Venture capital firm Molten Ventures has launched an Irish-focused fund - with investment from existing Molten shareholder Ireland Strategic Investment Fund – the fund will focus on high-growth technology companies in the Republic. The first close of the new fund is €50 million with the scope for this to increase with participation from an additional syndicated partner. Molten’s commitment as a 55.5% LP is €27.75 million, with ISIF committing the remaining €22.25 million.
Now ten years in Ireland where it has backed companies like Movidius, Manna, Sweepr, &Open and Vaultree, the ‘focused fund’ will strengthen the VC’s portfolio of Irish start-ups on the island.
“We have always been invested in the success of high-growth technology businesses in Ireland, which is a key European centre for the global technology industry. The launch of our new Irish-focused fund continues our long-standing relationship with ISIF as a strategic partner and enables us to continue to back promising Irish technology companies and visionary founders inventing tomorrow. We look forward to updating you on the progress of our investments in due course,” says Martin Davis, Chief Executive Officer of Molten Ventures.