14th Feb 2020 09:07
(Alliance News) - Draper Esprit PLC said Friday it has sold its stake in one portfolio firm and another raised USD40 million in a series B founding round.
The digital technology investor has sold its stake in electric vehicle charging provider Pod Point to EDF Energy. Draper said the sale represents a return of 2.3 times and an internal rate of return of 39% over three years.
Since its foundation in 2009, Pod Point has shipped over 69,000 charging points across the UK and Norway.
The sale of Pod Point takes Draper's total cash generated from exits in financial 2020, ending March 31, to GBP36 million.
"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," Chief Executive Martin Davis said.
Draper also noted Finnish cloud software company Aiven raised USD40 million in a series B funding - where Draper's value saw an GBP8 million uplift.
The investment company said Aiven is a portfolio company through its the partnership with Earlybird Venture Capital.
Davis said: ""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."
He added: "Draper Esprit has continued to build on the momentum we demonstrated at the half year stage."
Draper's NAV per share at September 30, 2019, stood at 574 pence, up 26% from 454p at the same point a year earlier, and 9.5% higher than the 524p seen six months earlier.
Shares in Draper Esprit were trading 1.4% higher in London on Friday morning at 568.00 pence each.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Molten Ventures