Raspberry Pi founder Eben Upton has sold £1.8 million worth of shares in the microcomputer company, reducing his stake just over a year after its stock market debut. The transaction, revealed in filings to the London Stock Exchange, coincided with the expiration of a 365-day lock-up period for company insiders.
Upton, 47, who founded Raspberry Pi in 2008, was joined in the sale by chief financial officer Richard Boult, who offloaded £455,000 in shares. Both executives cited “financial planning reasons” for the move, according to a statement from the Cambridge-based company.
Shares in Raspberry Pi dropped 14p, or 3%, to 444p following the disclosures on Wednesday. Although such sales are common after IPO lock-up periods expire, they can dampen investor sentiment when carried out by senior executives, as they may be perceived as a sign of reduced confidence in future prospects.
Upton’s sale represented around 14% of his holdings, leaving him with a stake of approximately 2.5 million shares valued at £11 million. Boult, meanwhile, retains 476,000 shares worth just over £2 million after parting with about a fifth of his stake.
Raspberry Pi listed on the London Stock Exchange in June 2024 at 280p per share, in what was then the UK’s largest tech IPO in nearly a year. Despite a 33% drop in share price since the beginning of 2025, the company’s market capitalisation remains just under £900 million — up from its IPO valuation of £541 million — securing it a position in the FTSE 250 index.
Founded to combat a decline in computer science applicants, Raspberry Pi originally aimed to provide low-cost computers to help students learn programming. Since then, it has grown into a major player in embedded computing, supplying components for industrial equipment including security systems, coffee machines, and air ventilation units.
In 2024, the company posted revenues of $259.5 million, a slight dip from $265.8 million in 2023, while pre-tax profits halved to $16.3 million, down from $38.2 million the previous year. The company attributed the fall to “industry-wide destocking” after a spike in demand.
Upton is not the only insider to monetise shares. His wife and Raspberry Pi co-founder Liz Upton sold a combined £434,000 worth of stock across two transactions in late 2024. Other board members began selling shares as early as September last year.
Despite recent share disposals and fluctuating earnings, Raspberry Pi continues to be seen as a rare British tech success on public markets — one that has balanced profitability with growth in both educational and commercial sectors.
