From left: Minister Peter Burke with Marty Loughlin. Image: Digital Irish
Launched during a trade mission to the US led by Minister for Enterprise Peter Burke, the fund’s first investment was in Cork-based fintech Trustap.
Digital Irish, a non-profit networking group for start-ups from Ireland, has established a new $1m venture fund for Irish entrepreneurs looking to scale their companies abroad.
The Digital Irish Venture Fund, which is a separate for-profit legal entity, was announced yesterday (17 July). It is looking to Ireland’s large diaspora network to provide capital for promising start-ups from the country.
The fund will be managed by Marty Loughlin, an investor and software engineer with experience in growing start-ups. “We are building a bridge between Ireland’s dynamic start-up ecosystem and the vast resources of the Irish diaspora,” Loughlin said.
“Our fund offers entrepreneurs the capital, connections and expertise they need to succeed on a global stage, while also presenting investors with a unique opportunity to engage with Ireland’s thriving innovation landscape.”
Details of the fund were revealed during a trade mission to the US led by Minister for Enterprise, Trade and Employment Peter Burke, TD. According to the Business Post, the fund will provide between $100,00 and $150,000 in investment to each start-up.
Beyond financial investment, however, the fund will also expose founders to an extensive network of industry experts, potential partners and mentors.
The fund’s investment committee includes: Feargall Kenny, founder of Glenborn Executive Search; Lindsay Browning, director of enterprise account management at Monday.com; Marius Smyth, chief revenue officer at CallRail; Darragh O’Flaherty, managing director at Blue Owl Capital; Rael McNally, managing director at Fortescue Capital; and Paul Murphy, CEO at 3Advance.
Cork-based fintech Trustap, which raised $5.5m in a Series A funding round led by TX Ventures this month, was the first investment made by the Digital Irish Venture Fund. Trustap has developed a marketplace transaction platform that aims to give buyers and sellers confidence when engaging in an online or face-to-face transaction with someone they don’t know in an escrow-style payment.
Applications for the fund are now open on the Digital Irish website.
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