Elkstone closes €100m investment fund

Venture Fund focuses on supporting Irish founders building internationally scalable companies

Trade

Alan Merriman, Nick Ashmore, Orla O'Gorman, Elkstone

Investment house Elkstone has announced that the Ireland Strategic Investment Fund (ISIF) has committed to anchor the final close of its €100 million early-stage Irish venture fund.

The Elkstone Ireland Venture Fund will support exceptional Irish founders developing innovative, internationally scalable, and potentially category defining companies.

The fund is Ireland’s largest early-stage venture fund to date. Elkstone’s Venture arm has invested in more than 50 start-ups, supporting the creation of over 1,000 jobs, with these companies collectively going on to raise over €600 million in follow-on funding.

The fund has already deployed over €10 million to date with the aid of Enterprise Ireland and aims to complete its initial investments by 2026.

Investments to date include Bluedrop Medical, MEG, Inclusio, Allsorter, Danalto and Output Sports, with others closing imminently in AI and cyber security.

“Our fund investor base comprising both entrepreneurs and private capital alongside EI and ISIF, is a key edge in helping us bring meaningful value add to Irish founders as they look to fulfil their businesses potential and scale internationally. Whilst the macro backdrop is undoubtedly challenging, it is a good time to be investing and we are very positive on the outlook for disruption and innovation,” said Alan Merriman, Elkstone’s chief executive.

“We are very much looking forward to continuing to play our part in enabling deserving early stage businesses to grow and bring about stellar returns for our investors and meaningful social and economic impact for the Irish economy.”

Nick Ashmore, director of ISIF, said: “ISIF is a strong supporter of indigenous Irish businesses that have ambitions to scale and target international markets. This fund expands our reach in early-stage venture capital and gives Irish businesses a valuable new option for attracting the capital they need to grow. Our new partnership with Elkstone will fuel the success of a range of fast-growing Irish businesses and we aim to build on these success stories in the coming years.”

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