Minister Bruton announces new €20m VC fund
27 September 2013 | 0
A €20 million Irish venture capital fund was launched today by Minister for Jobs, Enterprise & Innovation Richard Bruton. The first close of the Frontline Ventures Fund I will be managed by Frontline Ventures.
Set up as part of the third call for expressions of interest under the Enterprise Ireland Seed & Venture Capital Scheme 2007-2012. Enterprise Ireland made a €9 million commitment to the first close of the Fund with the balance of committed by individuals and family offices
Frontline is a specialist fund focused on the software sector. The Fund will invest at Seed and Series A stages, with investments ranging from €100,000 to €2 million.
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.
Minister Bruton said: "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 €20 million 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."