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Dublin-listed venture capital firm invests £7m in surgical guidance company

Dublin and London listed Draper Esprit has invested £7m (€7.8m) in Endomag, a surgical guidance company that pioneers magnetic sensing equipment, which targets and removes cancer.

Since April this year Draper Esprit has invested £29m across eight transactions, and a further £7m from its enterprise investor scheme (EIS) and venture capital trust (VCT) funds, the company said in a statement ahead of its AGM today.

This includes a £9.9m investment in Aircall, a provider of cloud-based call centre software in April, a £7.4m investment in May in fintech business Revolut, and the £3.7m investment in Finnish microsatellite manufacturer ICEYE, which was completed in May.

“We finished the year ended 31 March 2018 in a strong position and have maintained this positive momentum over the first four months of the new financial year,” Karen Slatford, chairman of Draper Esprit, said.

Since April the company has committed a further £8m to five new fund of fund vehicles, taking the total committed to date to £18m across nine funds.

“Doing so increases our opportunity to source the best deals from across Europe, providing us with oversight and access to seed stage companies for when they need to grow,” Ms Slatford said.

“We have also continued to implement a strategy of scaling‐up and increasing our stakes in existing portfolio companies.”

In May Draper Esprit raised £115m via a placing and subscription. In addition, a further £61m was raised from across Draper Esprit’s EIS, VCT and secondary funds.

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