New Irish Technology Fund Launches to make an Impact

VentureWave Capital has confirmed the successful first close of a new fund “Impact Ireland” which aims to invest in and build global ‘technology for good’ companies from Ireland.

The fund will take strategic stakes in up to 15 high growth potential and scaling Irish companies. Investments of €1 million to €25 million per company will be made. The fund will target cloud-based technology companies in sectors including education, healthcare, food and agriculture, energy and the environment.

The fund will adhere to the principles of Impact Investing which are designed to generate a return for society as well as investors. Impact Investing is growing rapidly worldwide in recognition of the central role and responsibility of business in meeting key social and environmental challenges. The fund will invest in profit-driven companies which also will advance the UN’s Sustainable Development Goals.

The fund is a member of Global Impact Investing Network and is the first Irish signatory of the World Bank’s International Finance Corporation’s Operating Principles for Impact Measurement, which are setting the standard by which the social benefit of Impact Investments will be gauged.

VentureWave Capital is headed up by Chairman Alan Foy and Managing Partner Kieran McLoughlin with a team of founding partners, executives and special advisors. The team has deep sales, operating, technology, finance, fundraising and entrepreneurial skills to bring value to their investee companies.

Investors in the fund include distinguished entrepreneurs, corporate leaders and philanthropists from both Ireland’s diaspora and at home. The fund seeks to tap into this network of expertise through a Global Advisory Council, Chaired by former Taoiseach, Enda Kenny.

The Council will work with the investment professionals in VentureWave Capital in promoting Ireland as an international location for innovation and investment, especially Impact Investing. The membership of the Global Advisory Council is available at www.venturewave.com.

Commenting, Enda Kenny said: “I am very pleased to Chair Impact Ireland’s Global Advisory Council. It will be a powerful corps of advocates for developing the next generation of successful Irish businesses and accelerating the impact that they will have.”

Kieran McLoughlin, Managing Partner, VentureWave Capital said: “We are delighted to launch Impact Ireland with its focus on supporting highly scalable companies which benefit society from one of the best investment global locations there is, Ireland.

We are privileged to be able to draw on the experience and insights of such a remarkable group of people in the Global Advisory Council, especially in promoting Ireland. We are in active dialogue with a number of prospective pipeline investment companies and are confident of building great companies from Ireland with global scale and ambition.”