Draper Esprit leads $83m round for Thought Machine

The VC is currently investing from its Draper Esprit Venture Fund, which closed on £176m in May 2018. It provides early-stage, growth and venture capital to European technology companies

The fresh capital will go towards expansion in the US and in the Asia-Pacific region.

For 2018, the company reported an operating loss of £19.5m from turnover of £5.4m, while the company’s founder Paul Taylor has said the company could reach a multi-billion pound revenue within 5-10 years, according to Unquote sister publication Mergermarket.

Previous funding
In 2016, the company received an undisclosed investment from IQ Capital and Backed VC.

In 2018, Lloyds Banking Group provided £10m in equity, with a further £8m provided by other investors. The funding round gave the company a valuation of £100m, according to press reports.

Company
Founded in 2014 and based in London, Thought Machine employs around 80 people and operates an office in Singapore. Its core product is a cloud-based, banking engine built to for both established and challenger banks.

People
Thought Machine – Paul Taylor (CEO).

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• Draper Esprit
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