beneficial in both the short and long run.

On Revolut, and as much as I like them, £24b does seem somewhat of a high valuation especially being 6x higher than last year and with a £207m loss.

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Draper should see a nice uptick in their Freetrade shares later this year as well

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