There is a pot of gold at the end of the rainbow as Elkstone closes €100 million early-stage Irish venture fund

Irish investment house Elkstone, has announced the Ireland Strategic Investment Fund (ISIF) has committed to anchor the final close of its €100 million early-stage Irish venture fund. With Enterprise Ireland also on board, the fund has already deployed over €10 million to date and aims to complete its initial investments by 2026.

“We are delighted to have delivered on our promise to the Department of Finance and our clients to bring about a unique EIIS venture fund providing access to support the venture funding ecosystem here," says Alan Merriman, Elkstone’s Chief Executive. "Our fund investor base comprising both entrepreneurs and private capital alongside EI and ISIF, is a key edge in helping us bring meaningful value add to Irish founders as they look to fulfil their businesses potential and scale internationally. Whilst the macro backdrop is undoubtedly challenging, it is a good time to be investing and we are very positive on the outlook for disruption and innovation."

Claiming Ireland’s largest early-stage venture fund - Elkstone’s Venture arm has invested in more than 50 startups, supporting the creation of over 1,000 jobs, with these companies collectively going on to raise over €600 million in follow-on funding. 

“ISIF is a strong supporter of indigenous Irish businesses that have ambitions to scale and target international markets. This fund expands our reach in early-stage venture capital and gives Irish businesses a valuable new option for attracting the capital they need to grow. Our new partnership with Elkstone will fuel the success of a range of fast-growing Irish businesses and we aim to build on these success stories in the coming years," says Nick Ashmore, the Director of ISIF. 

So far investments include Bluedrop Medical, MEG, Inclusio, Allsorter, Danalto and Output Sports, with others closing imminently in AI and cyber security. Elkstone notes Flipdish, LetsGetChecked, Manna, Soapbox Labs and Protex AI at its Irish success stories to date.