Draper Esprit Shares Rise As Investment In UiPath Pays Off

(Alliance News) - Shares in Draper Esprit PLC rose on Tuesday after it noted investee and robotic ...

Alliance News 2 February, 2021 | 10:29AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Shares in Draper Esprit PLC rose on Tuesday after it noted investee and robotic process automation software business UiPath completed a USD750 million fundraising round at a USD35 billion valuation.

Shares in Draper Esprit were trading 6.0% higher at 750.40 pence each on Tuesday morning in London.

The investor in digital technology firms stated the round was led by Alkeon Capital Management LLC and technology-focused investment manager Coatue. Altimeter Capital Management LP, Dragoneer, IVP, Sequoia Capital, Tiger Global Management LLC and funds advised by T. Rowe Price Associates Inc also participated.

Draper Espirit originally acquired its holding in UiPath in January 2019 through the acquisition of interests in Earlybird Digital East Fund I. Based on the valuation implied by the fundraising, Draper Esprit's gross fair value before carry deductions is around GBP115 million, an uplift of GBP78 million to the September 2020 fair value of GBP37 million.

"This successful fundraising suggests investors are completely behind the business as it grows. This round demonstrates that investors see even more dramatic growth opportunities for the best tech companies which have become essential to industry and the global economy. UiPath is yet another success story coming from our Earlybird partnership, reinforcing the value of that relationship that offers us a broader opportunity to invest in the best European technology companies," said Draper Esprit Chief Executive Martin Davis.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Draper Esprit PLC 1,051.36 GBX -1.74 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2021 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies       Modern Slavery Statement