The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today (Friday) announced the establishment of a new €20m Irish venture capital fund. The first close of the Frontline Ventures Fund I will be managed by Frontline Ventures. Enterprise Ireland has made a €9m commitment to the first close of this Fund. The balance of the funding has been committed by a number of high net worth individuals and family offices.
This new fund has been set up as part of the third call for expressions of interest under the Enterprise Ireland Seed & Venture Capital Scheme 2007-2012.
Frontline is a specialist fund focused on the software sector. The Fund will invest at Seed and Series A stages, with investments ranging from €100k to €2m.
The establishment of Frontline Venture Capital sees the emergence of an additional VC manager in the Irish market further enhancing the venture capital landscape and increasing the amount of capital available for highly innovative Irish start-ups.
Making the announcement today, Minister Bruton said:
“A key part of the Government’s Action Plan for Jobs is putting in place new finance measures for Irish businesses, as part of our drive to create a powerful engine of Irish enterprise. Over the past two years we have established new finance schemes which are making available a total of more than €2billion to Irish businesses.
“Venture capital funds are central to this. To continue to support the creation of innovative and internationally oriented start-ups that can go fast to market and scale, we must increase the availability of venture capital to facilitate company growth and job creation. In this context, I am delighted to welcome the establishment of this new €20m venture capital fund. It is great to see a new venture capital firm enter the venture market focused on supporting the new wave of Irish technology entrepreneurs.
“Last May we announced a new call for expressions of interest under the new €175million Seed and Venture Capital Scheme, which will see the continuation of the Government’s support for innovative Irish SMEs through investment in the venture capital sector”.
Will Prendergast of Frontline Ventures said:
‘Frontline Ventures has been designed to meet the needs of the most ambitious Irish software entrepreneurs. We are delighted to have Enterprise Ireland and private investors, who themselves have built very successful businesses, support our vision.”
Julie Sinnamon, Chief Executive Designate, Enterprise Ireland, commented: ‘The Venture Capital sector is a critical element of supporting innovative businesses and facilitating them to scale and create jobs. I would like to take the opportunity to congratulate the Frontline team on raising their first fund’.
ENDS
Notes for Editors
About Frontline Ventures:
Frontline Ventures is a venture capital fund that invests in early stage software entrepreneurs. The fund is managed by partners Shay Garvey, Will Prendergast and William McQuillan from offices in Dublin and London. Frontline’s first investment is in software analytics company Logentries. For more information go to: www.frontline.vc
Third Call for Expressions of interest under the Seed and Venture Capital Scheme 2007-2012
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, announced on Wednesday 25th July 2012, that €20m was available for co-investment in seed and venture capital funds, and issued a call to fund managers to signal their interest in setting up funds. The €20m came under the Enterprise Ireland Seed and Venture Capital Programme 2007 – 2012. Enterprise Ireland invited applicants for the remaining €20m under this scheme and sought co-investors who have the ability to access private sector and institutional capital in Ireland and overseas to support Irish innovative companies focussed on ‘go fast to market’ strategies. This is the fund first announcement following this competitive call for expressions of interest. Further announcements will be made in due course.
http://www.enterprise-ireland.com/en/news/pressreleases/2012-press-releases/%E2%82%AC20m-for-co-investment-in-seed-and-venture-capital-funds-%E2%80%93-minister-bruton.html
Seed and Venture Capital Scheme 2013-2018
http://www.enterprise-ireland.com/EI_Corporate/en/News/PressReleases/2013-Press-Releases/New-%E2%82%AC175million-Government-Seed-and-Venture-Capital-Scheme-targets-high-growth-Irish-companies-Minister-Bruton.html