Draper has committed €18 million ($21 million/£16 million) to Earlybird's sixth fund, and promised another €68 million (£60 million) over the next four years. Earlybird's fund is £154 million at first close, and the partnership will make Draper a 50% backer. Draper has also issued a small number of shares to Earlybird. Earlybird cofounder Hendrik Brandis said: "Earlybird has significant backing from mostly institutional private investors, and Draper Esprit has managed to very successfully access public capital markets, funds which we can co‐invest alongside. We believe this creates a very strong partnership."