The leading venture capital firm, Draper Esprit, announced on Thursday that it is leading a $40 million investment in FINALCAD. Shares edged up by almost 5% following the announcement.
FINALCAD aims to improve construction companies’ operational efficiency through a mobile digital platform. Draper Esprit has invested £12.4 million in the round alongside investors Cathy Innovation and Salesforce Ventures. The investment hopes to extend the product platform into the energy, operations and maintenance sectors. Additionally, it hopes to increased global headcount.
Other recent investments lead by the company includes the $14 million Form3 Series B round, $31 million Series A Fluidic Analytics round and a £14.5 million growth round for Crowdcube.
Draper Esprit is one of Europe’s most active venture capital firms.
It aims to help build and invest in disruptive and high growth technology companies. The company’s portfolio includes global technology leaders includes Trustpilot, Ledger, Revolut and Graphcore.
CEO of Draper Esprit, Simon Cook, commented on the announcement:
“These four investments demonstrate our position as one of Europe’s most active VC firms, the attractiveness of our £500m+ evergreen capital and global network to potential investees, and the growing diversity of our portfolio across fintech, deep tech and digital health. This offers our investors access to companies with the potential to disrupt the industries that they operate within. With new investments in FINALCAD and Form3, and follow-on capital in Fluidic Analytics and Crowdcube, we’re thrilled to see such a diverse range of companies joining, and growing within, the Draper Esprit family. We are further pleased to have concluded another key secondary acquisition, having been the active pioneers in secondary VC investments for over 12 years including single companies and portfolios.”
Other market news includes Bonmarche shares dropping 36% following a revised profit forecast and Ocado shares edging up 3%. Elsewhere, Sports Direct reported a drop in its profits by over a quarter and Tui defies the “challenging market” In its latest trading update.
At 13:37 GMT today, shares in Draper Esprit plc (LON:GROW) were trading at +4.86%.