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          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Hi there
           <img alt="wave" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f44b.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOS2:lvNbBpyRuDBGuwF4z_ulWv2g9-7ywEYJgJi3qdQoCmo" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           <i>
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           <i>
            Welcome to the
           </i>
           <b>
            <i>
             Weekend Read
            </i>
           </b>
           <i>
            . Each Saturday, we send you something interesting. Forward it on to your friends (or enemies).
           </i>
           <br/>
           <br/>
           Today we’re looking at one of the more unusual stocks we’ve added recently: Draper Esprit.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Draper? That sounds familiar…
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          </h2>
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           Could be!
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           If you’re an avid fan of the real life soap opera of Silicon Valley, you might have heard of this guy: Tim Draper.
          </p>
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           <img src="https://inboxflows.com/_/image/https%253A%252F%252Flh4.googleusercontent.com%252F3w11YVfKjhc5-LB7dCJi9gBiy4kFBHQi4INMhQlfFN7CqjUNZB44YFbPhFMfTCYsqNBvoZJ63eS9u8X-B1NeUiettGoYrQnybn8DOIpR-H43JGvVeblHNf8t5DsOkHbvMoz3lZ9u/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaDQuZ29vZ2xldSJ9:1kXOS2:LGgALzSlsghzmX2IAmwtzt0eEteCZ3K0MX44fQIt5UE" style="margin: 17px 0; max-width: 100%"/>
          </div>
          <p align="center" class="intercom-align-center" style="line-height: 1.5; margin: 0 0 17px; text-align: center !important">
           <i>
            Strong eyebrow game
            <br/>
           </i>
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           A 3rd generation venture capitalist and cultivator of fancy eyebrows, Tim’s a pretty flamboyant presence on the VC scene.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In 2014, he bought about 30K seized bitcoins in a government auction. More recently, he’s defended Elizabeth Holmes, disgraced ex-CEO of blood testing startup Theranos, as a “great icon”.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           In 2015, he collaborated with local partners to launch an international network of Draper-branded VC firms.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Covering Europe: Draper Esprit plc, a publicly listed venture capital firm.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Public VC? How does that work? 🤔
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Most VC firms raise money from big investors and institutions to start a particular fund. Then they use those funds to invest in startups.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           They’ll usually have a ‘cycle’ - a number of years for the fund to run before the value is liquidated and returned back to investors. Five years used to be the standard cycle, but it’s growing as startups stay private longer.
           <img alt="hourglass" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F231b.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOS2:lvNbBpyRuDBGuwF4z_ulWv2g9-7ywEYJgJi3qdQoCmo" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           ️
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Draper Esprit don’t do that. They’re not a
           <i>
            fund
           </i>
           , exactly. They’re a public company.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           So as a public company, they create shares and offer them to investors to raise cash. Then they use that cash to invest in startups - that’s the venture capital part. The shareholders now own a piece of a VC firm, which in turn owns a bunch of stakes in startups.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           It’s kind of like Berkshire Hathaway: an individual company that owns huge stakes in lots of other companies.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The public structure means Draper Esprit shares trade throughout the day on the exchange and can be bought by regular investors. So they combine the liquidity of a stock with a venture capital firm’s exposure to startups.
          </p>
          <h2 align="left" class="intercom-align-left" style="color: #282F33; font-size: 18px; font-weight: bold; margin-bottom: 7px; margin-top: 30px; text-align: left !important">
           Startups, you say?
           <img alt="woman" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f469.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOS2:lvNbBpyRuDBGuwF4z_ulWv2g9-7ywEYJgJi3qdQoCmo" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           ‍
           <img alt="computer" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f4bb.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOS2:lvNbBpyRuDBGuwF4z_ulWv2g9-7ywEYJgJi3qdQoCmo" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
          </h2>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Yep, so Draper Esprit divide their portfolio of startups into four areas:
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Consumer tech
           </li>
           <li>
            SaaS or Enterprise tech
           </li>
           <li>
            Deep tech and hardware
           </li>
           <li>
            Digital health and wellness
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The consumer tech segment has a lot of fintech firms. Makes sense - we’ve heard Europe’s full of cool fintech companies.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           They’ve invested in Transferwise, Crowdcube (
           <a style="border: none; color: #1251BA; outline: none !important" target="_blank">
            <img alt="eyes" class="ic_emoji_img" height="16" src="https://inboxflows.com/_/image/https%253A%252F%252Ffreetrade.intercom-mail.com%252Fimages%252Femojis%252F32x32%252F1f440.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmcmVldHJhZGUuaSJ9:1kXOS2:lvNbBpyRuDBGuwF4z_ulWv2g9-7ywEYJgJi3qdQoCmo" style="height: 16px; margin: 0; max-width: 16px; min-height: 16px; padding: 0; width: 16px" width="16"/>
           </a>
           ), Seedrs and Revolut. They also hold a stake in Trustpilot.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The consumer tech section probably has the flashiest, most famous startups, but their other segments have some interesting, lesser-known firms too.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           One from the deep tech set is a unicorn from Romania called UiPath.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           They’ve created a platform for software automation. Founded in 2005, they now have thousands of customers and 100s of millions of dollars in revenue.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The digital health segment is split between hard bio-research companies and product-focused personal health:
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Evonetix, a DNA synthesis startup
           </li>
           <li>
            Lifesum, a nutrition app
           </li>
           <li>
            Push Doctor, a doctor-booking service
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           The SaaS (software as a service) section features a lot of analytics and data companies, including:
          </p>
          <ul style="list-style-type: disc; margin: 0 0 20px 40px; padding: 0">
           <li>
            Real Eyes, which measures emotional impact of video content
           </li>
           <li>
            M-Files, a search system for all cloud platforms at once
           </li>
           <li>
            RavenPack, a data tool for professional investment managers.
           </li>
          </ul>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           This is just a smattering from their portfolio: Draper Esprit holds stakes in over 60 companies. That’s the VC model - invest in many companies, spread the risk and assume that lots of them won’t work out.
          </p>
          <hr style="border-style: solid none none; border-top-color: #DDD; border-top-width: 1px; margin: 50px 30%"/>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           If you’re interested in startup investing but want the flexibility to buy and sell whenever, Draper Esprit might well catch your eye.  It could also give you access to more companies than the crowdfunding approach.
          </p>
          <p align="left" class="intercom-align-left" style="line-height: 1.5; margin: 0 0 17px; text-align: left !important">
           Whatever you decide, remember venture capital is a risky business, even packaged up in a big brand fund.
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