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Sale of Movidius Ltd Increases Draper Esprit Net Asset Value

Posted by Paula Darlison, 06 Sep 2016
 

Draper Esprit (AIM: GROW, ESM: GRW), one of the leading venture capital investors involved in the creation, funding and development of high-growth digital technology businesses in the UK, the Republic of Ireland and Europe, announces that it has accepted, along with other investors, a conditional offer for Dublin based portfolio company Movidius Ltd (“Movidius”) from Intel Corporation (“Intel”) for an undisclosed sum. Movidius is a leader in high performance, ultra-low power computer vision technology for connected devices. By combining sophisticated software algorithms with a powerful, purpose-built Vision Processing Unit (VPU), Movidius brings new levels of visual intelligence to smart devices. Applications of Movidius’ leading technology enable a new wave of intelligent and contextually aware devices such as drones and Augmented and Virtual Reality devices. Intel, a Santa Clara based global technology company (NASDAQ: INTC), has made a conditional offer for Movidius, which will result in an estimated total cash return of approximately £27 million for Draper Esprit before provision for accrued tax and carried interest payments. The Group had an unaudited pro-forma Net Asset Value (“NAV”) including goodwill at admission of £128.7 million with the disclosed audited NAV of the holding in Movidius of £7.5m as at 31 December 2015. The sale is expected to complete before the end of 2016 and is estimated to increase the Group’s total NAV by approximately 21%, when compared to the pro-forma NAV (excluding goodwill and cash) reported at the time of the Group’s admission to AIM / ESM in June 2016. The Group intends to invest the proceeds of the transaction in line with its existing investment policy. Further details will be presented in the Group’s trading statement to be made in early October. Simon Cook, CEO Draper Esprit commented: “We are proud to have once again helped an incredible management team with superior European technology to become a leading global platform. Movidius’ technology is enabling the next generation of computing devices with vision interfaces and the sale will allow the business to take full advantage of Intel’s global leadership and strong market position and the obvious market benefits this will bring.” Enquiries Draper Esprit plc Simon Cook (Chief Executive Officer) Brian Caulfield (Managing Partner) +44 (0)20 7931 8800 Numis Securities Nominated Adviser & Joint Broker Alex Ham Garri Jones Richard Thomas Paul Gillam +44 (0)20 7260 1000 Goodbody Stockbrokers ESM Adviser & Joint Broker Don Harrington Linda Hickey Dearbhla Gallagher +353 1 667 0420 Zeus Capital Benjamin Robertson Giles Balleny +44 (0)20 3829 5000 Belvedere Communications (PR) John West Kim van Beeck +44 (0)20 3567 0510



 

Lyst announces $40m investment round

Posted by Paula Darlison, 30 Apr 2015
 

April 30, 2015: Lyst, the fashion ecommerce platform, today announced it has raised $40 million in a Series C round of investment from LVMH’s controlling shareholder (Groupe Arnault), Accel Partners (investors in Facebook), Balderton Capital (YOOX Net-A-Porter Group), 14W (Everlane), DFJ Esprit and DFJ (Skype), and a New York based hedge fund. Launched in 2011 in London, Lyst connects millions of shoppers globally with over 11,000 designers and stores - including:

  • Acne
  • Alexander McQueen
  • Alexander Wang
  • Barney’s
  • Burberry
  • Harrods
  • J.Crew
  • Lane Crawford
  • Neiman Marcus
  • Saks Fifth Avenue
  • Topshop
  • Valentino
1 checkout :  $400 Average Order Value Significantly, Lyst was the first to launch a  universal cart in the fashion space, enabling  shoppers to check out from multiple retailers in  a single, unified checkout. Lyst now generates hundreds of millions in sales for the fashion industry and has grown  over 300% year on year for the past three years. 154 countries have shopped on Lyst in the last 3 months This investment will support Lyst’s continued internationalisation as the universal cart technology is rolled out globally. It will also fuel the company’s growth across its teams in London and New York. Growth in sales (run-rate) $40M(12 months ago) $150M(today). “This is an exciting time in our space and we are very proud to be at the centre of it. Our model has grown exponentially in the USA and UK, and this round of funding allows us to take Lyst to fashion consumers around the world. We are already seeing a higher conversion by as much as five times through our universal cart - its widespread adoption by the industry’s leading brands and stores is a testament to the unique platform we have built and the volumes of sales it is generating.”  Chris Morton - Co-Founder & CEO. How Lyst is an innovative way to shop for fashion online that’s used by millions every month. Lyst partners with the world’s greatest fashion designers and stores to provide people with a personalised way to discover the fashion they love. The level of service, intelligence and insight that Lyst provides to its users and partners comes from analysing over 4.5 million points of fashion data every hour - from product changes and user behaviour to sales and active browsing. Lyst has raised $60 million to date, and is backed by range of all-star  investors including 14W (Moda Operandi, Reformation), Accel Partners (Facebook, Spotify), Balderton (Yoox Net-A-Porter Group), DFJ Esprit and DFJ (Skype), and the teams behind  LVMH, Michael Kors, Oscar de la Renta, and Tory Burch. Contact Joanna Christie Head of Brand & Communications +44 (0) 7887 527 52



 

DFJ Esprit marks ‘most active’ year with pledge to take more start-ups global

Posted by DFJ Esprit, 21 Aug 2014
 

  • DFJ Esprit's 2013 deal-flow marked it out as one of Europe’s most active venture capital investors, as it completed one deal every two weeks across the continent
  • Pace continues in 2014 with Kana exit to Verint in a $514m deal and $110m (£69m) IPO of Horizon Discovery
April 2014: Venture capital firm DFJ Esprit continues to be one of the leaders in backing European tech start-ups and growth companies, and its recent deal flow has never been stronger. (more…)



 

Bright Computing Raises $14.5M Series B to Accelerate its HPC, Hadoop and OpenStack Business

Posted by DFJ Esprit, 29 Jul 2014
 

DFJ, DFJ Esprit, and Prime Ventures back the market leading solution for managing server clusters within the data center SAN JOSE, CALIFORNIA —  July 29, 2014Bright Computing, the leading provider of cluster management software, today announced a $14.5 million Series B financing co-led by DFJ and DFJ Esprit with participation from Prime Ventures and existing investor ING Corporate Investments. As part of the funding round, DFJ Partner Bill Bryant, Prime Ventures Partner Alexander Ribbink, DFJ Esprit Partner Richard Marsh, and ING CISO Rob Bening will be joining Bright’s board of directors. (more…)



 

Campanja raises $5 million to drive global expansion

Posted by DFJ Esprit, 13 Feb 2014
 

February 13, 2014 – Campanja, the fast growing platform which transforms the effectiveness of search engine marketing, has secured $5m (£3m) in Series A financing from Hoxton Ventures alongside DFJ Esprit. The new capital will be invested in platform development, key hiring in Palo Alto and Stockholm, and international expansion, including opening new offices in London and New York. (more…)