Molten Ventures Share Discussion Threads

[igbertsponk] 23/3/2021 11:18

So the profit alone on Trustpilot will be some £120m. Which is 10% of GROWs market cap...
Not too shabby eh?

[igbertsponk] 23/3/2021 11:04

And Freetrade raising more funds.

[the white house] 23/3/2021 10:59

Revolut is applying for a US Banking licence, The Times report today. Now has 15m customers

[brexitplus] 23/3/2021 10:33

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".

[w13ken] 22/3/2021 08:50

Huge payday for Draper with the Trustpilot IPO! I have topped up again this morning. My #1 holding.

"According to company filings, Draper Esprit has 16.9% of the shares in the company, or around £169m worth"

[tightfist] 16/3/2021 08:17

Interesting piece of U.K. $8b investment Dash for Growth context in the FT this morning:https://click.news-alerts.ft.com/f/content-d9442066-1bbe-4cb3-b668-af6a9958a324/6d-BAayneFNNEzVOnslYRA~~/AAAAAQA~/RgRiMsB3P0RtaHR0cDovL3d3dy5mdC5jb20vY29udGVudC9kOTQ0MjA2Ni0xYmJlLTRjYjMtYjY2OC1hZjZhOTk1OGEzMjQ_c2VnbWVudElkPWIwZDdlNjUzLTM0NjctMTJhYi1jMGYwLTc3ZTQ0MjRjZGI0Y1cIZmludGltZXNCCmBIhDtQYO-4kJ1SFnJvZ2VyYWRhbXMzNUBnbWFpbC5jb21YBAAAAAA~

[w13ken] 15/3/2021 12:44

Aha - what might have been! You may have heard that Irish company Stripe became Silicon Valley’s most valuable private company, after investors struck a deal valuing the online payments processor at $95 billion. Draper was an early investor but only invested in £0.4m and cashed in for £1.7m in the last financial year.

Hopefully this extraordinary valuation of Stripe may lead on to a reassessment and positive rerating of Draper's other holdings.

Also news today: FocalPoint Positioning, the deeptech company revolutionising the accuracy of GPS and other Global Navigation Satellite Systems (GNSS), has announced an approx. €7 million Series B funding from Draper Esprit.

[sirrux] 11/3/2021 16:20

..and now a Sweedish one, perhaps the deals are coming. The only way to get the UK indices to rise, and we know, after 20 years, that's a tad overdue.

[the white house] 11/3/2021 10:24

Good postSo the holding was worth 80m last autumn, now a float is looking at 1.4bn or so where does that now put the valuation at that price...'Good to see a US fund buying in to 3pc

[rik shaw] 08/3/2021 07:29

Latest update on Trustpilot

[p1nkfish] 03/3/2021 11:29

Chance of a foldback before end of May as S&P corrects and UK feels the draught.

[sirrux] 03/3/2021 11:12

A fair bit of their portfolio needs to be injected into the FTSE100/250 to get that index moving beyond levels from 20 years ago.

[brexitplus] 01/3/2021 16:55

DT

Online review website Trustpilot has unveiled plans for a £1bn listing in London, further bolstering the city's hopes to become an emerging hub for technology initial public offering.

The company, which is based in Copenhagen, said it was planning to list around a quarter of its shares and looking to raise $50m (£36m) in an initial public offering, to help accelerate its growth plans.

The float is expected to value Trustpilot at around £1bn.

Trustpilot's decision to choose London would see it become the first major internet company from the European Union to pick the city for its listing following Brexit - a sign that the city is still able to attract major foreign companies and boosting hopes it will become a tech magnet.

Boss Peter Mühlmann said London had been a "natural choice for us". "This was partially because the UK is a really important market for us, but also a market will have a lot of growth potential. It as also, in part, because there's a lot of liquidity on the London Stock Exchange.

"I really believe in London as a as a future tech hub. Affter Trustpilot, I think you will see a lot of other very significant tech IPOs in London."

Others including Deliveroo and Darktrace are expected to list in London over the coming months, whilst online card retailer Moonpig joined the London Stock Exchange last month.

Despite signs London is already landing major tech listings, the UK is currently reviewing its listing regime to see how it can attract more innovative companies.

Those behind the review are expected to recommend things such as allowing companies to list fewer shares to be admitted to the premium section of the market or allowing for dual-class shares, to give founders more control over their companies.

However, Mr Mühlmann said Trustpilot had decided against waiting for any of these potential changes to come into force. "There's always something that you can wait for. There was the question of whether we were ready for it, and we just thought, yes, we are so let's go."

Trustpilot will be looking to go public after a year which has seen huge numbers of services go online, offering a way for customers to know which services they can trust.

Revenues, generated from companies subscribing to its services to be able to see and engage with consumer reviews, have jumped around 60pc since 2018 to $102m last year.

Mr Mühlmann said consumers were using Trustpilot "more than ever before".

However, it has recently had to ramp up work to tackle fake reviews, and said it had had to remove more than 2.2 million fake reviews over 2020, which was around 5.7pc of those on the site that year.

Last month, one of the people using its site to review solicitors was sued after leaving negative comments on their service, something Trustpilot warned users against. In a post on its site at the time, Trustpilot had said that it "strongly opposes the use of legal action to silence consumers' freedom of speech".

[w13ken] 01/3/2021 08:59

Good spot rikshaw, this is a positive move although I see it will only be 25% of the company and can't spot any dates yet. Just about Draper's biggest holding and one of its longest held: H121: £29.7m invested, £80.9m peer-based valuation, 2.7x cash/NAV.

[rik shaw] 01/3/2021 07:59

Trustpilot intention to float RNS:

[cordwainer] 26/2/2021 10:57

I wonder if Berenberg's price target is subliminally extrapolating the transient sell off in listed big tech. Seems a bit conservative.

[w13ken] 26/2/2021 10:41

Another broker upgrade :) BERENBERG RAISES DRAPER ESPRIT PRICE TARGET TO 920 (750) PENCE - 'BUY'

[w13ken] 25/2/2021 12:15

Draper has overtaken Team17 and Frontier Developments to become the largest holding in my portfolio. The more I investigate the better an investment it seems.

The Edison document was excellent and highlighted £190m increase in value in its top 5 holdings and with IPOs on the way and a recently expanded team the good news should continue.

Three times up from the 288p of last March and 28% up in the last month shows that others are catching on too. Hearing from the partner companies in today's Investor Day should be interesting and may lead to more broker interest/upgrades.

[cordwainer] 25/2/2021 08:18

cordwainer - 21 Jan 2021 - 09:52:50 - 288 of 326 Draper Esprit - VC Firm - GROW
Based on analyst estimates, my conservative target price here for 2021 is £12.
Among my largest portfolio holdings.

[the white house] 24/2/2021 08:55

The Times report that Cazoo have bought Cluno, a smaller German rival. Based in Munich, it will become the hub for operation on the Continent. Also references the last 2 billion valuation and 5 billion spac possibility later this year

[w13ken] 23/2/2021 10:40

JEFFERIES RAISES DRAPER ESPRIT PRICE TARGET TO 967 (683) PENCE - 'BUY'. That's some jump in their target!

[the white house] 22/2/2021 12:30

There is a huge, hugely impressive and positive research note out from Edison as they initiate coverage.In the small print it reveals that DE have a...Portfolio Day....on 25 Feb and that there is also due out, in Feb, a Portfolio Update.An interesting next few days to come then

[bisiboy] 21/2/2021 17:59

looks like the cazoo holding in septemnber was valued at 17.5 m
if so its probably now circa 80m

[the white house] 17/2/2021 11:12

Portfolio update March 2 last year, wonder if similar this year?Also noted online cosmetic co. Agora climbing high in the Apple shopping charts online to 26, above H&M, Tesco and ASDA so gaining a serious amount of traction. Expect this to jump into the high flyers chart along with FreetradeThe inroads/expansion of some within the portfolio of companies is astonishing

[cordwainer] 15/2/2021 14:36

Only got into FIPP very recently, smaller position. Clearly not in the same league as GROW, but I'm hopeful that several items in the portfolio are sufficiently advanced to push the risk to the upside, and with the share price fairly close to current NAV too, and management strengthened last year with a software guy. Meanwhile, the website is claiming that half a dozen named companies are nearing 'inflection points' on its investment case page. re universities, Not unusual to see founders of many of the investee companies are professors, doctors etc its just goes with this kind of VC territory I expect; mcap implies more concentrated portfolio of much smaller firms and therefore higher risk than GROW.