Dublin based early-stage working capital firm Act working capital has launched a brand new €140m fund that may back early-stage technology companies, its sixth such fund.
Act said that over 80% of the fund is already committed with the ultimate closing planned for later this year.
This latest fund is a rise from Act's previous fund of €92m raised in 2016 and brings total capital raised by the firm to over €600m.
The new fund features a broad investor base built over multiple funds.
It combines institutional investors including European Investment Fund, Ireland Strategic Investment Fund, Enterprise Ireland, and AIB, also as a focused group of entrepreneurial family offices providing both valuable strategic support and co-investment capabilities.
Act said the bulk of commitments come from investors in previous funds, showing their confidence within the team and also the strategy.
The new fund will target investments into 35 companies across technology sectors and highlights areas of interest in AI/ML, Enterprise, Deep Tech, Health and Energy and Climate.
Act can invest up to €10m into any company and it said its fund is positioned as a long-term partner to support founders from seed through several expansion rounds.
It also has the capacity to feature significant additional co-investment through its institutional investors and extensive family office base.
Act's current portfolio comprises 47 companies including Ekco, Gridbeyond, Cubic Telecom, Deciphex and Provizio.
The firm has had 20 exits within the last five years, including SilverCloud Health (bought by Amwell), Decawave (bought by Qorvo), Corvil (bought by Pico) and Ocrex (bought by Sage).
"The Irish market has doubled in size within the past four years, and we are excited about the longer term Irish tech companies and also the increasingly ambitious founders that are building them", said John Flynn, Managing Partner of Act working capital.
"A feature of our maturing market has been the recycling of capital and talent from the increasing number of successful exits, and that we are seeing very strong network effects from repeat entrepreneurs. this may see Ireland build larger and more impactful companies," he said,
"We will continue backing founders that have a mission and values that transcend financials. Companies that prioritize their ESG impact have proven that, on top of creating a positive change, they attract better talent and supply better returns for investors", added Debbie Rennick, managing partner of the corporate.
Comments
Post a Comment