AI and data venture capital fund Iona Star LP has announced the successful £22 million first close of its new fund.
The Fund has received financial backing of £10 million from Castelnau Group, and £10 million from retailer Frasers Group, who will provide important strategic insights and data to enhance the fund's overall potential.
Iona Star is targeting a final close of £40 million in the fourth quarter of this year.
The new fund will invest globally and is focused on companies who are operating at the intersection of AI, data, and technology. It expects to make investments in the £1 million to £3 million range.
London and Belfast-based Iona Star is led by the team of Gerry Buggy, Mike Powell, Graham Ferguson, and Kevin McGivern, who have significant experience as leaders across businesses as founders, C-suite and senior executives.
Their backgrounds in building, scaling, and managing companies, as well as helping businesses commercialise technology and drive revenue growth, will bring substantial expertise to the benefit of the fund’s portfolio companies.
Through the deployment of their first fund, Iona Star has demonstrated its ability to identify businesses capable of high growth, with notable exits, including Quantile to the London Stock Exchange Group and RxDataScience to US biopharma company Syneos Health.
Iona Star is now actively seeking to close out the fund with partners with an interest in the sector.
Gerry Buggy, co-founder of Iona Star, said:
"The Fund is committed to discovering and nurturing the next wave of data innovators. We believe that our experience as operators, combined with a strategic network across data and technology, provides the fuel to accelerate our portfolio companies.
This is the first close due to the strong pipeline of opportunities we finally see with defensive and competitive AI moats, particularly around proprietary datasets. We are now actively seeking to close out the Fund with partners who are excited about shaping the future of technology with us.”
Michael Murray, CEO of Frasers Group, said:
"Data and AI are fundamental to our strategy, unlocking new ways for us to operate more efficiently, while elevating the shopping experience for our customers.
Our partnership with Iona Star LP will allow us to work with some of the best minds in this space to enhance our AI capabilities and accelerate the delivery of our growth ambitions."
Castelnau Group CEO Richard Brown said:
“Iona Star LP intends to invest in a fast-moving segment of the market, with a management team that brings a successful and proven track record, and we are eager to see the benefits that Iona Star’s investments will bring to Castelnau’s wider investment portfolio — in particular the ability to enhance Castelnau Group’s technological offering and data.”
The Fund's investors benefit from the unique opportunity to engage with pioneering companies and technologies backed by the expertise and networks of the initial seed investors. Iona Star LP aims to leverage its deep industry knowledge, connections and expertise while providing companies with capital and strategic guidance.
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