Sure Valley Ventures' SVV3 venture fund is announcing a €30 million inaugural close thanks to LPs including London-traded investment firm Pires Investments.
SVV3's dry powder will be deployed to take shareholdings in 15 Irish Republic startups in the AI software space, in sectors like cybersecurity and immersive tech, as well as more broadly in the enterprise.
SVV3's fund capital is expected to last 10 years. Pires invested €54,000, to begin with, but could pour up to €5 million over the fund's decade-long horizon.
The fund is managed by the same team responsible for previous vintages SVV1 and SVV2; the latter had a UK software theme having lured British Business Bank support.
Enterprise Ireland, a government-endorsed startup funding programme, is serving as SVV3's cornerstone investor having supplied 50% of its initial requirement.