UK-based investment firm Shard Capital Partners announced the launch and first closing of its new Irish-focused VC fund recently.

The Suir Valley Venture Fund of Suir Valley Funds ICAV is the first such VC fund in Ireland to use a regulated fund with a fully regulated Alternative Investment Fund Manager. LK Shields Solicitors acted for Shard Capital Partners for the fund launch.

The fund invests in early stage software companies in the fintech, augmented reality, virtual reality and internet-of-things sectors. Its first close has been funded via commitments of up to €20m from Enterprise Ireland and Shard Capital.

Management of the Suir Valley fund is being led by Barry Downes (pictured). He founded FeedHenry, which was acquired by Red Hat in 2014, and more recently was CEO of TSSG, an international software research institute.

The fund’s Irish operation is headquartered at the Waterford Institute of Technology’s Research and Innovation Campus in, where the TSSG is also based.

In Association with

According to Toby Raincock, CEO of Shard Capital: “Barry’s proven expertise and successful track record in seed funding early stage companies with innovative and disruptive technologies is a welcome addition to Shard Capital’s existing broking, asset management and corporate capital services businesses.”

Said Barry Downes: “I am delighted to join Shard Capital as a partner and lead investment manager of Suir Valley Venture Fund. This is an entrepreneur-led fund that will focus on supporting entrepreneurs grow and develop ground-breaking new technology companies.”

Trevor Dolan, partner at LK Shields Solicitors, commented: “We are delighted to have worked with Barry and Toby at Shard Capital at structuring and obtaining Central Bank of Ireland authorisation of Suir Valley Funds ICAV.

“The Shard Capital team is bringing together two dynamic parts of Ireland’s economy: the IFSC and Waterford’s IT Hub. We wish them every success.”