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Frontline Ventures gets €40m in first funding round

New €40m fund raised for software-only investments

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

 

 

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