Draper Esprit sells Tails.com to Nestle's Purina Petcare

AIM-listed venture capital firm Draper Esprit has sold its portfolio company, Tails.com to Purina Petcare - a subsidiary of Nestle - for an undisclosed sum.

Based in Richmond, London, Tails.com provides personalised dog food and nutrition, with a direct-to-consumer model that has demonstrated "strong" growth since its launch in 2014.

Draper said the deal has been executed at a value supportive of the net asset value as at 31 March, and represents an "attractive" return for the company.

In the last twelve months, Draper has announced five disposals, including the recent announcement by Oracle of its intent to buy Grapeshot, a Draper Esprit EIS investment, and the sale of Clavis Insight to Ascential in December 2017.

At 1105 BST, the shares were down 1.5% to 467p.