Bucking Europe's Venture Capital Malaise
Draper Esprit's IPO is a test for Europe's beleaguered venture capital industry.
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Venture capitalists have to have a strong stomach for risk since fewer than one in a hundred of the start-ups they back ever turn into the next Uber or Facebook.
By that measure at least, the partners at Draper Esprit are no slouches. In the face of Brexit-related market turmoil, the London-based venture capital firm raised 69 million pounds ($98 million) in an initial public offering on Wednesday. The fund's investments include Graze, which delivers healthy snacks, and Movidius, a chipmaker.