Tim Lyons, Irish Times reported today that Frontline Ventures, a Dublin-headquartered early-stage venture capital fund, has raised €40m to invest in software-only start-ups.
Frontline Ventures is headed by former Delta Partners founding partner Shay Garvey who raised €235m in four rounds and invested in more than 25 early-stage tech companies.
Frontline raised the first €20 million of this fund at the end of 2013. It has already made eight investments along with international partners.
Frontline is run by partners Shay Garvey, formerly of Delta Partners; Will Prendergast, ex-NCB Venture Capital; and Will McQuillan, who previously worked in start-ups and investment banking.
“I am very happy that the fund has attracted a wide range of investors including Irelandia, the An Post Pension Fund, Allied Irish Banks and Enterprise Ireland ”
Mr Shay Garvey, Frontline Ventures
Irelandia is the investment vehicle of Declan Ryan, the aviation entrepreneur and son of Ryanair founder Tony Ryan.
Irelandia invests mostly in low-fares airlines around the world, but it has also invested in life-science companies. It was one of the first investors in Frontline along with Enterprise Ireland.
“The Frontline strategy of investing exclusively in software companies and then syndicating these investments early with international software specialist venture capitalists has proven to be an attractive proposition for both investors and investee companies”
“We are a European fund based out of Dublin. We are moving more into the UK, both to find good start-ups and to support our existing portfolio to expand out of Ireland”
Mr Prendergast, Frontline Ventures
To read the full article see http://www.irishtimes.com/business/sectors/financial-services/frontline-ventures-gets-40m-in-first-funding-round-1.1916869
Joe Robbins is co-founder of CareerWise Recruitment. A graduate of the University of Limerick (Degree in Business Studies, 1985), Joe worked in the UK for five years where he specialised in materials management, production management and plant management for a number of companies.
He returned to Ireland in 1992 to become Operations Manager for a Cork-based start-up, FMC Automotive Division which was subsequently taken over by Snap-on Equipment. Joe managed the business re-location of this company to Shannon in 1997 before setting up CareerWise Recruitment in 1999.
He is a committee member of the Chartered Institute of Personnel and Development (CIPD) Mid-West region, and a former Director and Vice President of the Shannon Chamber of Commerce. Joe is former Chairperson of the Sixmilebridge Camogie Club and current Chairperson of the Clare County Camogie Board.
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