A Guide to

Venture Capital

intertradeireland.com
A Guide to Venture Capital

Contents
An Introduction to Venture Capital 3 Sources of Venture Capital 9

• What is Venture Capital? 3

Glossary of Terms 23
•H
 ow do I make my company attractive to a Venture
Capitalist or an investor in general? 4
Irish Venture Capital Association Council and Associate Members 27
• Benefits of Venture Capital 4
InterTradeIreland Equity Network Steering Commitee and Executive 31
• Questions to ask before approaching a Venture Capitalist 5

• The Business Plan 6 Business Angels 31

• The Role of the Non-Executive Director 8

Useful Contacts 34

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An Introduction to Venture Capital

An Introduction operates in, the presence of other investors and where the business is in its
development cycle) and Corporate Venturers. Corporate Venturers can be
to Venture Capital product related or service companies that provide funds and/or a partnering
relationship between mature and early stage companies which may operate
in the same industry sector.
Private Equity investment, and Venture Capital in particular, is concerned
with the commitment of monies to unquoted, developing and immature This Guide’s principal focus is upon Venture Capital Funds. However, the
companies. Private Equity may be divided into Venture Capital and Buyouts. investment criteria that both Venture Capital Funds and Business Angels
apply when assessing potential investee companies is often very similar
Venture Capital refers to the provision of capital for growth and expansion
- therefore the guide will benefit entrepreneurs and their advisers looking
to companies with underdeveloped or developing products and revenues
for venture capital from both these sources. In short, the aim is to help
at an early stage in their corporate lifecycle. It also refers to the provision of
you understand what Venture Capital Funds are looking for in a potential
development capital to mature companies at a later stage in their corporate
business investment and how to approach them.
life cycle. Typically, investee companies are unquoted, small to medium
sized enterprises.
What is Venture Capital?
Buyouts refer to the investment, through the use of leverage, in mature
cash generative companies with established business models, to finance Venture Capital; provides long-term, committed share capital, to help
expansion, consolidation, turnaround and disposal. unquoted companies grow and succeed. If you are looking to start up,
expand, buy into a business, buy out a division of your parent company,
The purpose of this booklet is to encourage you to start planning early when
turnaround or revitalise a company, Venture Capital could help.
seeking finance to accelerate the growth of your business. It will explain how
a Venture Capitalist approaches the process of investing equity in a business Obtaining venture capital is very different from raising debt or a loan from a
and what you need to do to improve your chances of raising equity. It lender, such as a bank. Lenders, who usually seek security such as a charge
gives guidance on what should be included in your business plan, the most over the assets of the company, will charge interest on a loan and seek
important document you will produce when searching for a Venture Capital repayment of the capital. Venture Capital is invested in exchange for a
investor. The guide also demonstrates the positive advantages that Venture stake in your company and, as shareholders, the investors’ returns are
Capital will bring to your business. dependent on the growth and profitability of your business. The investment is
unsecured, fully at risk and usually does not have defined repayment terms. It
The main sources of Venture Capital on the island are Venture Capital
is this flexibility which makes Venture Capital an attractive and appropriate
Funds, Business Angels (private individuals who provide smaller amounts
form of finance for early stage and knowledge-based projects in particular.
of finance at an earlier stage than many Venture Capital firms are able to
invest at), Government Agencies (depending upon the sector your business

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An Introduction to Venture Capital

How do I make my company attractive to a Venture Use and source of Venture Capital
Capitalist or an investor in general? in Business Development
Many small companies on the island do not grow and so do not provide
‘upside potential’ for the owners other than to provide a good standard
of living and job satisfaction. These businesses are not generally suitable for
Venture Capital investment, as they are unlikely to provide sufficient financial
returns to make them of interest to an external investor.

High potential businesses can be distinguished from others by their aspirations

and potential for growth, rather than by their current size. Such businesses
are aiming to grow rapidly to a significant size. As a rule of thumb, unless a
business can offer the prospect of significant turnover growth within three
to five years, it is unlikely to be of interest to a Venture Capital investor. This
usually means that the market for the product and service will not solely be
on the island.

Venture Capital investors are interested in companies with high growth

prospects, enjoy barriers to entry from competitors, are managed by Benefits of Venture Capital
experienced and ambitious teams and have an exit opportunity for investors
which will provide returns commensurate with the risk taken. In the current economic climate on the island, most fast growth start-ups are
knowledge based. Given that these projects cannot offer tangible security to
Venture Capital Funds normally agree their investment criteria with those traditional debt financiers or predictable cashflows to service loans, Venture
who have invested in the fund, for example, preferred sectors and stages Capital is the obvious source of finance to fill the financing gap. Investment
of development. Business Angels also usually prefer to invest in projects executives working with Venture Capital Funds attempt to identify the best
which reflect their own skillsets or investment history. When approaching a projects in order to minimize their investment risk.
Venture Capitalist or a Business Angel, it is important to understand if their
investment criteria or preferences match your project. Research has shown that Venture Capital backed companies grow
faster than other types of companies, employ more people and are more
Earlier stage projects normally reflect a higher level of risk for equity profitable when benchmarked against their peers. This is made possible by
investors, so it’s important that entrepreneurs explore all possible sources a combination of capital, Venture Capitalists identifying and investing in the
of finance when fundraising. The diagram below highlights the likely sources best investment opportunities and input from Non-Executive and Executive
of funds for businesses at different stages of development. Directors introduced by the VC investor (a key differentiator from other forms
of finance).

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An Introduction to Venture Capital

Questions to ask before approaching a Venture When seeking to raise capital to accelerate the development of a business
Capitalist idea, promoters must explore all possible sources of funds. It is likely that
an equity investor will usually help the promoters secure other sources of
• D
 oes my company have high growth prospects and is my team funds. This usually includes debt finance from banks to finance working
ambitious to grow the company rapidly? capital and asset purchases, grant aid from development agencies and,
indeed, an equity investment from the promoters. Such an investment
• D
 oes my company have a product or service with a competitive edge from the promoters/management team can help demonstrate commitment
or unique selling point? to a project and may attract fiscal incentives in the form of the Business
Expansion Scheme, Enterprise Investment Scheme or Enterprise
• Can it be protected by Intellectual Property Rights? Management Incentives, depending upon the jurisdiction the company is
based in and other criteria. Professional help should be sought to confirm
• Can I demonstrate relevant industry sector experience? eligibility and benefits of these schemes at an early opportunity.

• D
 oes my team have the relevant skills to deliver the business The end result is likely to be a funding package which includes a cocktail
plan fully? of funders secured with the assistance of the Venture Capitalist. It is this
flexibility and value-added input from a Venture Capital investor which
• A
 m I willing to sell some of the company’s shares to a Venture differentiates them from other funders.
Capital Investor?
Venture Capitalists look for capital gains from their investments. They adopt
• Is there a realistic exit opportunity for all shareholders in order to a portfolio approach to their investments which reflects their strategy to
realise their investment? mitigate the risk of investing unsecured funds in early stage companies.
Before they invest, VC executives will consider the likelihood of realising
• A
 m I prepared to accept that my exiting this business may be in the their investment. After all, they are responsible for returning the cash
best interest of all shareholders? invested in their fund with interest to their investors.

If your answers are ‘yes’, external equity is worth considering. If ‘no’, it may The promoters ability to implement their business plan in full is the
be that your proposal is not suitable for Venture Capitalists and it may take obvious question, but just as importantly, can the company in question
additional work on your behalf to make the proposal ‘investor ready’. be sold to another trade player or find another way to redeem the Venture
Capitalist’s investment within a reasonable time frame (usually between three
and seven years)?

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An Introduction to Venture Capital

The Business Plan The detailed plan should give full details under the following headings:

The business plan is the most important document for a company seeking 1. The Product / Service
to raise finance from Venture Capital investors. It should demonstrate what 2. The Market
the business opportunity is, the amount of funds required to deliver the 3. Management Team
business plan and a management team capable of implementing it. Venture 4. Business Process / Operations
Capitalists read numerous business plans from a wide range of sources
5. Financial Projections
and they must invest in the best projects. Their first impression of your
6. Proposed Investment Opportunity
business plan will determine whether they take their interest any further.
It is absolutely essential that your business plan demonstrates an ‘investor 1. The Product / Service
ready’ project.
In simple language, this should explain what exactly the product / service
The following section is intended to give you a summary of what the business offering is. This will clearly demonstrate the unique selling point of your
plan should include: offering, differentiation from other products, barriers to entry etc and how
your product / service will add value to the purchaser.

Executive Summary 2. The Market

A common mistake that entrepreneurs make is to express their market
This is the key part of the document which must immediately and clearly
in terms of a global figure representing all activity within their sector. The
articulate the investment opportunity for the reader. The Executive Summary
investor requires comfort that there is a commercial opportunity for your
should make a potential investor believe that your unique proposition has the
product/service and that the management team has the ability to exploit this
potential to make a good return on their investment and that you and your
opportunity.
team have the ability to deliver what the plan says.
The marketing section should demonstrate who the customer base is likely
If this part of the Business Plan is not presented with conviction and in clear
to be, how the product / service will be priced, how it will be distributed to
language, you may miss the opportunity of ensuring that a potential investor
customers, an analysis of competitors and how you will deal with competing
takes the time to read your entire plan.
goods and services.

It is unlikely that there will be no rivals in your market sector and you should
avoid comments like ‘there is no competition’ or, ‘our product is totally
new’. If no one has thought of offering a similar or competing product, is it
conceivable that there is no demand for your product or that customers do
not realise that they need it?

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An Introduction to Venture Capital

3. Management Team 5. Financial Projections

Most Venture Capitalists will tell you that they invest in people not ideas. An investor will always wish to review a detailed set of integrated financial
projections which encompasses profit and loss accounts, balance sheets
The management team must sell their experience to investors as well as and cashflow statements. These figures will be supported by detailed
their understanding of the market which they are targeting. assumptions which reflect the content of the business plan.

This section must convey the message that the team has the full complement The projections must be realistically achievable, but they must also be
of skills required to deliver the plan. Indeed, it is prudent to identify skill gaps sufficiently ambitious to demonstrate that there is an attractive investment
which must be addressed in order to deliver the plan as new investors in a opportunity. These projections will form the basis of any term sheet which an
business can utilise their networks to fill the gaps. Non-Executive Directors equity investor may issue.
(NEDs) are an obvious source of expertise for early stage companies to
address this issue and Venture Capital Fund managers usually appoint a NED Negotiation with the Venture Capitalist over valuation, future milestones and
to investor companies to help them avoid the pitfalls of growing a business. ultimate exit opportunities will be influenced by the delivery of the financial
Further details on NEDs can be found in the next section of the guide. projections. Much consideration should be given to this section to produce
realistic projections and indicate an openness to work with the investor
4. Business Processes / Operations in the future to deliver a common goal – the maximising of value.
This section explains how the business operates, be that manufacturing
products, delivering a service, or both. 6. Proposed Investment Opportunity / Exit
This is the opportunity to identify the level of funds required, how and when
It should demonstrate that any necessary R&D can be fully undertaken and they will be spent, and an outline showing how investors will receive a return
that an appropriately skilled workforce is available. on their investment. As with the financial projections the exit opportunity
should be realistic and take account of current market conditions.
The location of the business and the physical infrastructure will also be
detailed. Care should be taken to demonstrate that there is sufficient It cannot be stressed too much that the Business Plan is the single most
flexibility within systems, facilities and human resources to expand the important document that you will provide for potential Venture Capital
business in line with its projected growth. investors. It must be coherent, well presented and of a length which
maintains the interest of the reader. It is essential that you strike a balance
Whilst there may be a market for the product / service being offered, you between providing the investor with sufficient information to evaluate
must ensure that the proposed location, process and utilisation of resources the investment opportunity while not overloading them with technical
(human and physical) are the best available to exploit this opportunity. information.

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An Introduction to Venture Capital

The Role of the

Non-Executive Director
The considerable amount of media attention on the issue of corporate
governance has highlighted the role of Non-Executive Directors. It is
well documented that Non-Executive Directors can make a significant
contribution to company performance regardless of size. The use of
Non-Executive Directors is one way of accelerating the development and
growth of SMEs and whether it is a longstanding traditional business or a
start-up seeking equity finance, non-executives can bring added value with
objectivity drawn from their own experience and skills.

It is normal for Venture Capital investors to place a Non-Executive Director on

the Board of the investee company to represent their interests. This can either
be one of its own fund managers or an individual who has sectoral, market,
or management expertise which will help delivery of the corporate plan.

Most Venture Capitalists, however, recognise that the chemistry and

teamwork between the non-executive and the existing management team
is crucial. As a result, the VC’s Non-Executive Director is there to play an
integral role in the development of the company rather than act as
a watchdog for their investment. This availability of outside expertise to
the management team represents a valuable asset for most companies,
particularly start-ups, and is one reason why Venture Capital is regarded as
a value-added source of finance for SMEs.

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Sources of Venture Capital

Sources of Venture Capital ACT Venture Capital Limited

John Flynn - Managing Director
4th Level Venture University
Seed Fund Limited Partnership 6 Richview Office Park, Clonskeagh, Dublin 14
Telephone: +353 1 260 0966
Luis Duran - Investment Manager
Fax: +353 1 260 0538
75 St Stephen’s Green, Dublin 2 Email: [email protected]
Telephone: +353 1 633 3838 Web: www.actventure.com
Fax: +353 1 633 3857
Email: [email protected] Year most recent fund estb:
Web: www.4lv.ie Invest: ROI and NI
Fund Size: €170m
Year most recent fund estb: Investment Range: €1m to €10m
Invest: ROI Sectors: Information and communications technologies, medical devices,
Fund Size: €17m new business and consumer services.
Investment Range: €50,000 - €1.5m
Sectors: Clean Tech, Life Sciences, Material Sciences, Technology and ICT Notes: ACT’s funds are sourced from leading domestic and international
financial institutions. Investments are made in companies at all stages of
Notes: The fund was established to commercialise the business their growth, with a particular interest in backing ambitious entrepreneurs
opportunities that arise from university research. Investees will be high who wish to build scaleable businesses. With its extensive contacts and
potential businesses in the seed or early stages of their development arising experienced team, ACT plays an active supportive role in helping companies
out of research in Irish third level educational institutions. to expand into international markets.

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Sources of Venture Capital

AIB Seed Capital Fund Alchemy Partners

Éanna Dáibhis - Administrator Gavin Loughrey - Partner

NovaUCD, Belfield Innovation Park, University College Dublin, 25 Bedford Street, London WC2 E9ES
Belfield, Dublin 4 Telephone: +44 20 7240 9596
Telephone: +353 1 286 6766 Fax: +44 20 7240 9594
Fax: +353 1 286 6767 Email: [email protected]
Email: [email protected] Web: www.alchemypartners.co.uk
Web: www.aibseedcapitalfund.ie
Year most recent fund estb:
Year most recent fund estb: 2007 Invest: ROI and NI
Invest: ROI Fund Size: €1.4bn
Fund Size: €53 million Investment Range: €15m + equity requirement
Investment Range: Up to €500k initial investment, max €1.5 million inc. Sectors: All
follow-on
Sectors: Digital Media and Web 2.0, Education, Electronics, Energy, Notes: Alchemy Partners specialises in buyouts, buy-ins and the provision of
Environmental, Food, Financial Services, ICT, Leisure & Tourism, Life later stage development capital.
Science, Medical devices, Manufacturing & Industrial, Pharmaceutical,
Photonics, Semi-conductor, Software, Telecommunications, Other

Notes: Enterprise Equity will evaluate all investments outside the city and
county of Dublin, as well as investments that require in excess of €250,000
from the fund within Dublin. Dublin Business Innovation Centre (DBIC) will
evaluate all investments within the city and county of Dublin when the initial
investment amount required from the Fund does not exceed €250,000.

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Sources of Venture Capital

ATLANTIC BRIDGE LP partnership approach to our firm and our investments. Our investors include
Brian Long - Managing Partner the founders, leading institutional investors and private investors with a track
record of investment in successful technology companies.
31 Kildare Street, Dublin 2
Telephone: +353 1 603 4450 BVP Investments Limited
Fax: +353 1 642 5661
Elliott Griffin - Director
Email: [email protected]
Web: www.abven.com Unit 23, The Cubes 2, Beacon South Quarter, Sandyford, Dublin 18
Telephone: +353 1 657 2900
Year most recent fund estb: 2010 Fax: +353 1 657 2930
Invest: Email: [email protected]
Fund Size: €100 million Web: www.simple.ie
Investment Range: Atlantic Bridge is a private equity firm with offices
in Dublin and London, focusing on technology investments in Ireland Year most recent fund estb: 2010
and across Europe, with a strong emphasis on a transatlantic business Invest: ROI
building and investment exit model. We focus on making domain-specific Fund Size: €10m
investments in mid and late-stage venture capital, growth capital and buy- Investment Range: Currently investing between €250k - €500k per
out transactions of up to €15 million. company. We will lead investments and also interested in co-investing.
Sectors: The Atlantic Bridge portfolio currently consists of companies in the Sectors: Advanced Materials, Energy, Environmental, ICT, Manufacturing &
communications technology, semiconductor and software sectors. We focus Industrial, Semi-conductor, Software, Telecommunications.
on companies with strong technical leadership in the following sectors:
Semiconductor process technologies, Enterprise and Mobile Communication Notes: We specialise in the Cleantech sector for all stages in particular seed
Software, Communications Equipment, Telecommunications Network and early stage. On a high level this covers energy efficiency, water, lighting,
Management Software, Internet infrastructure and Services and Cloud heating technologies and services which advance resource efficiency,
computing. sustainability and low carbon emissions. We are also investing in early stage
renewable energy development companies.
Notes: Atlantic Bridge brings together a unique team of technology
entrepreneurs, experienced managers, finance professionals
and investment experts. The team contains a wealth of international
business experience across Europe, the US and Asia. We have worked
together in various capacities for the last 10-20 years, bringing a true

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Sources of Venture Capital

Clarendon Fund Managers LIMITED Year most recent fund estb:

Dr Alan Mawson - Executive Chairman Invest: NI
Fund Size: £22.5m
12 Cromac Place, Belfast, BT7 2JB Investment Range: £250,000 - £1.5m
Telephone: +44 028 9032 6465 Sectors: All sectors
Fax: +44 028 9032 6473
Email: [email protected] Notes: Crescent invests across a range of sectors including:- IT,
Web: www.clarendon-fm.co.uk digital media, technology, telecommunications, tradeable services and
manufacturing.
Year most recent fund estb:
Invest: NI
Delta Partners
Fund Size: £10m Viridian Growth Fund.
£3m Nitech Growth Fund Maurice Roche - General Partner
Investment Range: Viridian Growth Fund £50,000 - £700,000
Media House,South County Business Park, Leopardstown, Dublin 18
Nitech Growth Fund £20,000 - £250,000
Telephone: +353 1 294 0870
Sectors: Viridian Growth Fund – High growth sectors throughout Northern
Fax: +353 1 294 0877
Ireland. Nitech Growth Fund – Research – intensive businesses in Northern
Email: [email protected]
Ireland.
Web: www.deltapartners.com

Notes: Viridian Growth Fund – Established to provide early stage equity

Year most recent fund estb:
finance for the entrepreneurial SME sector in Northern Ireland. Nitech
Invest:
Growth Fund – Established by Invest Northern Ireland, providing early stage
Fund Size: €105m (total funds under management is €250m)
funding to take an R&D project to proof of concept and commercialisation.
Investment Range: €750,000 to €4m
Sectors: Focus is on early stage ICT, health care and business service
Crescent Capital
Colin Walsh - Managing Director Notes: Since 1994, Delta has invested in over 60 early stage companies
operating in the ICT, health care and business service sectors.
7 Upper Crescent, Belfast BT7 1NT
Telephone: +44 028 9023 3633
Fax: +44 028 9032 9525
Email: [email protected]
Web: www.crescentcapital.co.uk

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Sources of Venture Capital

DFJ Esprit LLP Dublin Business INNOVATION CENTRE

Brian Caulfield - Partner Alex Hobbs - Funds Portfolio Manager

14 Buckingham Gate, London SW1E 6LB The Tower, TCD Enterprise Centre, Pearse Street, Dublin 2
Telephone: +44 20 7931 8800 Telephone: +353 1 671 3111
Email: [email protected] Fax: +353 1 671 3000
Web: www.dfjesprit.com Email: [email protected]
Web: www.dbic.ie
Year most recent fund estb:
Invest: Pan Europe Year most recent fund estb: 2009
Fund Size: €95m Invest: Dublin City and County
Investment Range: €1m-€15m Fund Size: €59.5m
Sectors: Digital Media and Web 2.0, Electronics, Energy, Environmental, Investment Range: Up to €250,000 either as sole investor or co-investor in
ICT, Life Science, Medical devices, Photonics, Semi-conductor, Software, 1st investment round of between €250k and €1m plus. Can also participate
Telecommunications, Other in follow-on rounds of up to a maximum aggregate investment in any one
company of €1.5m
Notes: DFJ Esprit is a leading cross-stage venture capital firm that invests Sectors: Information, Communications, Technologies, Software, Digital
in European technology companies. Members of the DFJ Esprit team Media, Cleantech, Medical Devices, General
have been active in technology investing for three decades. They have
experience of investing in over 200 companies, generating strong returns Notes: Dublin BIC is an investment general partner in the €53m AIB Seed
for investors through building valuable global companies alongside founders Capital Fund providing investment to start-up and early stage companies in
and management teams. The DFJ Esprit partners have invested and helped Dublin City and County.
build many of Europe’s most successful venture companies of recent years,
including Apatech, Buy.at, Icera, KVS, LOVEFiLM, CSR, Domantis and Zeus.
DFJ Esprit is the exclusive European partner for Silicon Valley based Draper
Fisher Jurvetson (DFJ) Global Network of venture funds. DFJ Esprit invests
across Europe and has partners located in London, Cambridge, Dublin,
Helsinki and Paris.

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Sources of Venture Capital

Enterprise Equity Venture Capital Group Notes: Enterprise Equity is an Investment General Partner in the AIB Seed
Conor O’Connor - Managing Partner Capital Fund and all new investments are made from the AIB Seed Capital
Fund. Investments by AIB Seed Capital Fund will be made in start up and
Dundalk Dublin Rd, Dundalk, Co. Louth early stage enterprises with a primary focus in the technology, technology
Galway Corporate House, Ballybrit services, multimedia, wireless, financial services, food sectors & medical
Business Park, Co Galway devices where there is a likelihood of a realisation of investment within
Cork NSC Campus, Mahon, Co Cork approximately five years.
Dublin Arena House, Arena Road,
Sandyford, Dublin 18, Co Dublin
Telephone:
Dundalk +353 42 933 3167
Galway +353 91 764 614
Cork +353 21 230 7000
Dublin +353 1 213 0720
Fax:
Dundalk +353 42 933 4857
Galway +353 91 764 615
Cork +353 21 230 7070
Dublin +353 1 213 0866
Email: [email protected]
Web: www.enterpriseequity.ie

Year most recent fund estb: 2005

Invest: ROI
Fund Size: €22m
Investment Range: €250,000 to €1.5m
Sectors: All areas outside Dublin and all sectors other than property, retail
and hotels.

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Sources of Venture Capital

Enterprise Equity Venture Capital Year most recent fund estb: 2007
AIB Seed Capital Fund Invest: ROI
Conor O’Connor - Managing Partner Fund Size: €53m
Tom Shinkwin - Partner Investment Range: 1st round up to €500,000. Follow-on investment up to
Rory Hynes - Partner max of €1.5m (including initial investment).
Eric Reed - Partner Sectors: All geographic areas and all sectors other than property, retail and
Frank Walsh - Partner hotels.

Dublin Arena House, Arena Road, Notes: Investments will be made in start up and early stage enterprises with
Sandyford, Dublin 18, Co Dublin a primary focus in the technology, technology services, multimedia, wireless,
Dundalk Dublin Rd, Dundalk, Co. Louth financial services, food sectors & medical devices where there is a likelihood
Galway Corporate House, Ballybrit of a realisation of investment within approximately five years. Enterprise
Business Park, Co. Galway Equity is responsible for all Regional applications (of any level) and for
Cork NSC Campus, Mahon, Co. Cork investment in the Dublin area from €250,000 - €500,000 (1st round).
Telephone:
Dublin +353 1 213 0720
Dundalk +353 42 933 3167
Galway +353 91 764 614
Cork +353 21 230 7000
Fax:
Dublin +353 1 213 0866
Dundalk +353 42 933 4857
Galway +353 91 764 615
Cork +353 21 230 7070
Email:
[email protected]
[email protected]
[email protected]
[email protected]
Web: www.enterpriseequity.ie

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Sources of Venture Capital

Enterprise Equity Fund Management (NI) LIMITED Year most recent fund estb:
Aidan Langan - CEO Invest:
Fund Size: €10m
78a Dublin Road, Belfast BT2 7HP Investment Range: The EVP Early Stage Fund invests in early stage high
Telephone: +44 028 9024 2500 potential start up (HPSU) companies in the Information, communications
Fax: +44 028 9024 2487 & technology (ICT) sector. The Fund is now closed for new investment
Email: [email protected] applications.
Web: www.eeni.com Sectors:

Year most recent fund estb: Notes:

Invest: NI
Fund Size: £20m. Evergreen Fund
EVP Early Stage Technology Fund
Investment Range: £250,000 - £2m, Enterprise Equity typically provide
equity capital for Management Buy outs, buy-ins and growth capital in Gerry Jones - Managing Partner
expanding businesses based in NI.
The Arches, Carpenterstown Road, Castleknock, Dublin 15
Sectors: Energy, Medical devices, Manufacturing & Industrial,
Telephone: +353 1 663 9206
Pharmaceutical, Semi-conductor, Software, Telecommunications, Other.
Email: [email protected]
Web: www.evp.ie
Notes:

Year most recent fund estb:

EVP Early Stage Technology Fund Invest:
Gerry Jones - Managing Partner Fund Size: €10m
Investment Range: The EVP Early Stage Fund invests in early stage high
The Arches, Carpenterstown Road, Castleknock, Dublin 15 potential start up (HPSU) companies in the Information, communications
Telephone: +353 1 663 9206 & technology (ICT) sector. The Fund is now closed for new investment
Email: [email protected] applications.
Web: www.evp.ie Sectors:

Notes:

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Sources of Venture Capital

E-Synergy Ltd Notes: Fountain Healthcare Partners is a life science focused venture capital
Brian McKimm - Fund Manager fund headquartered in Dublin, Ireland with a second office in New York,
US. Fountain specialises in making investments in biotechnology, medical
Midtown Centre, 25 Talbot Street, Cathedral Quarter, Belfast BT1 2LD devices, specialty pharma and diagnostic companies and allocates the
Telephone: +44 028 9082 3684 majority of its capital to Europe with a primary emphasis on Ireland.
Email: [email protected]
Web: www.nispofunds.com
Growcorp Group Limited
Year most recent fund estb: 2009 Michael Donnelly - Chairman
Invest: NI
3015 Lake Drive, City West Campus, Dublin 24
Fund Size: £5m venture capital fund £3m Proof of Concept Fund
Telephone: +353 1 466 1000
Investment Range: £5m venture capital fund - £50k+. As a shareholder, the
Fax 01 466 1002
Fund can invest up to a total of £250k. £3m Proof of Concept Fund - Pre-
Email: [email protected]
commercial grants of £10k or £40k
Web: www.growcorp.net
Sectors: No specific sector

Year most recent fund estb:

Notes:
Invest:
Fund Size: N/A
FOUNTAIN HEALTHCARE Partners Investment Range: Up to €10m in any single investment.
Manus Rogan - Managing Partner Sectors: Advanced Materials, Energy, Environmental, Food, Life Science,
Medical devices, Manufacturing & Industrial, Pharmaceutical
Guild House, 4th Floor, Guild Street, IFSC, Dublin 1
Telephone: +353 1 522 5111 Notes: Funds managed are the European Bioscience Fund I, Growcorp I and
Email: [email protected] Growcorp II, the fund will consider product driven opportunistic businesses
Web: www.fh-partners.com with a defined customer base which has unmet needs. Growcorp has led
syndicates in excess of €25million to take businesses to commercial launch.
Year most recent fund estb: 2008
Invest: ROI and NI
Fund Size: €75M
Investment Range: €0.5M to €7M per company
Sectors: Life sciences, medical devices and Pharmaceuticals.

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Sources of Venture Capital

Intel Capital Sectors: Advanced Materials, Digital Media and Web 2.0, Education,
Damien Callaghan - Investment Director Electronics, Energy, Environmental, Food, Financial Services, ICT, Life
Science, Medical devices, Manufacturing & Industrial, Pharmaceutical,
Intel Ireland, Leixlip, Co. Kildare Photonics, Semi-conductor, Software, Telecommunications
Telephone: +353 87 989 6969
Web: www.intel.com Notes: Innovation Ulster Ltd is the University of Ulster’s wholly-owned
technology venturing company.
Year most recent fund estb:
Invest: Global
Kernel Capital
Fund Size: N/A
Investment Range: All stages but with a preference for ~$5M range Orla Rimmington - Operations Director
Sectors: Advanced Materials, Digital Media and Web 2.0, Education,
15 Molesworth St, Dublin 2 Rubicon Centre, Rossa Avenue
Electronics, ICT, Photonics, Semi-conductor, Software, Telecommunications
Bishopstown, Cork
Telephone:
Notes: Intel Capital is the venture capital arm of Intel Corporation.
+353 1 633 6829
+353 21 492 8974
Innovation Ulster Ltd Fax: +353 21 492 8977
Tim Brundle - CEO Email: [email protected]
Web: www.kernelcapital.ie
University of Ulster, Shore Road, Newtownabbey, Co. Antrim BT37 0QB
Telephone: +44 028 9036 6702 Year most recent fund estb: 2009
Email: [email protected] Invest: ROI
Web: www.innovationulster.com Fund Size: Kernel Capital and its associate Life Science investment firm
Seroba Kernel have in excess of €196m under management in seven
Year most recent fund Estb: 2009 separate Venture Capital funds.
Invest: Northern Ireland Investment Range: We target opportunities in the €100k to €5m range,
Fund Size: £3m investing in ICT, Life Science and general seed and early stage investments.
Investment Range: Start Up to £500k Through our funds, we have a portfolio of 51 technology companies.
Together, they employ in excess of 800 people and have over 150 granted
scientific patents and many more patent applications filed.
Sectors: All sectors excluding property and retail.

18
Sources of Venture Capital

Notes: Kernel Capital and its associate Life Science investment firm Seroba and launch new products, effect MBOs & MBIs, implement ‘buy and build’
Kernel have in excess of €196m under management in seven separate strategies, and spin outs.
Venture Capital funds. These funds are supported by Enterprise Ireland,
Bank of Ireland, University of Limerick Foundation, NUI, Galway and a range
NovUSMODUS
of other financial institutions. Bank of Ireland Kernel Capital Fund I; Bank of
John McKiernan - Partner
Ireland Kernel Capital Fund II; Bank of Ireland Venture Capital Fund; Seroba
Kernel Life Sciences Fund; Bank of Ireland Seed and Early Stage Equity
Dublin Office: Level 1 Block D, ESB Head Office, 27 Lower Fitzwilliam
Fund; Bank of Ireland MedTech Accelerator Fund; Bank of Ireland Enterprise
Street, Dublin 2
2000 Fund Ltd.
Telephone: +353 1 702 7905
Fax: +353 1 669 2438
NCB Ventures Email: [email protected]
Michael Murphy - Managing Partner Web: www.novusmodus.com
Leo Hamill - Partner
Year most recent fund estb: 2009
3 George’s Dock, IFSC, Dublin 1 Invest: ROI and NI
Telephone: +353 1 611 5611 Fund Size: €200m
Fax: +353 1 611 5750 Investment Range: €2.5 – 10m
Email: [email protected] Sectors: Clean Energy and Energy Efficiency.
[email protected]
Web: www.ncb-ventures.com Notes: Our mission is to provide capital support and knowledge to
companies, projects and management teams in the clean energy and energy
Year most recent fund estb: 2008 efficiency sectors, against a transformation being brought about by a large
Invest: ROI and NI scale transition to a low carbon global economy.
Fund Size: €94 million, comprising The Ulster Bank Diageo Venture Fund &
the Guinness Ireland Ulster Bank Equity Fund
Investment Range: €1m - €5m
Sectors: The Ulster Bank Diageo Venture Fund invests across all stages
of development and in a wide range of sectors including, cleantech, ICT/
media, medtech, leisure & consumer services, and business support
services.

Notes: The Ulster Bank Diageo Venture Fund backs management teams
that need capital to expand their businesses into new markets, develop

19
Sources of Venture Capital

Powerscourt CAPITAL PARTNERS Notes: Established by Queen’s University. It has a portfolio of 55 Technology
Sean Melly - Managing Partner Companies based in Northern Ireland with combined sales of £113m
employing 1,024 people.
46 Upper Mount Street, Dublin 2
Telephone: +353 1 247 4050
Seroba KERNEL LIFE SCIENCES
Email: [email protected]
Web: www.powerscourtcapital.ie Peter Sandys - Managing Partner

15 Molesworth Street, Dublin 2

Year most recent fund estb:
Telephone: +353 1 633 4028
Invest: ROI, UK, US
Fax: +353 1 677 9388
Fund Size:
Email: [email protected]
Investment Range: €5m +
Web: www.seroba-kernel.com
Sectors: General

Year most recent fund estb: 2009

Notes:
Invest: Ireland, UK and Europe.
Fund Size: €75m
Qubis Ltd Investment Range: €5m - €7m over the lifetime of each investment.
Panos Lioulias - Chief Executive Sectors: Life Science

Northern Ireland Technology Centre, Queen’s University Belfast, Notes: Seroba Kernel Life Sciences is a European venture capital firm. We
Cloreen Park, Malone Road, Belfast BT9 5HN finance innovative, growth focused companies across the spectrum of the
Telephone: +44 028/048 906 82321 life science industry. Managed from our offices in Dublin and with partners
Fax: +44 028/048 906 63015 based in Oxford and Cambridge, we invest in opportunities across Ireland,
Email: [email protected] the United Kingdom and other parts of Europe.
Web: www.qubis.co.uk

Year most recent fund estb:

Invest:
Fund Size:
Investment Range: £10,000 - £50,000
Sectors: Early Stage Technology Companies

20
Sources of Venture Capital

TVC Holdings plc Western Development Commission

John Tracey - CEO Gillian Buckley - Investment Manager

Block 2A, Richview Office Park, Clonskeagh, Dublin 14 Dillon House, Ballaghaderreen, Roscommon
Telephone: +353 1 205 7700 Telephone: +353 94 98 61441
Fax: +353 1 205 7701 Fax: +353 94 98 61443
Email: [email protected] Email: [email protected]
Web: www.tvc.com Web: www.wdc.ie

Year most recent fund estb: Year most recent fund estb: 2001
Invest: ROI and NI Invest: Western Region of ROI (Counties Clare, Donegal, Galway, Leitrim,
Fund Size: N/A Mayo, Roscommon, Sligo)
Investment Range: Can invest up to €70m from own resources. Can invest Fund Size: €32 million Evergreen Fund
larger sums by bringing in syndicate partners Investment Range: €100,000 to €1 million
Sectors: All sectors Sectors: All sectors

Notes: TVC Holdings plc is a publicly quoted company which provide equity Notes: The Western Investment Fund provides Seed and Venture Capital
capital and strategic expertise to companies. We are particularly interested to new and existing businesses across a range of sectors in the Western
in turnaround and recovery situations. Region (Counties Clare, Donegal, Galway, Leitrim, Mayo, Roscommon and
Sligo). It will also consider MBOs/MBIs. Larger investments are considered
on a syndicated basis with
other private investors.

21
Sources of Venture Capital

Other Sources of Funding

Enterprise Ireland
Enterprise Ireland is the government organisation responsible for the
development and growth of Irish enterprises in world markets. They work in
partnership with Irish enterprises to help them start, grow, innovate and win
export sales on global markets

The Plaza
East Point Business Park
Dublin 3

Tel: +353 1 727 2000

Web: www.enterprise-ireland.com

Invest Northern Ireland

Invest Northern Ireland is Northern Ireland’s regional economic development
agency who aim to support new and existing business to grow and compete
internationally and to attract new inward investment to Northern Ireland.

Bedford Square
Bedford Street
Belfast
BT2 7ES

Tel: +44 28 9069 8000

Web: www.investni.com

22
Glossary of Terms

Glossary of Terms Business Angel – High net worth individuals who provide smaller
amounts of finance at an earlier stage than many Venture Capital firms are
Acquisition – The act of one company taking over a controlling interest able to invest. Angels usually contribute a lot more than pure cash - they
in another company. Investors often look for companies that are likely often have industry knowledge and contacts that they can pass on to
acquisition candidates, because the acquiring firms are usually willing to pay entrepreneurs. Angels sometimes have non-executive directorships in the
a premium on the market price for the shares. This may be the most likely companies they invest in.
exit route for a VC investor.
Capital Gains – The difference between an asset’s purchase price
Angel Financiers – The first individuals to invest money in your and selling price when the selling price is greater. Capital gains are usually
company. For example, friends, family. They do not belong to a professional subject to tax which may be mitigated by careful tax planning.
venture capital firm and do not have similar monitoring processes. They
often believe in the Entrepreneur more than the actual product. This capital Carried Interest – The portion of any gains realised by a Venture
is generally used as seed financing. Capital Fund to which the fund managers are entitled, generally without
having to contribute capital to the fund. Carried interest payments are
Anti-Dilution Protection – In the event a company sells shares customary in the Venture Capital industry to create a significant economic
in the future at a price lower than what the VC paid, an adjustment will be
incentive for Venture Capital Fund managers to achieve capital gains.
made to the % of shares held by the VCs.
Convertible Security – A financial security (usually preference
Bootstrapping – A means of finding creative ways to support a start-
shares) that is exchangeable for another type of security (usually ordinary
up business until it turns profitable. This method may include negotiating
delayed payment to suppliers and advances from potential partners and shares) at a pre-stated price. Convertibles are appropriate for investors who
customers. want higher income, or liquidation preference protection, than is available
from ordinary shares, together with greater appreciation potential than
Bridging Finance – Type of financing used to fill an anticipated gap regular bonds offer.
between more permanent rounds of capital investments. Usually structured
to enable them to become part of future rounds if successfully raised. Dilution – The process by which an investor’s ownership percentage in a
company is reduced by the issue of new shares.
Burn Rate – The rate at which your company is consuming cash, usually
expressed on a monthly basis. Due Diligence – The process by which VCs conduct research on the
market potential, competition, reference interviews, financial analysis, and
technology assessment. Usually divided into commercial, financial, legal and
commercial due diligence.

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Glossary of Terms

Early Stage – A fund investment strategy involving investments “Hockey Stick” – Refers to a financial projection which starts modestly
in companies to enable product development and initial marketing, for a number of months and rapidly accelerates. “How much of a hockey
manufacturing and sales activities. Early stage investors can be influential stick is in the plan?”
in building a company’s management team and direction. While early stage
venture capital investing involves more risk at the individual deal level than Investment Philosophy – The stated investment approach or focus
later stage venture investing, investors are able to buy company stock at of a fund manager.
very low prices and these investments may have the ability to produce high
returns. Initial Public Offering (IPO) – The sale or distribution of a stock
of a portfolio company to the public for the first time. IPOs are often an
Exit Strategy – A fund’s intended method for liquidating its holdings opportunity for the existing investors (often Venture Capitalists) to receive
while achieving the maximum possible return. These strategies depend significant returns on their original investment. During periods of market
on the exit climates including market conditions and industry trends. Exit downturns or corrections the opposite is true.
strategies can include selling or distributing the portfolio company’s shares
after an initial public offering (IPO), a sale of the portfolio company or a Later Stage – A fund investment strategy involving financing for the
recapitalisation. (See Acquisition, Initial Public Offering) expansion of a company that is producing, shipping and increasing its
sales volume. Later stage funds often provide the financing to help a
Fund Focus (or Investment Stage) – company achieve critical mass in order to position itself for an IPO. Later
The indicated area of specialization of a Venture Capital Fund usually stage investing can have less risk than early stage financing because
expressed as Balanced, Seed and Early Stage, Later Stage, Mezzanine these companies have already established themselves in their market and
or Leveraged Buyout (LBO). (See all of the stated fund types for further generally have a management team in place. Later stage and Mezzanine
information)
level financing are often used interchangeably.

Fund Size – The total amount of capital committed by the investors of a Lead Investor – Each round of Venture Capital has a lead investor who
Venture Capital Fund.
negotiates the terms of the deal and usually commits to at least 50% of the
round.
HIGH NET WORTH – Individuals who provide smaller amounts of finance
at an earlier stage than many Venture Capital firms are able to invest. Angels
usually contribute a lot more than pure cash - they often have industry
knowledge and contacts that they can pass on to entrepreneurs. Angels
sometimes have non-excecutive directorships in the companies they invest in.

24
Glossary of Terms

Leveraged Buyout (LBO) – A takeover of a company using a Mezzanine Financing – Refers to the stage of venture financing for
combination of equity and borrowed funds (or loans). Generally, the target a company immediately prior to its IPO. Investors entering in this round
company’s assets act as the collateral for the loans taken out by the have lower risk of loss than those investors who have invested in an earlier
acquiring group. The acquiring group then repays the loan from the cash round. Mezzanine level financing can take the structure of preference shares,
flow of the acquired company. For example, a group of investors may convertible bonds or subordinated debt (the level of financing senior to equity
and below senior debt).
borrow funds using the assets of the company as collateral in order to take
over a company. Or the management of the company may use this vehicle
New Issue – A stock or bond offered to the public for the first time. New
as a means to regain control of the company by converting a company from issues may be initial public offerings by previously private companies or
public to private. In most LBOs, public shareholders receive a premium to the additional stock or bond issues by companies already public. New public
market price of the shares. offerings are registered with the Securities and Exchange Commission. (See
Securities and Exchange Commission and Registration)
Limited Partnerships – An organisation comprised of a general
partner, who manages a fund, and limited partners, who invest money but Option Pool – The number of shares set aside for future issuance to
have limited liability and are not involved with the day-to-day management employees of a private company.
of the fund. In the typical Venture Capital Fund, the general partner receives
a management fee and a percentage of the profits (or carried interest). The Portfolio Companies – Portfolio companies are companies in which
limited partners may receive both income and capital gains as a return on a given fund has invested.
their investment.
Post-money Valuation – The valuation of a company immediately
after the most recent round of financing. This value is calculated by
Management Fee – Compensation for the management of a Venture
multiplying the company’s total number of shares by the share price of the
Fund’s activities, paid from the fund to the general partner or investment
latest financing.
advisor. This compensation generally includes an annual management fee.
Preference Shares – Form of equity which has rights superior to
Management Team – The persons who oversee the activities of a
ordinary shares. Most VC deals use preference shares which may convert
Venture Capital Fund.
to ordinary shares upon an IPO or Acquisition.

Pre-Money Valuation – The value of the company before VCs cash

goes into the business. VCs use the Pre-Money Valuation to determine what
% ownership they will have in your company.

25
Glossary of Terms

Private Equity – Private equities are equity securities of companies Stock Options – There are two definitions of stock options. The right to
that have not “gone public” (in other words, companies that have not listed purchase or sell a stock at a specified price within a stated period. Options
their stock on a public exchange). Private equities are generally illiquid and are a popular investment medium, offering an opportunity to hedge positions
thought of as a long-term investment. As they are not listed on an exchange, in other securities, to speculate on stocks with relatively little investment,
any investor wishing to sell securities in private companies must find a buyer and to capitalize on changes in the market value of options contracts
in the absence of a marketplace. themselves through a variety of options strategies. A widely used form of
employee incentive and compensation. The employee is given an option to
Proprietary Information – Any information uniquely possessed by purchase its shares at a certain price (at or below the market price at the
a company which is not generally available to the public. time the option is granted) for a specified period of years.

Prospectus – A formal written offer to sell securities that provides Term Sheet – Typically a 3-5 page document which outlines the
an investor with the necessary information to make an informed decision. A fundamental business terms of a Venture Investment. This document serves
prospectus explains a proposed or existing business enterprise and must to drive at the final business agreement of closing the deal. If you receive a
disclose any material risks and information according to the securities term sheet from a VC there is a high probability of closing and funding the
laws. A prospectus must be filed with the SEC and be given to all potential deal.
investors. Companies offering securities, mutual funds, and offerings of
other investment companies (including Business Development Companies) Venture Capital – Money provided by investors to privately held
are required to issue prospectuses describing their history, investment companies with perceived long-term growth potential. Professionally managed
philosophy or objectives, risk factors and financial statements. Investors Venture Capital firms generally are limited partnerships funded by private
should carefully read them prior to investing. and public pension funds, endowment funds, foundations, corporations,
wealthy individuals, foreign investors, and the Venture Capitalists
Secondary Sale – The sale of private or restricted holdings in a themselves.
portfolio company to other investors.
Write-off – The act of changing the value of an asset to an expense or a
Seed Money – The first round of capital for a start-up business. Seed loss. A write-off is used to reduce or eliminate the value an asset and reduce
money usually takes the structure of a loan or an investment in preferred profits.
stock or convertible bonds, although sometimes it is common stock. Seed
money provides start-up companies with the capital required for their initial Write-up/Write-down – An upward or downward adjustment of the
development and growth. Business Angels and early-stage Venture Capital value of an asset. Usually based on events affecting the investee company or
Funds often provide seed money. its securities beneficially or detrimentally.

26
Irish Venture Capital Association
Council and Associate Members

Irish Venture IVCA

Capital Association Regina Breheny (Director General)

Telephone + 353 87 051 7754
Council Email: [email protected]

• Maurice Roche (Chairman) Ciara Burrowes (Administrator)

IVCA, 3 Rectory Slopes, Bray, Co. Wicklow
• Gillian Buckley Tel: + 353 1 276 46 47
• Niall Carroll Fax: + 353 1 274 59 15
Email: [email protected]
• Michael Donnelly

• Desmond Fahey ASSOCIATE MEMBERS

• Mark Horgan A & L Goodbody
IFSC, North Wall Quay, Dublin 1
• Michael Murphy
Telephone: +353 1 649 2370
• Conor O’Connor Fax: +353 1 649 2649
Contact: Eithne Fitzgerald
• Peter Sandys Email: [email protected]
Web: www.algoodbody.com
• Manus Rogan
AIB Corporate Finance
• John Tracey
85 Pembroke Road, Ballsbridge, Dublin 4
Telephone: +353 1 667 0233
Fax: +353 1 667 0250
Contact: Alan Doherty
Email: [email protected]
Web: www.aibcf.ie

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Irish Venture Capital Association
Council and Associate Members

Beauchamps Solicitors Deloitte

Riverside Two, Deloitte & Touche House,
Sir John Rogerson’s Quay, Dublin 2 Earlsfort Terrace, Dublin 2
Telephone: +353 1 418 0956 Telephone: +353 1 417 2437
Fax: +353 1 617 7056 Fax: +353 1 476 2677
Contact: Máire Cunningham Contact: Greg Hogan
Email: [email protected] Email: [email protected]
Web: www.beauchamps.ie Web: www.deloitte.com/ie

BDO Eugene F. Collins

Beaux Lane House, 3 Burlington Road, Dublin 4
Mercer Street Lower, Dublin 2 Telephone: +353 1 202 6400
Telephone: +353 1 470 0000 Fax: +353 1 667 5200
Fax: +353 1 477 0000 Contact: Nicola McGrath
Contact: Katharine Byrne Email: [email protected]
Email: [email protected] Web: www.efc.ie
Web: www.bdo.ie
Grant Thornton
ByrneWallace 24-26 City Quay, Dublin 2
2 Grand Canal Square, Dublin 2 Telephone: +353 1 6805 805
Telephone: +353 1 691 5000 Fax: +353 1 6805 806
Fax: +353 1 691 5010 Contact: Brendan Foster
Contact: Feargal Brennan Email: [email protected]
Email: [email protected] Web: www.grantthornton.ie
Web: www.byrnewallace.com

28
Irish Venture Capital Association
Council and Associate Members

Holmes O’Malley Sexton Maples and Calder

16 Hume Street, Dublin 2 75 St Stephens Green Dublin 2
Telephone: +353 1 676 8928 Telephone: +353 1 619 2000
Fax: +353 1 676 8925 Fax: +353 1 619 2001
Contact: Siobhán Buckley Contact: Colm Rafferty
Email: [email protected] Email: [email protected]
Web: www.homs.ie Web: www.maplesandcalder.com

InterTradeIreland Mason Hayes+Currran

EquityNetwork South Bank House, Barrow Street, Dublin 4
The Old Gasworks Business Park, Telephone: +353 1 614 5000
Kilmorey Street, Newry, Fax: +353 1 614 5001
Co. Down BT34 2DE Contact: David O’Donnell/Louise Barrett
Telephone: +44 (0)28 3083 4151 Email: [email protected]
Fax: +44 (0)28 3083 4155 [email protected]
Contact: Gary Stokes Web: www.mhc.ie
Email: [email protected]
Web: www.intertradeireland.com Oyster Capital Partners
Oyster Point, Temple Road,
KPMG Blackrock, Co Dublin
1 Stokes Place, Telephone: +353 1 279 9549
St. Stephen’s Green, Dublin 2 Fax: +353 1 279 9589
Telephone: +353 1 410 1240 Contact: Martin Scully
Fax: +353 1 412 1240 Email: [email protected]
Contact: Anna Scally
Email: [email protected]
Web: www.kpmg.ie

29
Irish Venture Capital Association
Council and Associate Members

PwC
One Spencer Dock,
North Wall Quay, Dublin 1
Telephone: +353 1 792 6000
Fax: +353 1 792 6200
Contact: Aidan Walsh
Email: [email protected]
Web: www.pwc.com/ie

RSM Farrell Grant Sparks

Molyneux House, Bride Street, Dublin 8
Telephone: +353 1 418 2000
Fax: +353 1 418 2044
Contact: Jim Mulqueen
Email: [email protected]
Web: www.rsmfarrellgrantsparks.ie

William Fry
Fitzwilton House,
Wilton Place, Dublin 2
Telephone: +353 1 639 5000
Fax: +353 1 639 5333
Contact: Alvin Price/Stephen Keogh
Email: [email protected]
[email protected]
Web: www.williamfry.ie

30
InterTradeIreland Equity Network
Steering Commitee and Executive

InterTradeIreland EquityNetwork Executive

• Margaret Hearty • Gary Stokes

Steering Committee
• Grainne Lennon • Bob McGowan-Smyth
Dr. Gerard O’Hare
• Caroline Sweeney • Connor Sweeney
Chairman – EquityNetwork
Board Member - InterTradeIreland
Managing Director - Parker Green International
Business Angel Networks
Aidan Lagan
InterTradeIreland initiated the establishment of the Halo Business Angel
CEO – Enterprise Equity NI
Networks on the island of Ireland. These Networks are designed to provide a
high level of support, offering financial assistance to entrepreneurs who are
Colin Walsh
eager to grow their business through business angel funding.
Managing Director - Crescent Capital

These businesses must show a high level of growth potential and be willing
Debbie Rennick
to give shares in exchange for equity investment. The businesses should
Director – ACT Venture Capital
present themselves as investor ready i.e. have a credible business plan,
clearly defined route to market, most of their key team in position or plans to
Des Doyle
do this and an exit strategy.
Manager - Growth Capital Department,
The Halo network in Northern Ireland is a joint initiative with Invest NI and in
Enterprise Ireland
Ireland with Enterprise Ireland.

Helen Kirkpatrick Companies are encouraged to apply to the network within their local region
Corporate Finance Executive - first, as generally angels like to invest close to where they are based.
Invest Northern Ireland
HBAN
Liam Nellis Diane Roberts - National Director
Chief Executive - InterTradeIreland
Halo Business Angel Network
51-52 Fitzwilliam Square West, Dublin 2
Tel: +353 (0) 1 665 0420
Fax: +353 (0) 1 665 0480
Email: [email protected]
Web: www.hban.org
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InterTradeIreland Equity Network
Steering Commitee and Executive

HBAN is the all-island umbrella group for business angel networks on the island (iv) M1 Investor Group
of Ireland. It is dedicated to promoting angel investment and supporting the early (interested in early stage businesses with product based technological
stage entrepreneurial community on the island. It works to create an eco-system innovations)
that promotes and supports the early stage investment market. It is actively Contact: Des Rodgers
working to increase the number of angel investors who are interested in investing Tel: +353 (0) 1 665 0420
in early stage companies. It leads the development of new angel syndicates Email: [email protected]
and supports the formation of new and existing angel networks, both regionally
and internationally, and within industry sectors. HBAN also acts as a voice to (v) Longford Business Angel network
Government, stakeholders, business and the media to promote the interests (aimed at supporting companies in and bringing companies to county
and needs of the angel and early stage investment community. HBAN is a joint Longford)
initiative between InterTradeIreland and Enterprise Ireland. Tel: +353 (0) 433 342757
Email: [email protected]
HBAN handles investments generally in excess of €250,000 and specialises in Web: www.longfordbusinessangelnetwork.com
establishing business angel syndicates for larger investments. The syndicates
established to date include:
Regional business angel networks also operate through Business Innovation
(i) Bloom Equity Centres (BICs) which operate across Ireland (South) dealing with angel
(focused on early stage technology companies) investments generally less than €250,000.
Email: [email protected] or www.businessangels.ie
[email protected]
Web: www.bloomequity.com Dublin and Greater Leinster
Michael Culligan
(ii) Cork Investor Group John Phelan
(interested in early stage technology companies) Tel: +353 (0) 1 410 0818/9
Tel: +353 (0) 1 665 0420 Email: [email protected]
Email: [email protected] Business Angel Partnership,
Dublin BIC,
(iii) Irrus Investments Guinness Enterprise Centre
(seeking early stage companies Taylors Lane, Dublin 8
with differentiated IP)
Email [email protected]
Web: www.irrusinvestments.com

32
InterTradeIreland Equity Network
Steering Commitee and Executive

South East Halo Northern Ireland

Michael Maddock
Alan Watts – Director
Aidan Shine
Richard Ferguson - Manager
Tel: +353 (0) 51 356 300
Halo NI
Email: [email protected]
The Innovation Centre
Business Angel Partnership,
Northern Ireland Science Park Foundation Ltd, Queen’s Road, Queen’s
South East BIC,
Island, Belfast BT3 9DT
Unit 1b Industrial Park
Tel: +44 (0)28 9073 7814
Cork Road, Waterford
Email: [email protected]
[email protected]
South
Web:www.nisp.co.uk/Halo/home_3.aspx
Mark O’Sullivan
Michael O’Connor
Halo NI deals with investments in the range of £50,000 - £500,000.
Tel: +353 (0) 217304603
Email: [email protected]
Follow the links on the InterTradeIreland website:
Business Angel Partnership,
www.intertradeireland.com/equity/businessangelfinance/
Cork BIC,
National Software Centre Campus,
Mahon, Cork

BMW Region
Gerry Mackey
Joe Greaney
Tel: +353 (0) 91 730850
Email: [email protected]
Business Angel Parnership,
WestBIC - BMW Region,
Galway Technology Centre
Mervue Business Park, Galway

33
Useful Contacts

Useful Contacts Acknowledgements

The authors of the guide would like to acknowledge the contribution of the
Council of the IVCA, the EquityNetwork Steering Committee and the British
The Irish Venture Capital Association Venture Capital Association in preparing the Guide.
www.ivca.ie

EquityNetwork Please note that the authors of the guide have made every effort to ensure
www.intertradeireland.com the accuracy of the information contained in this section of the guide.
However we are not in a position to give any guarantee as to the accuracy
The European Venture Capital Association of the information.
www.evca.eu

The British Venture Capital Association

www.bvca.co.uk

The Institute of Directors in Ireland

www.iodireland.ie

The Institute of Directors Northern Ireland

www.iod.com

The Office of the Director of Corporate Enforcement

www.odce.ie

Halo – Ireland
www.hban.org

Halo – Northern Ireland

www.nisp.co.uk/Entrepreneur-Halo.aspx

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The Trade and Business Development Body
The Old Gasworks Business Park
Kilmorey Street
Newry
Co Down
BT34 2DE

Telephone: 028 3083 4100 (048 from Ireland)

Fax: 028 3083 4155 (048 from Ireland)
Textphone: 028 3083 4169 (048 from Ireland)
Email: [email protected]
Web: www.intertradeireland.com

Irish Venture Capital Association

3 Rectory Slopes
Bray
Co. Wicklow

Telephone: +353 1 276 46 47

Fax: +353 1 274 59 15
Email: [email protected]
Web: www.ivca.ie