Dublin-based VentureWave Capital has announced the first close of a new fund, Impact Ireland, which will support local ‘technology for good’ companies to scale internationally. 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.
Though the size of the fund is yet undisclosed, VentureWave says it will choose up to 15 companies that display high growth potential or are already scaling, and make strategic investments of €1 million to €25 million in each. Specifically, the firm is interested in cloud-based technology solutions in education, healthcare, food and agriculture, energy and the environment that “advance the UN’s Sustainable Development goals.”
LPs include Irish entrepreneurs, corporate executives and philanthropists at home and abroad. From this network, the firm has formed its Global Advisory Council, which is tasked with promoting Ireland (and the new fund) as a prime spot for impact investment and innovation. Enda Kenny, a former Fine Gael politician who served as Taoiseach from 2011 to 2017, is serving as chair of the 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,” Kenny commented.
Photo: Enda Kenny, Chairman of VentureWave Capital's Global Advisory Council