Startup funding institutions in Ireland (Part 3):

Sources of Funding

by Guillaume Van Aelst

Today I reviewed 5 new funding institutions (most specialised in Venture capital). With a list of 13 companies so far, I have reasons to believe I may be able to make another list next week and maybe reach 20. My findings so far are that there are many institutions wanting to invest in start-ups in Ireland, not just governmental ones, but banking institutions and event private ones wanting to be part of it. The main issue I am having is to dig all of those throughout the vastness of the internet…

  • ACT Venture Capital: Is based in Dublin and has been around for 15 years, investing so far € 1Bn € in over 95 companies. The range of funds invested ranges from 200,000€ to 7 Millions €. They focus on start-ups and SMEs looking for investments in the sector of software, communication, digital media, clean technologies… One of the company they funded is “FeedHenry” which I will be developing further on a later post.

(ACT Venture Capital, ?)

  • Dragon’s Den: Is a TV show, produced in around 30 different countries, where a contestant presents/pitches his idea in front of five wealthy investors. The contestant stipulates up-front the amount of money he is trying to raise as well as the equity in the start-up offered to the “Dragons”. The amounts vary greatly and the acceptance highly depends on how well the contestant is knowledgeable, confident, prepared… about this subject.

(Wikipedia, 2015)

In Ireland, the show is sponsored by Bank of Ireland and does not specifically targets ICT business. The latest funding made by the “Dragons” (as of the 28/11/2015) is in a start-up called “Adme” which “is a membership management and mobile payment platform. Adme helps clubs & societies manage, grow, and track their members, events, and payments” (Dragons’ Den, 2015). The contestants got an investment of 100,000€ settled at a 30% equity, although it was pitched to be at 13%.

  • Executive Venture Partners (EVP): Invests in Irish High Potential Start-Ups companies on the ICT sector. They provide direct funding of up to 750,000€ per funding rounds as well as expertise in the areas of finance, sales, marketing, Enterprise Ireland Relations, to name but a few.

(EVP, ?)

  • Dublin Business Innovation Centre (BIC): is a Dublin based organisation that, over the past 25 years, has contributed to Ireland’s economy by creating over 568 businesses, directly employing over 5,566 people. They are actively seeking for entrepreneurs starting-up on the sector of ICT, information, software… through their “AIB Seed Capital Fund”, then can “invest €100k to €1.5 million in selected viable start-up enterprises” (Dublin BIC, 2015). Dublin BIC also collaborates with “Halo Business Angel Network” (which helps entrepreneurs get further funding through “Business Angels”) as well as the “Guinness Enterprise Centre” (which offers office spaces as well as business support and advices).
  • Dogpatch Labs: “is dedicated to supporting entrepreneurship and a culture of innovation, and provides a foundation for start-ups go to grow and scale and is crucial for supporting the continued growth of early stage innovation in Ireland.” (Dogpatch Labs, 2015). This particular one does not offer proper funding per se except for their network of Investor. It opened this year and it is based on the CHQ building (Building next to which the Oktoberfest takes place in Dublin), I had the occasion of passing next to it and it does seem to be a nice place with their pool table in the middle of the “office”. They have about 15 “residents” of which one particular caught my attention: “Pivotal” which is partially owned by EMC, VMware & GE. It is a Silicon Valley start-up which $100m investment to create 130 new jobs in Cork and Dublin over the next few years (Kennedy, 2015).

 

Bibliography

ACT Venture Capital, ?. About us. [Online]
Available at: http://www.actventure.com/team
[Accessed 27 11 2015].

Costello, E., 2015. FEATURED ACCELERATOR – WAYRA. [Online]
Available at: http://startupireland.ie/featured-accelerator-wayra/
[Accessed 21 11 2015].

Dogpatch Labs, 2015. Welcome to Dogpatch. [Online]
Available at: http://dogpatchlabs.com/about/
[Accessed 28 11 2015].

Dragons’ Den, 2015. Entrepreneurs. [Online]
Available at: http://www.allaboutbusiness.ie/denlive/entrepreneurs/Orme+de+Saint+Hilaire+and+Sebastien+Penot_
[Accessed 28 11 2015].

Dublin BIC, 2015. Funding. [Online]
Available at: http://dublinbic.ie/our-services/funding/
[Accessed 28 11 2015].

Dublin Startup Community Fund, 2015. Dublin Startup Community Fund. [Online]
Available at: http://www.startupdublin.com/fund/
[Accessed 22 11 2015].

EVP, ?. How We Can Help. [Online]
Available at: http://www.evp.ie/ourservices.htm
[Accessed 28 11 2015].

Kennedy, J., 2015. Pivotal to create 130 jobs in Dublin and Cork in €100m investment. [Online]
Available at: https://www.siliconrepublic.com/careers/2015/10/21/pivotal-to-create-130-jobs-in-dublin-and-cork-in-e100m-investment
[Accessed 28 11 2015].

Local Enterprise Office, 2014. About Us. [Online]
Available at: https://www.localenterprise.ie/About-Us/
[Accessed 22 11 2015].

Microfinance Ireland, 2013. What We Do. [Online]
Available at: http://microfinanceireland.ie/about-us/what-we-do/
[Accessed 21 11 2015].

The Irish Times, 2015. The lowdown: what is the AIB Start-up Academy all about?. [Online]
Available at: http://www.irishtimes.com/business/aib-start-up-academy/the-lowdown-what-is-the-aib-start-up-academy-all-about-1.2229133
[Accessed 22 11 2015].

Wikipedia, 2015. Dragons’ Den. [Online]
Available at: https://en.wikipedia.org/wiki/Dragons%27_Den
[Accessed 28 11 2015].

 

 

Guillaume Van Aelst

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