A stake in TransferWise, the payments app which is one of Britain’s most valuable technology start-ups, will change hands this week as part of an £18m deal involving Draper Esprit, the listed venture capital firm.
Sky News understands that Draper Esprit will announce on Wednesday that it has bought two investment funds from Seedcamp, an early-stage investor which has backed hundreds of companies.
The deal will be the latest in a string of transactions for Draper Esprit, which listed on the London Stock Exchange last year – giving it access to ‘permanent capital’ by virtue of its shares being publicly traded.
Its acquisition of the Seedcamp funds adds companies including Winnow, which has developed technology to help commercial kitchens reduce waste, and Edited, a software platform for apparel retailers, to Draper Esprit’s portfolio.
The stake in TransferWise will be the most prominent element of the transaction, however.
Sky News has revealed in recent months the payments service’s plans to raise hundreds of millions of dollars from the sale of new shares to investors including Silicon Valley’s IVP and Old Mutual Global Investors.
The fundraising, which is expected to be announced within days, will value TransferWise at more than $1.6bn.
Draper Esprit is already one of the most prominent venture investors in the UK, having backed businesses such as Graze, the snacks subscription service, Lovefilm, the film delivery brand, and Trustpilot, the consumer reviews website.
Last week, it announced a 44% rise in the value of its portfolio to more than £160m in the six months to September.
Shares in Draper Esprit, which declined to comment on the Seedcamp transaction on Tuesday, closed up 3p at 327p, giving the company a market value of £232m.
Source: Sky