Publicly listed VC Draper Esprit has announced plans to invest up to £75 million in several early-stage venture funds over the coming five years. The backing will begin with commitments to UK-based seed specialists Seedcamp and Episode 1 Ventures.
The investments come at a difficult time for European venture capital, particularly at the seed stage. Not only are the number of seed deals in Europe falling, Brexit could have a devastating impact on UK startups if reports of the European Investment Fund's retreat from the country prove to be true.
For Draper Esprit, the deals will unlock access to early-stage businesses which are usually below its value radar. Earlier this year, the firm raised £160 million with the intention of investing in technology companies at the Series A stage and above.
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