Furthr VC grows seed fund to €32m
Furthr VC – previously DBIC Ventures – has grown its fund to €32 million from €23 million. The growth comes from additional funding from existing investors, as well as the addition of 20 new investors to the fund.
In October 2019, Furthr VC launched the latest fund with the aim of investing in up to 30 globally scalable software and medical device companies. Since then, it has invested in 15 companies, including IVR testing SaaS company, Klearcom; construction computer vision company, Evercam; and diabetes medical device company, Bluedrop Medical.
Initially backed by an investment from Enterprise Ireland and 15 technology entrepreneurs, business leaders and private investors, the fund now has 35 private backers. The additional funding will enable Furthr VC to continue to seek and close deals with Ireland’s new generation of leading early-stage Irish tech companies. It can make initial investments of up to €650,000 in a business and as a result of the growth, it can now invest up to a total of €3 million through subsequent follow-on investment rounds.
Furthr VC changed its name in line with the rebrand of Dublin BIC to Furthr. By forming close, active partnerships with founders, Furthr VC plays a significant role in supporting the innovative entrepreneurs and businesses it backs, while also maximising returns for investors. Through its current and previous funds, Furthr VC has invested in more than 75 early-stage Irish tech companies including digital health company, SilverCloud Health; smart grid company Grid Beyond; and taxi dispatch platform, iCabbi.
Richard Watson, managing partner, Furthr VC, said: “This is our fourth fund, having launched the first seed fund in Ireland in the 1990s. By working closely with investee companies, we help them to navigate the scaling journey and in doing so, create significant shareholder value. We are proud to have the backing of so many top Irish tech entrepreneurs and business leaders, as well as Enterprise Ireland.”
Like what you see?
Ireland’s ONLY dedicated news feed for the distribution and retail channel.
Our editorial mix includes channel news, trend analysis, Deals Done, regular ‘Channel Chat’ interviews and strategic product focuses. This is a vital medium through which the technology channel can network and identify new business opportunities.