Venture Capital
Reinvented.
Draper Esprit plc Annual Report 2020
Year ended 31 March 2020
Registration number 09799594
The future.
Built by entrepreneurs.
We back Europe’s best entrepreneurs. As one of the most active
venture capital firms in Europe, Draper Esprit invests in high growth
technology companies with global ambitions. We fuel their growth
with long-term capital, access to international networks, decades of
experience building businesses and the knowledge that a better future
requires new thinking.
We reinvented venture capital. We don’t just invest in entrepreneurs,
we are entrepreneurs. Our public listing and multifund model allow
us to provide entrepreneurs with a more flexible approach to funding,
to back the best teams for longer, and give investors access to a new
asset class.
We are global. The best entrepreneurs will take their companies
beyond Europe. To help them, we are part of the Draper Venture
Network, a global community of 24 independent funds. We have
collectively backed businesses such as Baidu, Tesla, Cambridge
Silicon Radio, Graphcore and Revolut.
In This Report
02
Performance Highlights 2020
03
Chair’s Introduction
04
CEO’s Statement
07
Case Study: Experience Matters
Strategic Report
10
Market Context
12
The Investment Opportunity
13
Our Investment Strategy
14
Supporting Companies for Growth
15
Case Study: Pod Point
16
Our Investment Criteria
17
Seed Funds Update
18
Our People
20
Our Pools of Capital
21
Our Portfolio
22
What’s in a Share?
23
Our Partnership with Earlybird
24
Activity in the Year
26
Case Studies: Fintech
29
Portfolio Review
33
Core Company Updates
41
Financial Review
44
Key Performance Indicators
45
Sustainability
48
Section 172 Statement
52
Principle Risks
Governance
58
Board of Directors
61
Chair’s Corporate Governance Report
65
Audit, Risk and Valuations Committee Report
67
Remuneration and Nomination Committee Report
72
Directors’ Report
74
Directors’ Responsibility Statement
Financials
78
Independent Audito