Delta Partners Unveil New Venture Capital Fund – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/1aeQRmB
Delta Partners, a Dublin-based venture capital firm, has confirmed the launch of its new venture capital fund that will invest in seed and early-stage technology businesses in Ireland. The fund has now reached a first close with Bank of Ireland and Enterprise Ireland as cornerstone investors, supported by Fexco and many family offices.
The new investors will be added to the fund over the coming year, with a target close of €70m. Expanding the team, Dermot Berkery and Maurice Roche, the current partners in Delta, are joined by two new Partners. Amy Neale is now joining from a senior role in MasterCard where she was leading the innovation teams focused on fintech across the globe from New York to Kenya and Singapore.
Richard Barnwell comes with crucial experience as a hands-on entrepreneur having created Digit Games, in the past an investee of Delta Partners which eventually sold to US games firm Scopely.
Delta has a major track record, with more than 120 investee firms to date with successful scaling firms like Luzern and Sirius XT also featuring in the current portfolio. Up to today, the team has realized €1.8bn from firms like Sensl (sold to OnSemiconductor), Clavis (sold to Ascential plc), and Neuravi (sold to Johnson & Johnson).
While commenting on the new fund, Leo Varadkar TD, Tánaiste and Minister for Enterprise, Trade and Employment, stated:
“We are constantly looking at ways we can back Irish businesses, especially at an early stage when raising finance is often the most difficult. I really admire those that are brave enough to start their own business. This Fund will be a €70m pot of money, supported by the Government through Enterprise Ireland for seed and early-stage technology businesses, working on ideas that will create the jobs of the future. I look forward to seeing the success of those that receive funding and wish the Delta team the very best of luck.”
The Head of SME Markets at Bank of Ireland, Jillian Clarkin, stated:
“This new fund will support the talent and ambition of dozens of fledgling Irish technology businesses. I look forward to seeing them grow into successful employers and exporters and I’m excited that Bank of Ireland will be part of that journey. Bank of Ireland is committed to supporting the innovation that is so important to Ireland’s future economic success.”
On the other hand, the CEO of Enterprise Ireland, Leo Clancy, commented:
“This fund will increase the availability of capital to early-stage companies to deliver on their business plans and compete with international peers. Enterprise Ireland’s focus on seed-stage investments, which enhance diversity and experience in the ecosystem, is underpinned by this excellent launch and we look forward to working with the team at Delta over the coming years.”
Maurice Roche and Dermot Berkery of Delta Partners Limited stated:
“This fund is aimed directly at the funding gap for early-stage companies in Ireland. Great Irish entrepreneurs are succeeding across the technology spectrum and the main thing they lack is capital to help them to achieve their ambitions. Our two new partners, Amy and Richard, bring incredible skillsets to help these entrepreneurs along their journeys. We are delighted to have the support of Bank of Ireland, Enterprise Ireland, Fexco and the family offices of some of Ireland’s most successful technology entrepreneurs.”
The CEO of Fexco Group, Neil Hosty, concluded:
“Innovation is at the core of Fexco’s strategy and we are delighted to support the next generation of Irish technology success stories. This new fund will provide critical investment to exciting new businesses as they take on the international marketplace.”
Cryptocurrency
