Telegraph
Listed venture capital firm Draper Esprit has seen the value of its portfolio jump as investments in artificial intelligence chip start-up Graphcore and reviews site Trustpilot continue to pay off.
Draper Esprit, a venture capital firm that took the unusual move to list in London and Dublin in 2016, reported the value of its investments had climbed 45pc in the last six months.
The firm said the value of its core investments had grown by a third. Its investment in Graphcore increased by £14.3m following a $50m (£38m) funding round for the start-up from major US investors late last year, while its investment in Trustpilot is worth £15.2m.
The fund could receive a further boost in the coming months, with Trustpilot reportedly lining up bankers to advise on another funding round ahead of a potential listing.
The value of Drapers Esprit's current investments grew to £354m, up 45pc on the previous six months from £243.5m. Operating profit nearly doubled from £18.7m to £37.9m compared to the same period last year.
Draper Esprit chief executive Simon Cook said the company had also completed five investments with German fund Earlybird Digital West. "We are very much focusing on the partnership," Mr Cook said. "A merger will be for another day."
The fund added that Brexit threatened the ability of its portfolio companies to hire the best talent. "Talent is critical," Mr Cook said. "We want to make sure Brexit allows companies to hire the smartest and most ambitious people from around the world."
The UK's tech scene is also under pressure from the Government as the Treasury considers a new digital services tax. Mr Cook said the Government needed to have a closer dialogue with the tech industry.
Draper Esprit is a rare publicly-listed venture capital firm. Most firms run as partnerships with a handful of shareholders. Shares in the firm were up 2.6pc.
