Trustpilot Group plc announcement of IPO pricing

23 March 2021

Draper Esprit plc

("Draper Esprit", "the Group" or the "Company")

Investment Update

Trustpilot Group plc announcement of pricing of IPO

Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, notes the news that Trustpilot Group plc "Trustpilot" has announced the pricing in relation to its £1.08 billion initial public offering.

On 8 March 2021, Trustpilot confirmed its intention to float on the London Stock Exchange and on 23 March 2021 the company announced it had priced its initial public offering at a £1.08 billion market capitalisation at the offer price of 265 pence per share and the commencement of conditional trading in its shares on the London Stock Exchange.

Draper Esprit first invested in Trustpilot in 2013 and has since more than tripled its holding through a combination of secondary acquisitions and participation in follow on rounds, to become one of the largest shareholders pre-IPO. This approach is in line with Draper Esprit's strategy of reinvesting in its best performing companies.

The Company's total investment to date has been £29.7 million and as of our interim results to 30 September 2020 our holding was valued at £80.9 million. As part of the IPO, the Company will be selling down part of its holding, resulting in proceeds of £78.3 million. The Company will continue to hold 7.9% in shares amounting to £85.5 million (subject to any exercise of the overallotment option during the period to admission) based on the Trustpilot share price on 23 March 2021. The Company's continued holding will be subject to a customary 180-day lock-up period from the date of admission in line with other institutional investors in Trustpilot. 

Trustpilot is a leading global review platform which has tracked over 120 million reviews on over 529,000 domains. The platform has hosted reviews of businesses located in over 100 countries and territories worldwide, submitted by consumers in over 200 countries and territories worldwide. The business seeks to provide a 'trust layer' for the open commerce ecosystem by giving consumers confidence to purchase goods and services from a wide range of online and offline businesses across the world.

Martin Davis, CEO Draper Esprit, said "Trustpilot has done fantastically well and we're proud to be part of this next stage in its journey. With trust at its core, the public market is a great home for the business and it's great for the UK to have such a tech success story listing in London. Trustpilot are also an example of a portfolio company that we have been able to really put our weight behind. When Draper Esprit listed in June 2016 our shareholding was around 3%, but through secondary acquisitions and follow on rounds we have been able to build on that investment to become one of its largest shareholders. Being able to continue to back our winners as they grow is a key driver in the success of our portfolio and a central part of our model".

-ENDS-

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About Draper Esprit

Draper Esprit is one of the most active venture capital firms in Europe, investing in disruptive, high growth technology companies. We believe the best entrepreneurs in Europe are capable of building the global businesses of the future. We fuel their growth with long-term capital, access to international networks and decades of experience building businesses.

Currently, Draper Esprit is a shareholder in a diverse portfolio of 67 companies with 15 of those part of our core portfolio which accounts for over 60% of our holdings. Our core companies include Trustpilot, UiPath, Aircall, Graphcore and Revolut. We invest across four sectors: Consumer Technology, Enterprise Technology, Hardware and Deeptech, and Digital Health and Wellness, with highly experienced partners constantly looking for new opportunities in each. We look for high-growth companies with strong IP, powerful technology, and the management teams to deliver success. They operate in new markets, with serious potential for global expansion. We also look for businesses with the potential to generate strong margins to ensure rapid, sustainable growth in substantial addressable markets.

Draper Esprit provides an opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long term investments with limited liquidity. Since IPO in June 2016, we have deployed circa £450m+ capital into fast growing technology companies and have realised over £210m. In October 2020 we raised gross proceeds of circa £110m to help us capitalise on a European VC market which is expanding rapidly but is still less than one quarter of the combined size of the US and European market by value. It will also allow us to capitalise on the transition to a digital future that has been given added impetus as a result of the recent pandemic.

For more information, go to https://draperesprit.com/