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 announced yesterday (17 July) looks to Ireland’s extensive 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 startup 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 Digital Irish Venture Fund. Applications for funding are now open on the Digital Irish website.
Trustap, which is a former Start-up of the Week, 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.
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