DBIC Ventures, Enterprise Ireland launch Smart Tech Fund for start-ups
DBIC Ventures, the venture arm of Dublin Business Innovation Centre, and Enterprise Ireland have launched the Ireland Smart Tech Fund, an early stage fund which will invest primarily in software and medical device companies over the next five years.
The fund is expected to reach a final close of over €30 million within the next 12 months.
“One of Enterprise Ireland’s key roles is to develop and support this innovation and we recognise the value of early stage funding to high potential growth companies,” said Donnchadh Cullinan, growth capital manager, Enterprise Ireland.
“Creating a funding ecosystem for start-ups to thrive is of critical importance to the success of our client companies and we look forward to working with DBIC Ventures to drive the development and growth of an increasing number of Irish companies, supporting them to build scale and expand reach in global markets.”
Richard Watson, managing partner, DBIC Ventures, said: “The fund will be investing in highly scalable export-focused companies in Ireland that have exceptional growth potential. Most of the fund will be reserved for follow-on investment in strongly performing portfolio companies. We have the ability to invest up to €2.5 million in a company through multiple investment rounds up to an exit event and the fund will co-invest with other investor groups in each round.”
Dublin Business Innovation Centre has so far managed more than €100 million of direct investment in more than 350 companies through its management of the Halo Business Angel Network, the AIB Seed Capital Fund and its two earlier seed funds. Its portfolio companies include iCabbi, NewsWhip, SilverCloud Health, Terminal Four and Davra.
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