LONDON (Alliance News) - Draper Esprit PLC on Wednesday said it partnered with Earlybird Digital West to share dealflow, expertise, and resources to co-invest in technology companies across Europe.
The venture capital company said it has taken a further stake in Earlybird's new Digital West Early Stage Fund VI and committed to initially invest GBP16 million, plus GBP15 million per annum until 2022.
Draper Esprit has also issued 64,820 shares to the benefit of the Earlybird Digital West partners in exchange of a minority stake in the management company of the Earlybird Fund VI.
The company expects the partnership to bring between 15 to 20 new deals per year.
"Earlybird has significant backing from mostly institutional private investors, and Draper Esprit has managed to very successfully access public capital markets, funds which we can co-invest alongside," said Earlybird Co-Founder Hendrick Brandis.
"With our resources combined as genuine partners we will be able to help European entrepreneurs scale their global ambitions even higher," added Draper Esprit Chief Executive & Co-Founder Simon Cook.
Shares in Draper Esprit were 3.3% higher on Wednesday at 516.25 pence each.
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