Elkstone closes €100m Early-Stage Irish Venture Fund

Updated / Thursday, 18 May 2023 06:36

Alan Merriman, Elkstone founder, Nick Ashmore from ISIF and Orla O'Gorman, Advisory Board Member at Elkstone

By Will Goodbody

Investment house Elkstone has closed its €100m Early-Stage Irish Venture Fund.

The State's Ireland Strategic Investment Fund (ISIF) is to anchor the final round.

The fund has already invested more than €10m and is planning to deploy the remainder of the capital within three years.

"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," said Alan Merriman, the Chief Executive of Elkstone.

Elkstone focuses on helping Irish startups to scale internationally from Ireland, in the process creating jobs and keeping capital local.

"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," Mr Merriman said.

Elkstone already has an established record of early-stage investment, having backed Irish tech firms such as Flipdish, LetsGetChecked, Soapbox Labs and Manna.

In total, it has invested in over 50 startups, which collectively have created more than 1,000 jobs.

Those firms have proceeded to raise more than €600m in subsequent fundraising rounds.

Enterprise Ireland, which develops and supports a range of high-potential startups, is also a part of this latest early-stage fund, alongside ISIF.

"ISIF is a strong supporter of indigenous Irish businesses that have ambitions to scale and target international markets," said Nick Ashmore, the Director of ISIF.

"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."