Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses and their investors, today announced that it led a £50 million senior secured term loan to Draper Esprit plc, the AIM-listed venture capital investor, which has supported entrepreneurial, fast-growing companies across Europe for over 20 years.
The financing includes a three-year £25 million revolving credit facility from Silicon Valley Bank, which served as the mandated lead arranger and facility agent, and an additional £25 million loan from a third party. The financing will allow the company to become more agile when identifying investment opportunities and provide increased operational efficiency.
“The additional financing from Silicon Valley Bank will support the expansion of our portfolio and ensure that we continue to invest in the best companies in the market. Silicon Valley Bank has an in-depth understanding of our business and industry and have provided the necessary financing to support and accelerate our business objectives,” said Ben Wilkinson, Chief Financial Officer, Draper Esprit.
Gavin Rees, Region Manager, Global Funds Banking UK, Silicon Valley Bank said, “We are delighted to have partnered with Draper Esprit to develop this innovative facility. The iterative process between Draper Esprit and Silicon Valley Bank is characteristic of how we work collaboratively with our fund clients to find solutions, which are tailor-made for their individual needs.”
Draper Esprit has a £595 million portfolio of early-stage and growth companies, including companies such as Trustpilot, UiPath, Transferwise and Graphcore.