Delta Partners has announced the launch of its new venture capital fund that will invest into seed and early-stage technology businesses in Ireland.

The fund has reached a first close, with Bank of Ireland and Enterprise Ireland as cornerstone investors, as well as Fexco and several family offices.

Delta Partners will be seeking additional investors over the coming year, and the company says the funding target is €70m.

The VC investor says it wants to invest in 30 of Ireland’s “most innovative and exciting start-ups”  over the next three to four years.

Delta’s strategy is to invest at both the seed stage, where it will be the first institutional investor on board, and the Series A stage as companies launch their products and services internationally and require more capital to scale.

In Association with

Delta’s two principals, Maurice Roche and Dermot Berkery, are being joined by two new partners. Amy Neale is joining from Mastercard, where she led innovation teams focused on fintech, while entrepreneur Richard Barnwell was founder of Digit Games, which was acquired by US games company Scopely.

Delta’s Dermot Berkery said: “Our two new partners, Amy and Richard, bring incredible skillsets to help entrepreneurs along their journeys.  We are delighted to have the support of Bank of Ireland, Enterprise Ireland, Fexco and the family offices of some of Ireland’s most successful technology entrepreneurs.”

Delta Partners has funded c.120 enterprises with venture capital, and the current portfolio includes Luzern and Sirius XT in the current portfolio.

Over the years investee exits have involved consideration of c.€1.8bn, from companies such as Clavis (sold to Ascential), Sensl (sold to OnSemiconductor) and Neuravi (sold to Johnson & Johnson).

Enterprise minister Leo Varadkar commented: “I really admire those who are brave enough to start their own business, and we are constantly looking at ways we can back Irish businesses, especially at an early stage, when raising finance is often the most difficult.

“This fund will be a €70m pot of money, supported by the government through Enterprise Ireland, for seed and early-stage technology businesses, working on ideas that will create the jobs of the future. I look forward to seeing the success of those that receive funding and wish the Delta team the very best of luck.”

Jillian Clarkin, Head of SME Markets at Bank of Ireland, said the fund will support the ambition of dozens of fledgling Irish technology businesses.

“I look forward to seeing them grow into successful employers and exporters and I’m excited that Bank of Ireland will be part of that journey,” said Clarkin.

“Bank of Ireland is committed to supporting the innovation that is so important to Ireland’s future economic success.”

Photo (l-r): Leo Clancy of Enterprise Ireland, Jillian Clarkin and Amy Neale. (Pic: Julie Behal)