seed and venture capital 2016 report€¦ · seed and venture capital programme 2013 – 2018 4 ......
TRANSCRIPT
SEED AND VENTURE CAPITAL 2016 REPORT
Introduction 2
2016 A Year in Review 3
Seed and Venture Capital Programme 2013 – 2018 4
Summary of Investments from Commencement of Programme 5
Analysis of Investments by Stage of Development 6
Regional Breakdown of Investments 7
Sectoral Breakdown of Investments 8
Details of Investments Per Year 9
Fund Details 10
Investee Companies 13
Seed and Venture Capital Programme 2007 – 2012 14
Summary of Investments from Commencement of Programme 15
Analysis of Investments by Stage of Development 16
Regional Breakdown of Investments 17
Sectoral Breakdown of Investments 18
Details of Investments Per Year 19
Fund Details 20
Investee Companies 25
Seed and Venture Capital Programme 2000 – 2006 30
Summary of Investments from Commencement of Programme 31
Analysis of Investments by Stage of Development 32
Regional Breakdown of Investments 33
Sectoral Breakdown of Investments 34
Details of Investments Per Year 35
Fund Details 36
Investee Companies 39
Seed and Venture Capital Measure of the Operational Programme 1994 – 1999 42
Overview and Regional/Sectoral Breakdown of Investments 43
Summary of Investments from Commencement of Programme 44
Seed and Venture Capital Funds Committee 45
Contents
This 2016 SVC Report comprises four venture capital initiatives undertaken by Enterprise Ireland in partnership with the private sector.
• Seed and Venture Capital Programme 2013 – 2018.
• Seed and Venture Capital Programme 2007 – 2012.
• Seed and Venture Capital Programme 2000 – 2006, under the National Development Plan.
• The EU Seed & Venture Capital Measure, under the Operational Programme for Industrial Development, 1994-1999.
All funds are independently managed by private sector fund managers who make all decisions regarding investments.
In May 2013, the €175 million Seed and Venture Capital Programme (2013-2018) was launched. The objective of this Programme is to support the development of high-growth Irish companies with the potential to grow jobs and generate large amounts of additional exports. As of December 2016, there have been 2 separate competitive calls in 2013 and 2015 with a final third call taking place in 2017. €99.5 million was committed as part of the first call targeting Series A funding. Five new Funds have now been established with an Enterprise Ireland commitment of €80.5 million.
Under the second call, a further €65 million was committed to a number of venture capital funds targeting early-stage funding. Three new funds have now been established with an Enterprise Ireland commitment of €32 million. It is expected that a number of additional funds will be launched in the near term. A further allocation has also been made to a new European Angel Fund.
Under the 2007–2012 Programme, Enterprise Ireland committed €175 million to continue the development of the seed and venture capital market in Ireland. Up to December 2016 thirteen funds were launched with an Enterprise Ireland commitment of €174 million.
Under the 2000–2006 Programme, Enterprise Ireland committed €98 million to develop the venture capital market for SMEs in Ireland. This Programme committed to fifteen funds.
The EU Seed and Venture Capital Measure under the Operational Programme for Industrial Development 1994–1999 was set up with the objective of establishing Venture Capital Funds to provide early stage small and medium-sized enterprises in Ireland with equity capital. Fifteen separate venture capital initiatives were established with €68 million committed under this Programme, the first of which was launched in May 1996.
Notes:
1. For reporting purposes, each tranche of money paid to a company is counted as an investment.
2. Some investee companies have secured funding from more than one Fund.
3. Regional breakdown of data for the Seed and Venture Capital Programme is in accordance with EU regional guidelines.
4. Investments continue to be classed in this report as per the development status when the first investment was made in the company.
5. Start up investments includes seed investments.
6. Stage of Development interpretation in Seed Funds can differ from that of other Venture Capital Funds.
7. Disclaimer
Enterprise Ireland has endeavoured to ensure the reliability of the data included in this Report and does not assume any responsibility for any inaccuracy in the data. In addition Enterprise Ireland does not assume any responsibility as regards the use of the data contained in this Report by any third parties. The collective data as presented in this Report has not been subjected to independent audit.
Introduction
2 Seed & Venture Capital Programme 2016 Report
At the heart of Enterprise Ireland’s strategy is the premise that Irish enterprise is a powerful engine of job creation and growth in towns and villages right across the country and 2016 was another excellent year.
As a development agency, our success is measured by our clients’ success in global markets, and exports in 2016 continued to rise on the upward trajectory which began in 2016 and now stands at €21.6bn, the highest level in the history of the State. The associated employment in Enterprise Ireland supported companies broke through an important threshold exceeding the 200,000 jobs mark for the first time ever.
The success of Irish business during 2016 is a testament to the hard work and dedication of Irish business leaders, who have started and grown their businesses in global markets. It is due also to the strength of the underlying business eco-system, that provides a platform for this growth. A critical element of any business development eco-system is access to appropriate and adequate capital. So the achievements of Irish companies during 2016 is attributable also to the Irish venture capital sector.
In 2016, venture capital funds supported under the Enterprise Ireland Seed and Venture Capital Scheme made 137 investments in Irish based companies, with a total investment value of €67m.
During 2016, over 225 early stage companies were approved for investment by Enterprise Ireland, with Enterprise Ireland directly investing €31.5m into 101 High Potential Start-Up businesses. These businesses will create an estimated 1,500 jobs over the next three years.
In 2016, we completed the launch of several new funds under the current Seed & Venture Capital Scheme (2013-2018), bringing to eight, the number of new funds successfully launched under this Scheme, which will make a further €662m of venture funding available in the market. Funds launched in 2016 include ACT V Venture Fund, AIB Start Up Accelerator II Fund, Frontline Venture Fund II, Seroba Life Sciences Fund III and the University Bridge Fund, all of which are active and currently seeking investment opportunities.
A third call for expressions of interest under this Scheme is currently underway and is expected to conclude later in 2017. The call is seeking to further build on the success of the previous seed funds and is targeting funds who were seeking to invest in the very earliest stages of company development.
We continue to work with key players in the wider the business ecosystem to ensure there are an array of funding options available to SMEs. For example, Enterprise Ireland’s €75m commitment to the Development Capital Scheme, has resulted in the creation of three funds which have with a combined total fund size of €492m. In 2016 these funds were very active and invested a total of €65m into companies in the financial services, telecoms software and life sciences sectors in Ireland.
Business Angels are also an important element of the business ecosystem, contributing both expertise and investment capital to companies. Enterprise Ireland, in partnership with InterTradeIreland continued to support the Halo Business Angel Network, which resulted in over €13.5m of business angel investment in 50 companies in 2016. In addition, Enterprise Ireland and the European Investment Fund successfully launched a new €20m European Angel Fund in 2016. This fund will increase the availability of capital for this market and further develop the angel ecosystem.
While the overall global outlook remains positive, 2016 was also a year of high levels of uncertainty and volatility, which has been challenging for our client companies, notably the challenges posed by the UK’s decision to leave the EU.
Going forward, we will continue to widen the access to appropriate forms of finance for our fastest growing companies, while they build their scale, and expand their reach into diverse global markets. We will continue to work in close partnership with the Seed and Venture Capital sector to ensure that Irish businesses can access adequate capital to achieve their full international growth potential.
2016 A Year in Review
3Seed & Venture Capital Programme 2016 Report
Julie Sinnamon
Chief Executive Officer
SEED AND VENTURECAPITAL PROGRAMME 2013-2018
Investments for Year 2016 – Cumulative from Commencement of Programme to December 2016
5
Name of Fund Fund Size
Number of Investments
2016
Total Invested
2016
Number of Investments 2013 - 2016
Total Invested 2013 - 2016
€’000s €’000s €’000s
ACT V Venture Fund 83,000 1 1,952 1 1,952
AIB Start Up Accelerator Fund II* 12,800 0 0 0 0
Atlantic Bridge III Limited
Partnership
200,769 16 37,846 23 56,190
Fountain Healthcare Partners
Fund II LP
103,214 6 11,236 13 25,520
The Frontline Venture Fund II 60,616 1 250 1 250
The Bank of Ireland Kernel Capital
ROI Growth Funds
47,500 2 3,100 3 5,100
The Seroba Life Sciences Fund III 93,878 1 2,405 1 2,405
The University Bridge Fund 60,000 2 1,550 2 1,550
Total 661,777 29 58,339 44 92,967
SEED AND VENTURECAPITAL PROGRAMME 2013-2018
Seed & Venture Capital Programme 2016 Report
*Established Dec 2016
Analysis of Investments by Stage of Development – Cumulative to December 2016
Type Number of Investments Total Invested Value €'000s
% of Total Amount Invested
Start Up 7 5,805 6.24%
Early Stage 12 28,097 30.22%
Development 25 59,065 63.54%
Total 44 92,967 100%
NUMBER OF INVESTMENTS Breakdown of InvestmentsCumulative to December 2016 (% by number)
AMOUNT OF INVESTMENT Breakdown of InvestmentsCumulative to December 2016 (% by value)
7 Start Up
12 Early Stage
25 Development
6.24% Start Up
30.22% Early Stage
63.54% Development
Seed & Venture Capital Programme 2016 Report6
REGIONAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)
Regional Breakdown of Investments – Cumulative to December 2016
Region Number of Investments Total Invested€’000s
% of Total Invested
Dublin & County 20 24,818 26.70%
Mid West 1 1,850 1.99%
South East 1 2,000 2.15%
West 3 10,869 11.69%
Other 19 53,430 57.47%
Total 44 92,967 100%
57.47% Other
11.69% West
1.99% Mid West
2.15% South East
26.70% Dublin & County
Seed & Venture Capital Programme 2016 Report 7
SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (by number)
SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)
Sectoral Breakdown of Investments – Cumulative to December 2016
1 Technology
1 Medical Devices
8 Electronics
2 Communications
1 Cleantech
14 Life Science
17 Software
0.27% Technology
2.59% Medical Devices
26.52% Electronics
4.87% Communications
0.81% Cleantech
29.44% Life Science
35.50% Software
Sector Number of Investments Total Invested€’000s
% of Total Invested
Communications 2 4,528 4.87%
Cleantech 1 750 0.81%
Electronics 8 24,659 26.52%
Life Sciences 14 27,370 29.44%
Medical Devices 1 2,405 2.59%
Software 17 33,005 35.50%
Technology 1 250 0.27%
Total 44 92,967 100%
Seed & Venture Capital Programme 2016 Report8
Value of Investments Per Year – Cumulative to December 2016
VALUE OF INVESTMENTS PER YEARCumulative to December 2016 (by value)
€m
100
90
80
70
60
50
40
30
20
10
0
Initial Investment Follow-on-Investment Total Cumulative
2014 2015 2016
Year Initial Investment Follow-on Investments Total CumulativeNumber €'000s Number €'000s €'000s % €'000s
2014 3 8,327 0 0 8,327 8.96% 8,327
2015 7 19,338 5 6,963 26,301 28.29% 34,628
2016 14 37,283 15 21,056 58,339 62.75% 92,967
Total 24 64,948 20 28,019 92,967 100%
Seed & Venture Capital Programme 2016 Report 9
ACT V Venture Fund
The ACT V Fund (managed by ACT Venture Capital), was established in 2016 as a €83m Expansion Fund. The fund focus will be on high growth, export-oriented companiesin emerging ICT sectors such as Digital Media, Internet, Software, CleanTech and Communications. The fund investment range is €1m to €8m. FUND SIZE: €83 million
FUND MANAGER: ACT Venture Capital
CONTACT: John Flynn ACT Venture Capital Ltd. 6 Richview Office Park Clonskeagh Dublin 14
TEL: +353 (0)1 2600966
E-MAIL: [email protected]
WEB: www.actventure.com
AIB Start Up Accelerator Fund II
The AIB Start-Up Accelerator II Fund (managed by ACT Venture Capital), was established in 2016 as a €13m Seed Fund. Investments made by the fund focus on developing high growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The fund investment range is €100,000 to €1m.
FUND SIZE: €13 million
FUND MANAGER: ACT Venture Capital
CONTACT: John Flynn ACT Venture Capital Ltd. 6 Richview Office Park Clonskeagh Dublin 14
TEL: +353 (0)1 2600966
E-MAIL: [email protected]
WEB: www.actventure.com
Atlantic Bridge III Limited Partnership
Atlantic Bridge III L.P. is a growth equity fund focused on technology investments with offices and staff in Dublin, London, Silicon Valley, Beijing and Hong Kong. Atlantic Bridge III has been actively investing since January 2015. The fund is open for new investments. FUND SIZE: €200 million
FUND MANAGER: Atlantic Bridge III GP Limited
CONTACT: Elaine Coughlan, 31 Kildare St, Dublin 2
TEL: +353 (0)1 6034450
E-MAIL: [email protected]
WEB: www.abven.com
Seed & Venture Capital Programme 2016 Report
FUNDS
10
The Frontline Venture Fund II
Frontline Ventures is an early-stage B2B venture capital fund based in Dublin and London. Founded in 2016, Fund II will invest into startups specialising in fintech, big data, infrastructure, machine learning, artificial intelligence, and adtech. Frontline makes investments between €150,000 and €6,000,000 per company over the life of an investment. Fund II is open for new investments.
FUND SIZE: €60 million
FUND MANAGER: Frontline Ventures
CONTACT: Shay Garvey 26-28 Lombard St. East Dublin 2
TEL: +353 (0) 86 2593345
E-MAIL: [email protected]
WEB: www.frontline.vc
Fountain Healthcare Partners Fund II Limited Partnership
Fountain Healthcare Partners Fund II is a Life Science focused venture capital fund that invests in the €3,000,000 to €10,000,000 range in biotechnology, specialty pharma, medical devices and diagnostic companies. The fund is open for new investments. FUND SIZE: €103 million
FUND MANAGER: Fountain Healthcare Partners
CONTACT: Manus Rogan, Guild House, 4th Floor, Guild Street, IFSC, Dublin 1
TEL: +353 (0)1 5225100
E-MAIL: [email protected]
WEB: www.fh-partners.com
The Bank of Ireland Kernel Capital ROI Growth Funds
These funds are actively investing in the Republic of Ireland in the €1,000,000 to €3,000,000 range. A separate parallel Kernel Capital Fund operates in Northern Ireland.
Kernel Capital with a team of twelve executives have offices in Cork, Belfast and Dublin.
FUND SIZE: €47 million
FUND MANAGER: Kernel Capital
CONTACT: Orla Rimmington, Partner Rubicon Centre, Rossa Avenue Bishopstown, Co. Cork
TEL: +353 (0)21 4928974
E-MAIL: orla.rimmington @kernel-capital.com
WEB: www.kernel-capital.com
Seed & Venture Capital Programme 2016 Report 11
The University Bridge Fund
The University Bridge Fund is an early stage fund focused on investing in companies that are built from world class research from all Irish third-level institutions and universities. Leveraging the Atlantic Bridge global investment platform and proven ‘Bridge Model’ for scaling technology companies, the fund will accelerate the commercialisation of ground breaking research emerging from third level institutions nationally. The fund was launched in 2016 and is open for new investments.
FUND SIZE: €60 million
FUND MANAGER: Atlantic Bridge
CONTACT: Helen McBreen 31 Kildare St Dublin 2
TEL: +353 (0)1 6034450
E-MAIL: [email protected]
WEB: www.abven.com
12 Seed & Venture Capital Programme 2016 Report
The Seroba Life Sciences Fund III
Seroba Life Sciences Fund III is a recently launched venture capital fund actively investing in early-stage start-ups to more mature, development-stage biotech and medical device companies. The fund typically seeks to invest €3,000,000 to €10,000,000 over the life of each investment and is managed from its offices in Dublin, with a partner also based in the UK. Investments are made in innovative life sciences companies based in Ireland, Western Europe and the USA.
FUND SIZE: €94 million
FUND MANAGER: Seroba Life Sciences Management Limited
CONTACT: Peter Sandys, 6 Northbrook Road, Ranelagh, Dublin 6, Ireland
TEL: +353 (0)1 6334028
E-MAIL: petersandys@ seroba-lifesciences.com
WEB: www.seroba- lifesciences.com
Name of Company Nature of Business
3D Robotics Drone Manufacturing
Altratech Limited Providing real time, onsite DNA diagnostics for the food industry
Chrono Therapeutics Inc Drug Development
Civic Resource Group Mobile smart city solutions
Corasdotio Ltd Online ticket trading platform
Corlytics Ltd Software for Financial Services Industry
Endotronix Ireland Limited Medical Devices
Gridstore Inc Enterprise Storage - Hyper-converged All-Flash Infrastructure
Hilight Fibre optic communication chips
Inflazome Limited Pharmaceuticals & Biotechnology
Inflection BioSciences Cancer Drug Development
Inkitt Online Publishing
Innocoll Technologies Ltd Drug Development
Kastus Technologies DAC Development, production, sales & licence of Antibacterial coatings for glass & ceramics
LogTrust Computer and Consumer Electronics
Navitas Semiconductor Inc Fabless Semiconductors
NeRRe Therapeutics Drug Development
Neuromod Devices Medical Devices
SeeReal Technologies S.A. 3Ddisplay solutions
Silvercloud Health Ltd Computerised therapeutic programmes for mental health organisations
Stashimi Inc Music search and discovery platform
Ubimax GmbH Software platform for industrial wearable computing solutions
Webaction Inc End to End streaming integration and intelligence solution
INVESTEE COMPANIES
Seed & Venture Capital Programme 2016 Report 13
SEED AND VENTURE CAPITAL PROGRAMME 2007–2012
SEED AND VENTURE CAPITAL PROGRAMME 2007–2012
Investments for Year 2016 – Cumulative from Commencement of Programme to December 2016
Name of Fund Fund Size
Number of Investments
2016
Total Invested 2016
Number of Investments 2007 - 2016
Total Invested 2007 - 2016
€’000s €’000s €’000s
SEED FUNDSAIB Seed Capital Fund Limited
Partnership
53,000 18 1,857 198 34,198
AIB Start-Up Accelerator Fund 22,000 14 1,284 89 16,134
Bank of Ireland Seed and Early
Stage Equity Fund 2009 Limited
Partnership
32,000 7 2,350 85 21,210
Bank of Ireland Start-Up and
Emerging Sectors Equity Fund
2010
17,000 16 1,754 66 13,079
VENTURE CAPITAL FUNDS
Atlantic Bridge II Limited
Partnership
75,000 12 5,356 65 65,091
Bank of Ireland Kernel Capital
Partners Private Equity Fund II
27,111 0 0 28 11,302
Delta Equity Fund III Limited
Partnership
104,879 16 4,790 150 73,874
Fountain Healthcare Partners
Fund I Limited Partnership.
73,000 8 7,675 85 66,557
Hoxton Venture Fund 1 (Ireland)
Limited Partnership*
5,269 0 0 0 0
The Seroba Life Sciences Fund II
Limited Partnership
75,070 4 2,767 79 57,114
The Ulster Bank Diageo Venture
Fund Limited Partnership
75,000 15 2,788 72 57,873
SOSventures Ireland Fund Limited
Partnership
20,000 5 794 20 4,370
The Frontline Venture Fund I
Limited Partnership
50,505 21 16,374 72 35,953
Total 629,834 136 47,789 1,009 456,755
15Seed & Venture Capital Programme 2016 Report
* Fund Closed
SEED FUNDS Breakdown of InvestmentsCumulative to December 2016 (% by value)
VENTURE CAPITAL FUNDS Breakdown of InvestmentsCumulative to December 2016 (% by value)
Analysis of Investments by Stage of Development – Cumulative to December 2016
Type Number of Investments Total Invested Value €'000s
% of Total Amount Invested
SEED FUNDS
Start Up 124 24,936 29.47%
Early Stage 314 59,685 70.53%
Development 0 0 0.00%
Total 438 84,621 100%
VENTURE CAPITAL FUNDS
Start Up 196 97,154 26.11%
Early Stage 252 160,888 43.23%
Development 123 114,092 30.66%
Total 571 372,134 100%
29.47% Start Up
70.53% Early Stage
30.66% Development
26.11% Start Up
43.23% Early Stage
16 Seed & Venture Capital Programme 2016 Report
REGIONAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)
Regional Breakdown of Investments – Cumulative to December 2016
Region Number of Investments Total Invested€’000s
% of Total Invested
Border 2 600 0.13%
Dublin & County 533 235,420 51.54%
Mid East 7 3,200 0.70%
Mid West 37 12,922 2.83%
South East 43 10,370 2.27%
South West 98 21,410 4.69%
West 116 56,792 12.43%
Other 173 116,041 25.41%
Total 1,009 456,755 100%
0.13% Border
51.54% Dublin & County
25.41% Other
12.43% West
2.83% Mid West
2.27% South East
4.69% South West
0.70% Mid East
17Seed & Venture Capital Programme 2016 Report
SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (by number)
SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)
Sectoral Breakdown of Investments – Cumulative to December 2016
11 Miscellaneous
2 Electronics
121 Communications
38 Cleantech
265 Life Science
563 Software
7 Manufacturing
2 Food
2.33% Miscellaneous
0.10% Electronics
2.61% Cleantech
9.60% Communications
34.50% Life Science
50.05% Software
0.79% Manufacturing
0.02% Food
Sector Number of Investments Total Invested€’000s
% of Total Invested
Communications 121 43,849 9.60%
Cleantech 38 11,901 2.61%
Electronics 2 460 0.10%
Life Sciences 265 157,570 34.50%
Manufacturing 7 3,597 0.79%
Software 563 228,586 50.05%
Miscellaneous 11 10,642 2.33%
Food 2 150 0.02%
Total 1,009 456,755 100%
18 Seed & Venture Capital Programme 2016 Report
Value of Investments Per Year – Cumulative to December 2016
VALUE OF INVESTMENTS PER YEARCumulative to December 2016 (by value)
€’0
00
s
480
450
420
390
360
330
300
270
240
210
180
150
120
90
60
30
0
Initial Investment Follow-on-Investment Total Cumulative
2007 20092008 2010 2011 2012 2013 2014 2015 2016
Year Initial Investment Follow-on Investments Total CumulativeNumber €'000s Number €'000s €'000s % €'000s
2007 2 2,007 0 0 2,007 0.44% 2,007
2008 16 7,785 2 350 8,135 1.78% 10,142
2009 27 31,649 15 9,639 41,288 9.04% 51,430
2010 24 14,540 30 14,300 28,840 6.31% 80,270
2011 51 29,000 55 23,832 52,832 11.57% 133,102
2012 53 46,757 88 31,964 78,721 17.23% 211,823
2013 67 42,394 108 30,287 72,681 15.91% 284,504
2014 48 21,171 125 47,352 68,523 15.00% 353,027
2015 23 5,882 139 50,058 55,940 12.25% 408,967
2016 12 9,447 124 38,341 47,788 10.47% 456,755
Total 323 210,632 686 246,123 456,755 100%
19Seed & Venture Capital Programme 2016 Report
CONTACT: Michael Culligan/Alex Hobbs Dublin BIC TCD Enterprise Centre Pearse Street Dublin 2
TEL: +353 (0)1 4100903
E-MAIL: [email protected] [email protected]
WEB: www.dbic.ie
CONTACT: Conor O’Connor Enterprise Equity Venture Capital The Media Cube Kill Avenue Dun Laoghaire Co. Dublin
TEL: +353 (0)1 2145606
E-MAIL: [email protected]
WEB: www.enterpriseequity.ie
AIB Start–Up Accelerator Fund
The AIB Start-Up Accelerator Fund, managed by ACT Venture Capital, was established in 2011 as a €22m Seed Fund. Investments made by the fund focus on developing high-growth, export-oriented companies in emerging sectors such as Digital Media, Internet, Software, CleanTech and Medical Devices. The fund investment range is €100,000 to €650,000. This fund is closed for new investments but continues to make follow-on investments in existing portfolio companies.
FUND SIZE: €22 million
FUND MANAGER: ACT Venture Capital
CONTACT: John Flynn ACT Venture Capital Ltd. 6 Richview Office Park Clonskeagh Dublin 14
TEL: +353 (0)1 2600966
E-MAIL: [email protected]
WEB: www.actventure.com
SEED FUNDS
AIB Seed Capital Fund Limited Partnership
This €53m fund has an investment policy to invest in companies at the seed and early stages of development, across a range of sectors throughout the Republic of Ireland. The fund makes seed investments up to approximately €500,000. The fund is now closed for new investees. The fund will now focus on providing support and follow-on investment to its portfolio companies to assist them in realising their full potential.
FUND SIZE: €53 million
FUND MANAGER: Enterprise Equity Venture Capital Group and Dublin Business Innovation Centre
CONTACT: Éanna Dáibhis AIB Seed Capital Fund NovaUCD University College Dublin Belfield Campus Dublin 4
TEL: +353 (0)1 2866766
E-MAIL: eanna.daibhis@ aibseedcapitalfund.ie
WEB: www.aibseedcapitalfund.ie
20 Seed & Venture Capital Programme 2016 Report
Bank of Ireland Start-Up and Emerging Sectors Equity Fund 2010
The Bank of Ireland Start up and Emerging Sectors Equity Fund 2010, managed by Delta Partners was established in 2010. This €17m fund has an investment focus on technology-based businesses and medtech which are headquartered in Ireland. The fund has invested in companies with disruptive business models and the potential for fast growth. The investment range is €100,000 to €650,000. The fund is closed for new investments but continues to make follow-on investments in existing portfolio companies.
FUND SIZE: €17 million
FUND MANAGER: Delta Partners
CONTACT: Dermot Berkery / Maurice Roche Media House South County Business Park Leopardstown Dublin 18
TEL: +353 (0)1 2940870
E-MAIL: seedfund @deltapartners.com
WEB: www.deltapartners.com
Bank of Ireland Seed and Early Stage Equity Fund 2009
This €32m fund incorporates the €10m Bank of Ireland MedTech Accelerator Fund. Investments are made in the range of €100,000 to €500,000. The primary focus is on high potential start-up companies operating in Big Data, ICT, Energy Efficiency and ICT related Healthcare sectors. This fund is open for new investments.
FUND SIZE: €32 million
FUND MANAGER: Kernel Capital
CONTACT: Orla Rimmington, Partner Rubicon Centre Rossa Avenue Bishopstown Co. Cork
TEL: +353 (0)21 4928974
E-MAIL: orla.rimmington @kernel-capital com
WEB: www.kernel-capital.com
21Seed & Venture Capital Programme 2016 Report
Delta Equity Fund III Limited Partnership
Delta Equity Fund III Limited Partnership is a €105m venture capital fund managed by Delta Partners.
Delta’s funds have focused on start-up and early stage technology investments in Communications Technologies, Software and Life Sciences. Delta Partners is often the first institutional investor in a company, typically investing €500,000 to €5,000,000 and taking a minority shareholding. This fund is now closed for new investments but continues to make follow-on investments in existing portfolio companies.
FUND SIZE: €105 million
FUND MANAGER: Delta Partners
CONTACT: Dermot Berkery / Maurice Roche Media House South County Business Park Leopardstown Dublin 18
TEL: +353 (0)1 2940870
E-MAIL: [email protected]
WEB: www.deltapartners.com
VENTURE CAPITAL FUNDS
Bank of Ireland Kernel Capital Partners Private Equity Fund II
This fund has an investment policy to invest in Irish companies in ICT, Environmental Technologies, Engineering, Finance and General Industry. This fund is now closed for new investments but continues to make follow-on investments in existing portfolio companies.
FUND SIZE: €27 million
FUND MANAGER: Kernel Capital
CONTACT: Orla Rimmington Rubicon Centre Rossa Avenue Bishopstown Co. Cork
TEL: +353 (0)21 4928974
E-MAIL: orla.rimmington@ kernel-capital.com
WEB: www.kernel-capital.com
Atlantic Bridge II Limited Partnership
Atlantic Bridge II Limited Partnership is a growth equity fund focused on technology investments with offices and staff in Dublin, London, Silicon Valley, Beijing and Hong Kong. Atlantic Bridge II has been actively investing since July 2010. The fund is now closed for new investments but continues to make follow on investments in existing portfolio companies.
FUND SIZE: €75 million
FUND MANAGER: Atlantic Bridge II GP Limited
CONTACT: Elaine Coughlan 31 Kildare Street Dublin 2
TEL: +353 (0)1 6034450
E-MAIL: [email protected]
WEB: www.abven.com
22 Seed & Venture Capital Programme 2016 Report
Fountain Healthcare Partners Fund I Limited Partnership
Fountain Healthcare Partners is a €73m Life Science focused venture capital fund headquartered in Dublin, Ireland with a second office in New York, USA. The fund specialises in making investments in Biotechnology, Medical Device, Specialty Pharma and Diagnostic Companies. Fountain Healthcare Partners launched its inaugural fund (Fountain Healthcare Partners I) in May 2008. The fund invests between €500,000 and €7,000,000 per company over the life of the investment. This fund is closed to new investments but continues to make follow on investments in existing portfolio companies.
FUND SIZE: €73 million
FUND MANAGER: Fountain Healthcare Partners
CONTACT: Manus Rogan Guild House, 4th Floor Guild Street IFSC Dublin 1
TEL: +353 (0)1 5225100
E-MAIL: [email protected]
WEB: www.fh-partners.com
The Frontline Venture Fund I Limited Partnership
Frontline Ventures is an early-stage B2B venture capital fund based in Dublin and London. Closed in 2014, Fund I will be invested into startups specialising in fintech, big data, infrastructure, machine learning, artificial intelligence, and adtech. Frontline makes investments between €150,000 and €6,000,000 per company over the life of an investment. Fund I is closed for new investments, but will continue to make follow-on investments in existing portfolio companies.
FUND SIZE: €50 million
FUND MANAGER: Frontline Ventures
CONTACT: Shay Garvey 26-28 Lombard St. East Dublin 2
TEL: +353 (0) 86 2593345
E-MAIL: [email protected]
WEB: www.frontline.vc
23Seed & Venture Capital Programme 2016 Report
Hoxton Ventures Fund 1 (Ireland) Limited Partnership
Hoxton Ventures Fund 1 (Ireland) Limited Partnership was established in October 2014 as a €5.3m fund primarily focussing on Web technologies. This fund closed in 2016.
FUND SIZE: €5.3 million
FUND MANAGER: Hoxton Ventures Fund 1 (GP) L.P
CONTACT: Dylan Collins Hoxton Ventures Fund 1 (Ireland) Limited Partnership 483 Green Lanes London N13 4BS United Kingdom
E-MAIL: [email protected]
WEB: www.hoxtonvc.com
SOSventures Ireland Fund Limited Partnership
SOSventures Ireland Fund Limited Partnership was established in August 2013 as a €20m fund primarily focusing on the Technology, Software, Systems Biology, Synthetic Biology, Indie Biotech bio-coding and Telecommunications fields. The SOSventures Ireland Fund will run a number of accelerator programs in Ireland to assist in finding suitable SMEs.
The fund will invest between €50,000 to €2,000,000 per company over the life of the investment. The fund is open for new investments.
FUND SIZE: €20 million
FUND MANAGER: SOSV Limited
CONTACT: Bill Liao SOSV Limited 2nd Floor, Penrose Wharf Alfred Street Cork
TEL: +353 (0)21 4700991
E-MAIL: [email protected]
WEB: www.sosv.com
The Ulster Bank Diageo Venture Fund Limited Partnership
Ulster Bank Diageo Venture Fund Limited Partnership – a €75m fund is managed by Investec Ventures Ireland. The fund has invested at early and expansion stages of development across a broad range of industrial sectors.
The fund investment range is €1,000,000 to €5,000,000. The fund is now closed for new investments but continues to make follow on investments in existing portfolio companies.
FUND SIZE: €75 million
FUND MANAGER: Investec Ventures Ireland
CONTACT: Michael Murphy / Leo Hamill / Derek Crawley The Harcourt Building Harcourt Street Dublin 2 Ireland
TEL: +353 (0)1 4210000
E-MAIL: [email protected] [email protected] [email protected]
WEB: www.investec.ie
VENTURE CAPITAL FUNDS
The Seroba Life Sciences Fund II Limited Partnership
Seroba Life Sciences Fund II is a venture capital fund invested in early-stage start-ups to more mature biotech and medical device companies. The fund is closed to new investments but continues to make follow on investments in existing portfolio companies.
FUND SIZE: €75 million
FUND MANAGER: Seroba Life Sciences Limited
CONTACT: Peter Sandys 6 Northbrook Road Ranelagh, Dublin 6 Ireland
TEL: +353 (0)1 6334028
E-MAIL: petersandys @seroba-lifesciences.com
WEB: www.seroba-lifesciences.com
24 Seed & Venture Capital Programme 2016 Report
Name of Company Nature of Business
Accunostics Ltd Medical Devices
Accuris Holdings Ltd Software solutions for mobile operators
Aceno Mobile Services Ltd Tourism Multimedia
Active Mind Technology Ltd eLearning Technology
Adaptics Ltd Technology design
Aer Sustainable Energy Ltd International Biofuels Production and Supply
Algae Health Ltd Production of high value compounds for food and cosmetics
Almotech Ltd Digital Juke Boxes
Alpha Wireless Ltd Design and manufacture of Base Station Antennas
Altocloud Ltd Internet Technologies
Altratech Ltd Providing real time, onsite DNA diagnostics for the food industry
Amarin Corporation Plc Developing Products for Cardiovascular and CNS Disorders
Amartus Ltd Telecommunication Software
Amcs Ltd Waste Management Solutions
Apica Cardiovascular Ltd Medical Devices
AQ Metrics Ltd Risk & Compliance software for financial services firms trading on the global financial markets
Arann Healthcare Ltd Healthcare Company
Ario Pharma Ltd Biopharmaceutical Company
Arrallis Ltd Millimetre wave technology company servicing the aerospace and security sector
Assemblypoint Ltd Online HR Tools
Async Technologies Ltd IT Solutions for Global Tyre Industry
Asyncode Ltd Big Data Management
Avar Communications Ltd Recruitment website
Averian Energy Solutions Ltd Business Software for Energy Sector
Aylien Ltd Text & Sentiment Analysis
Barricade Ltd Web Security
Barracuda Fx Ltd Financial Software
BCD Safety & Business Support LtdSoftware for Compliance Management
Beamax Ltd Online Team-Management System
Benetel Ltd Test Automation and Components for RF/Wireless
Betapond Ltd Digital Marketing
Bioatlantis Ltd Biotechnology Solutions
Birdi Satellite Image aggregator
Biosensia Ltd Supplier of integrated polymer enabled products
Blikbook Ltd Course
Blikbook Ltd Course engagement platform for students and academics
Blue Tree Systems Ltd Fleet Management Systems
Bluedata Software Inc Big Data
Boxever Ltd Software to analyse customer/client profiles for companies
Branded Payment Solutions Ltd Gift Card Company
Brite Bill Ltd Electronic Billing Software
Callsign Ltd Cloud based mobile security
Cambus Teoranta Medical Devices
Capella Securities Ltd Managed futures & fixed income funds
Cappella Inc Medical Devices
Capsos Medical Ltd Design of guidewire and balloon catheter combination device for occluded arteries
Certification Europe Ltd Provider of certification, inspection & training services
Cesanta Software Ltd Connectivity, networking and communications software
Channelsight Ltd E-commerce enablement
Civitas Therapeutics Ltd Medical Devices
Clavis Technology Ltd Data Quality Software
Cloudium Systems Ltd Design & supply of cloud-based desktops products
Cluey Ltd Electronic Point of Sale System
Code Institute Ltd Online education
Connexicon Medical Ltd Liquid tissue adhesive
a
b
c
INVESTEE COMPANIES
25Seed & Venture Capital Programme 2016 Report
INVESTEE COMPANIES
Name of Company Nature of Business
Coolnagour Ltd Taxi Dispatch Systems
Corlytics Ltd Software for Financial Services Industry
Covagen Ltd Drug-Development Company
Crean Solutions Ltd Online Car Parts
Crescent Diagnostics Ltd Medical Devices
Crowd Process Ltd Browser powered distributed computing
Cubic Telecom Ltd Prepaid Call Cards
Currencyfair Ltd Online peer to peer currency exchange
Davra Networks Ltd Energy Management Solutions
Dcisions (Formerly Pension Dcisions) Ltd Financial Software
Decawave Ltd Fabless Semiconductor Company
Deposify Ltd Deposit escrow management provider
Digit Game Studios Ltd Video Games Developer & Publisher
Digital Minds Ltd Web based financial services network
Digital Mines Ltd Cloud computing infrastructure
Diona Technologies Ltd Business Consulting
Directebooks Ltd eBook Distribution Software
Donseed Ltd Workplace Management Systems
Effective Software Ltd Compliance Management Software
Electronic Compliance Audit Tools Ltd Development of electronic compliance auditing tools
Electroroute Holdings Ltd Energy trading
Embo Medical Ltd Embolization Device Development
Enimai Inc Mobile Devices
Episensor Ltd Wireless Sensors
Equiendo Ltd Mobile telecoms network optimisation
Eventovate Ltd Event Booking Technology
Eveo Solutions Ltd Electrical vehicle charging
Feedhenry Ltd Enterprise Cloud Computing
Fenergo Ltd ICT Software
Ferfics Ltd Radio Frequency Semi Conductors
Fieldaware Group Ltd SaaS mobile field services solutions
Fishtree Ltd Educational platform to facilitate delivery of personalised learning material
Footbridge Learning Ltd eLearning
Frankleyweb Ltd Online Retail
Genable Technologies Ltd Gene Therapy
Global Medical Treatment Ltd Personal health directory
Gridstore Ltd Data Storage
Handy Baby Products Ltd Babycare Products
Heart Metabolics Ltd Biopharmaceutical Company
Hedvig Inc Software Defined Storage
Helix Health Ltd Healthcare Software Solutions
Heystaks Technologies Ltd Web Software Company
Hibergene Diagnostics Ltd Development & sale of diagnostic tests for human infectious diseases
HomeTree Marketplace Ltd Fintech
Homestay Technologies Ltd Provision of software application for language schools & leisure travellers to access homestay accommodation
Hiri (Whittl Media Ltd) Next generation desktop email productivity client
Huggity Ltd Post event marketing tools
Hybrid Energy Solutions Ltd Telecommunications Energy Solutions
i360 Medical Ltd Medical Devices
Icap Global Media Ltd Communications Software
Ideal Binary Ltd 3D Ebooks
Ikon Semiconductor Ltd LED Lighting Technology
Immersive VR Education Ltd Virtual Reality and Educational Experiences
Impedans Ltd High resolution plasma diagnostics solutions
In Hand Guides Ltd Embedded audio products
Incereb Ltd Neonatal Brain Monitoring e
f
g
h
i
d
26 Seed & Venture Capital Programme 2016 Report
Inform Bio Ltd Pre-eclampsia test development
Inish Technology Ventures Ltd Cloud-Technology Company
Innovapeak Ltd Development of online compliance management software
Innovation Zed Ltd Insulin Dosed Timer
Intune Networks Ltd Telecoms Equipment
Invi Labs Inc Messaging
J Lefebvre Ltd Software Platform for Rapid Application Development
J Lizard Ltd Cloud based service for managing log data
Jolt Online Gaming Ltd Information Technology
Keelvar Systems Ltd Industrial Waste Purification
Kemartek Technologies Ltd Technology to clean industrial aqueous waste streams
Kidstart Ltd Online Savings Company
Kinesense Ltd Development and commercialisation of video analytic software
Kptrs Investments Ltd Online Print and Design
LearnLode Ltd Enterprise Customer Service Knowledge Management Platform
Lightkeeper Media Ltd Trading Card Games
Linked P2P Ltd P2P lending
Lion Semiconductor Inc Mobile Power Management
Logograb Ltd Image Recognition & Visual Listening Technology
Love & Robots Ltd Custom 3D Printing
Luzern Technology Solutions Ltd Online Sales Solutions
M2M Telematics Ltd Cleantech Solutions for Waste Management and Recycling
Madme Technologies Ltd Software for mobile marketing
Maginatics Inc Cloud Computing
Mainstay Medical Ltd Medical Devices
Managec02 Software Ltd Carbon management software
Marvao Medical Devices Ltd Medical Devices
Meaningmine Ltd Intelligence application software tool for brand management
Meetingsbooker Ltd Online booking of meeting rooms
Metabolomic Diagnostics Ltd Pre-eclampsia test
Metaio Gmbh Augmented realisty software
Mingoa Ltd Online Detection of Network Faults and Performance
Miracor Gmbh Pressure Controlled Medical Devices
Mixaroo Inc (t/a Boxfish) Big Data Analytics
Moltin, Inc API for developers
Monford Ag Systems LtdHardware & software product to assist farmers in grass measurement & grassland management
Motobuykers Ltd Motorbike outlet store
Movidius Ltd Computer Visioning
MPStor Ltd Storage management software & systems
Mulabee Ltd Integrated Financial Supply Chain Services
Mypp Media Ltd Database of planning & building permit data
Ndevor Systems Ltd Customer Relationship Management software
Neosurgical Ltd Medical Devices
Neuravi Ltd Medical Devices
New Game Technologies Ltd Gaming Technology
New Life Learning Ltd eLearning Courses
Newswhip Media Ltd Technology to identify emerging news trends
Nod Labs (Formerly Enimai) Inc Wearables
Nomoséire Ltd Financial Software Solutions
Nortev Ltd Veterinary Medical Device
Nova Language Solutions Ltd Provider of quality translation services
Novate Medical Ltd Medical Devices
NVMDurance Ltd NAND Flash Memory Optimisation
Omnimotion Technology Ltd Creation of motion control simulations, services & games
Oncircle Inc Electronic currency system
INVESTEE COMPANIES
j
k
l
m
Name of Company Nature of Business
n
o
27Seed & Venture Capital Programme 2016 Report
Name of Company Nature of Business
Oncomark Ltd Cancer Diagnostics
Onformonics Ltd Compliance Management Solutions for Payment Cards
Onlinetradesmen.Com Ltd Online Marketplace for Qualified Trade Professionals
Openplain Ltd Software
Opsona Therapeutics Ltd Medical Devices
Optrace Ltd Hologram Technology
Orchestrate Inc Databases as a service
Ozmo Devices Inc Low power WiFi solutions
PageFair Ltd Software to allow website owners measure lost revenue
Palyon Medical Corp Ltd Medical Devices
Pharmapod Ltd Cloud-based platform for pharmacies
Pharmatrin Ltd Drug-Development Company
Picturk Ltd Web portal for camera clubs
Pilot Photonics Ltd Optical communications hardware
Plynk Ltd Fin Tech and Education Services
Poly Pico Technologies Ltd Biologial fluid handling
Pomo Search Ltd Product Discovery
PQ Bypass Irl Ltd Medical Devices
PR Slides Ltd International Image hub & press office connecting brands to the media
Profitero Ltd ICT Sales Analytics
Provesica Ltd Biopharmaceutical Company
Pulsate Mobile Ltd Mobile Marketing
Qstream Inc Enterprise eLearning
Quanta Fluid Tech Ltd Home Haemodialysis System
Quixey Inc Mobile apps search
Radisens Diagnostics Ltd Medical Devices
Rainmaker Business Technologies Ltd Realtime operations support platform for airlines
RaisingIT Ltd Enterprise software for the non-profit to help build more impactful and interactive websites
Rapt Holdings Ltd Development of optical multi-touch technologies
Renewable Energy Dynamics Holdings Ltd Development of VRB batteries
Resourcekraft Ltd Energy Management Software
Restored Hearing Ltd Hearing research & development
Ribeye Ltd Enterprise Software
Roomex Ltd Hotel Internet Booking Engine
Safemotos Ltd Ride sharing application
San Central Ltd Child Tracking system
Sarsol Ltd Service to enable group offer merchants to manage customers online
Scurri Web Services Ltd Internet based web services
Sensipass Ltd Authentication As A Service
Sensl Technologies Ltd Low Light Detector Solutions
Senubo Ltd Software design and software provider
Serviceframe Value Management Ltd Automated Management Software
Signal Ltd Information Setvices
Silicon Blue Inc FGPAs for mobile devices
Silvercloud Health Ltd Web based platform for mental healthcare
Sim Travel Ltd Mobile Devices
SiriusXT Ltd Designing a cell imaging platform
Sixminute Studios Ltd Casual Games Studio
Skillpages Holdings Ltd Web based platform for service providers
Slainte Healthcare Ireland Ltd Patient Record & Revenue Cycle Management
Slattery Validation Systems Ltd Remote cloud based platform for management of refrigeration systems
Smartcloud Ltd Mobile loyalty coalition programme, which allows consumers to earn cash based on their loyalty to brands.
Socrates Healthcare Ltd Provider of practice management software to GPs and Hospital Consultants
INVESTEE COMPANIES
q
r
s
28
p
Seed & Venture Capital Programme 2016 Report
Solarprint Ltd Development of novel 3rd generation printable flexible solar cell technology
Somnium Ltd Social Media
Sonex Metrology Ltd Semiconductor Defect Metrology
Sonru Ltd Online Video Technology
Sophia Search Ltd Semantic search
Sota Orthopaedics Ltd Medical Devices
Soundwave Analytics Ltd Smartphone music analytics app
Spineguard Ltd Medical Devices
Sport Authority Ltd Premium video content with top sports tips and expert betting analysis
Storyful Ltd Media
Streetteam Tool for b2c businesses to use their current users to help sell their products
Surgacoll Technologies Ltd Medical Devices
Swiftqueue Technologies Ltd SaaS Cloud platform for GPs, dentists & hospitals
Swrve Mobile Inc (Formerly New Game Technologies) Ltd Mobile marketing automation
Swwbp Ltd Manufacture of innovative whiteboard paint
Syncrophi Systems Ltd Wireless patient monitoring technology
Synthace Ltd High dimensional bioprocess optimisation
Sytorus Ltd Data Protection
Tapastreet Ltd Social Network Search Engine
Tax World Ltd Tax Advisory Business
TCAS Online Ltd Software for managing student accommodation
Terminalfour Solutions Ltd Corporate Software
The Semantic Search Company Ltd Cloud hosted solution that manages digital B2B catalogue information with semantic search capability
The Turning Institute Ltd Online programmes for mental health specifically eating disorders
Trustev Ltd Fraud management for online payments
Ultra High Vacuum Solutions Ltd Equipment & tooling design for thin film nanotech application
Verifly Holdings Ltd Drone & IoT regulation tools
Veronica’s Snacks Ltd Snack Producer
Veryan Endovascular Ltd Solutions for Vascular Disease
Video Elephant Ltd Online B2B marketplace for audio-visual content
Vigill Alerts Ltd Web service & integrated smartphone app to help combat payment card fraud
Visible Thread Ltd Document Intelligence Tooling for IT Initiatives
Visitravel Investments Ltd Online Travel Agency Software
Visor Ltd Online Accounting Software
Vivasure Medical Ltd Medical Devices
Wave Break Media Ltd Stock-Video Footage
Weshop Ltd Internet Service Company
What Applications Ltd Mobile platform in hair & beauty sector
Whipcar Ltd Car Rental Company
Wire-Lite Sensors Ltd Energy Management Solutions
Worldnettps Ltd Payment Software
Xcelerator Ltd Machine translation service
Xention Ltd Biopharmaceutical Company
Xi (Research & Development) Ltd Revenue assurance & fraud detection software for telecom sector
Xpreso Software Ltd Cloud hosted communication platform between couriers and recipients
Xtra Vision Ltd Consumer Products & Services
Zamano Plc Interactive Mobile Applications
Zapa Technology Ltd Payments Technology Company
Zinc Software Ltd Developer of hardware/software for health & wellbeing lifestyle solutions
u
w
x
z
INVESTEE COMPANIES
Name of Company Nature of Business
29
t
v
Seed & Venture Capital Programme 2016 Report
SEED AND VENTURECAPITAL PROGRAMME 2000–2006
Investments for Year 2016 – Cumulative from Commencement of Programme to December 2016
Name of Fund Fund Size
Number of Investments
2001-2016
Total Invested
2001-2016
€’000s €’000s
AIB Equity Fund 2002* 0 3 807
Atlantic Bridge Ventures Limited Partnership** 98,500 80 90,242
Bank of Ireland Kernel Capital Partners Private Equity Fund 27,325 63 19,118
BOI Venture Capital Ltd 7,960 14 7,960
Delta Equity Fund II Limited Partnership 90,000 217 80,673
Enterprise Equity Investment Fund Ltd 15,000 52 10,750
Enterprise Equity Seed Capital Investment Fund 7,000 51 7,133
European BioScience Fund 1 12,700 43 9,966
EVP Early Stage Technology Fund 10,000 25 8,549
ICC Regional Venture Capital Fund 7,620 17 7,618
Seroba BioVentures (Irish BioScience Venture Capital Fund) 20,000 51 15,566
The Guinness Ireland Ulster Bank Equity Fund Limited
Partnership
19,000 38 11,831
The HotOrigin Fund 1* 2,100 3 660
Trinity Venture Fund 2* 138,700 59 80,038
4th Level Ventures University Seed Fund Limited Partnership 17,180 73 14,580
Total 473,085 789 365,491
* Closed
** €67.5 million of the Atlantic Bridge Ventures Fund relates to the Seed and Venture Capital Programme 2007 - 2012.
31
SEED AND VENTURECAPITAL PROGRAMME 2000–2006
Seed & Venture Capital Programme 2016 Report
NUMBER OF INVESTMENTS Breakdown of InvestmentsCumulative to December 2016 (% by number)
AMOUNT OF INVESTMENT Breakdown of InvestmentsCumulative to December 2016 (% by value)
Analysis of Investments by Stage of Development – Cumulative to December 2016
Type Number of Investments Total Invested Value €'000s
% of Total Amount Invested
VENTURE CAPITAL FUNDS
Start Up 306 89,223 24.41%
Early Stage 391 181,302 49.61%
Development 92 94,966 25.98%
Total 789 365,491 100%
306 Start Up
391 Early Stage
92 Development
24.41% Start Up
49.61% Early Stage
25.98% Development
32 Seed & Venture Capital Programme 2016 Report
REGIONAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)
Regional Breakdown of Investments – Cumulative to December 2016
Region Number of Investments Total Invested€’000s
% of Total Invested
Border 8 1,688 0.46%
Dublin & County 341 179,813 49.20%
Mid East 16 5,843 1.60%
Mid West 38 9,466 2.59%
Midlands 8 7,070 1.93%
South East 11 5,832 1.60%
South West 154 48,646 13.31%
West 110 26,083 7.14%
Other 103 81,050 22.17%
Total 789 365,491 100%
0.46% Border
49.20% Dublin & County
1.60% South East
13.31% South West
1.60% Mid East
2.59% Mid West
7.14% West
22.17% Other
1.93% Midlands
33Seed & Venture Capital Programme 2016 Report
SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (by number)
SECTORAL BREAKDOWN OF INVESTMENTS Cumulative to December 2016 (% by value)
Sectoral Breakdown of Investments – Cumulative to December 2016
188 Communications
4 Food
4 Manufacturing
28 Miscellaneous
233 Life Science
332 Software
31.23% Communications
0.21% Food
0.44% Manufacturing
3.20% Miscellaneous
18.19% Life Science
46.73% Software
Sector Number of Investments Total Invested€’000s
% of Total Invested
Communications 188 114,154 31.23%
Food 4 781 0.21%
Life Sciences 233 66,497 18.19%
Manufacturing 4 1,599 0.44%
Software 332 170,810 46.73%
Miscellaneous 28 11,650 3.20%
Total 789 365,491 100%
34 Seed & Venture Capital Programme 2016 Report
VALUE OF INVESTMENTS PER YEARCumulative to December 2016 (by value)
2001 2002 2003 2004 2005 2006 2007 2008 2009 20122010 20132011 2014 2015 2016
Value of Investments Per Year – Cumulative to December 2016€
’00
0s
390
360
330
300
270
240
210
180
150
120
90
60
30
0
Initial Investment Follow-on-Investment Total Cumulative
Year Initial Investment Follow-on Investments Total CumulativeNumber €'000s Number €'000s €'000s % €'000s
2001 22 30,465 8 3,737 34,202 9.36% 34,202
2002 15 15,112 28 12,397 27,509 7.53% 61,711
2003 30 19,839 43 12,879 32,718 8.95% 94,429
2004 28 19,214 56 19,768 38,982 10.67% 133,411
2005 26 19,435 73 30,888 50,323 13.77% 183,734
2006 20 32,344 79 34,619 66,963 18.32% 250,697
2007 8 22,747 87 22,169 44,916 12.29% 295,613
2008 2 4,084 78 18,914 22,998 6.29% 318,611
2009 1 42 45 11,550 11,592 3.17% 330,203
2010 0 0 54 13,188 13,188 3.61% 343,391
2011 0 0 28 7,243 7,243 1.98% 350,634
2012 0 0 19 2,103 2,103 0.58% 352,737
2013 0 0 16 3,182 3,182 0.87% 355,919
2014 0 0 12 7,433 7,433 2.03% 363,352
2015 0 0 9 876 876 0.24% 364,228
2016 0 0 2 1,263 1,263 0.35% 365,491
Total 152 163,282 637 202,209 365,491 100%
35Seed & Venture Capital Programme 2016 Report
Bank of Ireland Kernel Capital Partners Private Equity Fund
This €27 million fund has an investment policy to invest in Irish companies in ICT, Telecoms, Healthcare, Life Sciences and General Industry. Investments are in the range of €250,000 to €3,000,000. This fund is now fully invested.
FUND SIZE: €27 million
FUND MANAGER: Kernel Capital
CONTACT: Orla Rimmington, Partner Rubicon Centre Rossa Avenue Bishopstown Co. Cork
TEL: +353 (0)21 4928974
E-MAIL: orla.rimmington @kernel-capital.com
WEB: www.kernel-capital.com
Delta Equity Fund II Limited Partnership
Delta Partners, an early stage technology venture capital firm, based in Dublin invested its third fund, the €90m Delta Equity Fund II Limited Partnership. The fund is closed to new investments and continues to make follow-on investments in existing portfolio companies.
To date, the majority of investments from Delta’s funds have focused on start-up and early stage technology investments in Communications Technologies, Software and Life Sciences.
FUND SIZE: €90 million
FUND MANAGER: Delta Partners
CONTACT: Dermot Berkery / Maurice Roche Media House South County Business Park Leopardstown Dublin 18
TEL: +353 (0)1 2940870
E-MAIL: [email protected]
WEB: www.deltapartners.com
VENTURE CAPITAL FUNDS
Atlantic Bridge Limited Partnership
Atlantic Bridge Limited Partnership is a growth equity fund focused on technology investments with offices and staff in Dublin, London, Silicon Valley Beijing and Hong Kong. Atlantic Bridge I has been actively investing since 2005. The fund is closed to new investments but continues to make follow on investments in existing portfolio companies.
FUND SIZE: €98.5 million
FUND MANAGER: Atlantic Bridge GP Limited
CONTACT: Elaine Coughlan 31 Kildare Street Dublin 2
TEL: +353 (0)1 6034450
E-MAIL: [email protected]
WEB: www.abven.com
36 Seed & Venture Capital Programme 2016 Report
Enterprise Equity Venture Capital Group
Enterprise Equity Venture Capital Group manages Enterprise Equity Investment Fund (€15m) and Enterprise Equity Seed Capital Fund (€7m). These two funds are now closed for investment in new investees.
FUND SIZE: €22 million
FUND MANAGER: Enterprise Equity Venture Capital Group
CONTACT: Conor O’Connor / Tom Shinkwin The Media Cube Kill Avenue Dun Laoghaire Co. Dublin
TEL: +353 (0)1 2145606
E-MAIL: [email protected] [email protected]
WEB: www.enterpriseequity.ie
EVP Early Stage Technology Fund
The EVP Early Stage Technology Fund was established in 2002. The fund invests in early stage High Potential Start-up (HPSU) companies in the Information, Communications and Technology (ICT) Sector.
This fund is now closed for new investments.
FUND SIZE: €10 million
FUND MANAGER: EVP Management Ltd
CONTACT: Gerry Jones Executive Venture Partners “The Arches” Carpenterstown Road Castleknock Dublin 15 Ireland
TEL: +353 (0)1 6639206
MOBILE: +353 (0)86 2429993
E-MAIL: [email protected]
WEB: www.evp.ie
European Bioscience Fund I
The European BioScience Fund I, managed by North Wall General Partners Ltd. was established in 2002. The European BioScience Fund I invests in seed and early stage opportunities in the Bioscience sector.
This fund is now closed for new investments.
FUND SIZE: €12.7 million
FUND MANAGER: North Wall General Partners Ltd
CONTACT: Michael Donnelly The Warehouse 6 & 7 Barrow St Dublin 4
TEL: +353 (0)1 8088880
E-MAIL: [email protected]
37Seed & Venture Capital Programme 2016 Report
The Guinness Ireland Ulster Bank Equity Fund Limited Partnership
The Guinness Ireland Ulster Bank Equity Fund Limited Partnership is a €19 million fund set up in 2001. It is a follow on to the Guinness Ulster Bank Equity Fund Limited Partnership fund set up in 1997. This fund is now fully invested.
FUND SIZE: €19 million
FUND MANAGER: Investec Ventures Ireland
CONTACT: Michael Murphy / Leo Hamill / Derek Crawley The Harcourt Building Harcourt Street Dublin 2 Ireland
TEL: +353 (0)1 4210000
E-MAIL: [email protected] [email protected] [email protected]
WEB: www.investec.ie
4th Level Ventures University Seed Fund Limited Partnership
4th Level Ventures University Seed Fund was established in 2002. Investees are high potential businesses in the seed or early stage of their development arising out of research in Irish third level institutions.
The fund investments are in the Life Sciences, Material Sciences, Technology and information, Communications and Technology (ICT) sectors. The fund is closed for new investments.
FUND SIZE: €17.18 million
FUND MANAGER: 4th Level Ventures Ltd
CONTACT: Alan Wall 75 St. Stephen’s Green Dublin 2
TEL: +353 (0)1 6333627
E-MAIL: [email protected]
VENTURE CAPITAL FUNDS
Irish BioScience Venture Capital Fund
The €20 million Irish BioScience Venture Capital Fund is a specialist life science fund managed by Seroba BioVentures. The fund focused on early-stage life science companies on the island of Ireland with investments typically in the €200,000 to €2,000,000 range. The fund is now fully invested.
FUND SIZE: €20 million
FUND MANAGER: Seroba BioVentures
CONTACT: Peter Sandys 6 Northbrook Road, Ranelagh Dublin 6
TEL: +353 (0)1 6334028
E-MAIL: petersandys @seroba-lifesciences.com
WEB: www.seroba-lifesciences.com
38 Seed & Venture Capital Programme 2016 Report
INVESTEE COMPANIES
Name of Company Nature of Business
2PM Technologies Ltd Telecom Technology
A.E.S. Ltd Waste management solutions for household and commercial waste
Accuris Ltd Provider of smart fixed-mobile convergence technology to the global telecommunications market
Acision BV Mobile Software
Advanced Manufacturing Control Systems Ltd Software and hardware platform for the delivery of weighing and identification solutions for the waste industry
AEP Systems Ltd Security and acceleration hardware products
AePONA Group Ltd Standards based telecommunications middleware software
AGI Therapeutics Ltd Therapeutic products to treat gastroenterological diseases and disorders
Aimware Ltd Team Collaborative Software
Aircraft Management Technologies Ltd ASP maintenance operation solutions provider to the aviation industry
Alatto Technologies Ltd Telecoms Software & Services
Alimentary Health Ltd Biotechnology development of medical products
Altamedius Ltd (formerly Artic Web) Secure payment technology platform for both electronic and mobile transactions
AMT3D Ltd 3D digital computer models of key urban environments using hardware and software technology
Audio Processing Technologies Holdings Ltd Audio Compression Technology
Beocare Ltd Development and supply of high value healthcare textiles
Bio Observation Systems Ltd t/a PixAlert Provider of monitoring software and e-security solutions
Bio-Medical Research Ltd Personal care & medical products market
Biomonitor Ltd (formerly nEutekBio Ltd) Medical diagnostic and therapeutic company
Biosensia Ltd (formerly Nanocomms Ltd) Supplier of integrated polymer enabled products
Bocom International Ltd Provides content and advertising via large plasma screens located in retail and other premises
Cellix Ltd Cellix develops and manufactures instrumentation for use in laboratories engaged in drug discovery, diagnostics and medical research
Celtic Catalysts Ltd Provides products and services to the pharmaceutical and fine chemical industries.
Celtrak Ltd Design, development and marketing of telematics services
Changing Worlds Ltd Personalisation Software
Channel Six Ltd TV Broadcaster
Chipsensors Ltd (formerly Cration Ltd) Production of wireless semi-conductor temperature/humidity/gas sensors
Cibenix Ltd Provides solutions for mobile phone companies
CR2 Ltd Banking Software Solutions
Crescent Diagnostics Ltd Medical Devices
Diabetica Ltd Development of therapeutics for diabetes and obesity
Digisoft.tv Ltd Provider of Software platform for digital TV
Duolog Holdings Ltd Silicon design & software services
E Manage IT Ltd t/a Iquate Network management software manufacturer
eBizz Consulting plc Systems integration consulting company addressing the demand for highly skilled business professionals
Eclipse Clinical Technologies Ltd e-process contract research organisation
Edonware Ltd (formerly Headway Software Ltd) Source code visualisation tools for Java and C++ developers, which simplifies the management of software development
Efitness Holdings Ltd t/a Therapie Group Medical, beauty and health treatments
EMF Ireland Ltd Manufacturer of MOCVC reactors
Envivio Inc Mobile Infrastructure
Farran Technology Ltd Designs and manufactures a wide range of millimetre-wave components and sub-systems
Firecomms Ltd Photonics company developing optical data transmission
a
b
c
e
f
d
39Seed & Venture Capital Programme 2016 Report
INVESTEE COMPANIES
Name of Company Nature of Business
Fixnetix Ltd Delivering stock market data feeds for financial institutions
Fluorocap Ltd Development of biochip for biotech & life science industries
FMC Tech Ltd Monitoring of mid-voltage distribution networks remotely for electricity utilities.
Gas Sensor Solutions Ltd Innovative gas senor technologies
Glonav Ltd Fabless semiconductor company focused on GPS market
Glysure Ltd Developing a continuous glucose monitoring device for use with patients in intensive care units
H2Hcare Ltd Developing software for healthcare industry
Heartscape Ltd Medical Devices
HomeNet Communications Ltd Provider of video streaming solutions for wireless and telecom networks
IdentiGEN Ltd Provider of DNA based solutions to the Agri-food Industry
Instinct Technology Ltd formerly Torc Interactive Ltd Games Middleware
It’s TV Licence application to operate wireless digital terrestrial services (multi-channel TV, broadband internet and voice) in Ireland
Jackie Skelly Fitness Ltd Fitness Centres
Kadius Systems Ltd Web content management software vendor
Labcyte Europe Ltd (formerly Allergo Technologies Ltd) t/a Deerac Fluidics Technologies A nanotechnology company developing innovative technologies for dispensing minute droplets of liquid
LeCayla Technologies Ltd Utility priced billing solutions
LeT Systems Ltd (formerly Lakefield eTechnologies Ltd) Network management software for electrical utilities
Magnetic Solutions Ltd Tool and process vendor to the semi-conductor and disk drive industries
Medicom Ltd Practice management systems for medical consultants
Merrion Biopharma Ltd Pharmaceutical company based upon proprietary technologies for oral drug delivery
Metamusic Ltd t/a Meiticheol Teo Developing a video- driven soundtrack composition system
Microsol Ltd Monitoring solutions for the telecoms industry
Mid Media Ltd Media Publications
Mini Storage Holdings Ltd Self Storage
MPStor Ltd IT storage
m-spatial Ltd Personal navigation using mobile devices
Nanotech Semiconductor Ltd Supplier of PLC solutions
Neoss Ltd Designs and manufactures dental implants
Nero AG Portable digital media devices
NeuroCure Ltd NeuroCure is an pharmaceutical company developing new uses and formulations of known drugs
Newcourt Group Ltd Provides security and recruitment services
NitroSell Ltd eCommerce Software
Norkom Technologies plc Analytical applications software
Nova Science Ltd Medical Devices
Novate Medical Ltd Medical Devices
Nualight Ltd Delivers innovate technology and high performance LED lamps
O’ hEocha Design Ltd Designs and manufactures wireless speakers and related technology
OpenMind Networks Ltd Wireless Messaging Products
Opsona Therapeutics Ltd Development of therapeutics for inflammatory diseases
Optical Metrology Holdings Ltd Optical Metrology Solutions
Optigen Technologies Ltd t/a Genable Technologies Gene Therapy
Orakine Ltd Bio-Medical Company
Orbo Technologies Ltd Provides data communications and security systems
Panda Security International S. L. Security Software
Pharmatrin Ltd Biotech involved in the development of novel synthetic compounds
Phonecard Warehouse Ltd Electronic vending of prepaid mobile airtime
g
h
i
j
k
l
m
n
o
p
40 Seed & Venture Capital Programme 2016 Report
INVESTEE COMPANIES
Name of Company Nature of Business
Polarlake Ltd Development and sale of XML tools for Java developers
Powervation Ltd Development and supply of power controllers for routers and servers
Prediction Dynamics Ltd Provides risk management software
Prime Carrier Ltd Rate/route management, least cost routing and automatic update of telecoms switches for route changes
PXIT Ltd (formerly Tsunami Photonics Ltd) Development and sale of software to characterise and control laser transmitters for optical telecommunications networks
Qumas Ltd Compliance software for regulated industries
RedMereTechnology Ltd Fabless semiconductor company specializing in high-speed, very low-power products for consumer multimedia applications
Rococo Software Ltd Wireless Networking Software
Scientific Systems Ltd t/a Stratum Analytical Semi conductor process software
SeeWhy Software Ltd Business activity monitoring software
Selatra Ltd Distributor of gaming products for mobile phones
SensL Technologies Ltd SensL is developing a range of silicon based, solid state, photon counting sensors and modules
Sepro Telecom Int. Ltd Rating and billing software for the telecommunications industry
Shenick Network Systems Ltd Telecommunications
SigmaX Ltd Development and marketing of design software solutions for the structural engineering industry
Similarity Vector Technologies (Sivtech) Ltd t/a Similarity Systems Data quality software products and professional services, primarily for the data management sector
Smart Yureo Broadband Ltd Telecoms Provider
Steeltrace Ltd Software Engineering Tools
Stokes Bio Ltd Development of microfluids based diagnostic systems for the genetic diagnosis of cancer
Surfkitchen Inc. (formerly Calaba) Development and sale of operating system platforms and applications to organisations active in the main market portal business
Swift Fine Foods Ltd Manufacture of meals in volume for catering using a sous vide type manufacturing process
Technology from Ideas Ltd Commercialisation of technology ideas within Irish Universities
Telecommunications &Computer Services Ireland Ltd (TCSI) Computer network solutions to corporate customers and web based telephony services
Telekinesys Research Ltd t/a Havok Computer games and animation software
The TAS Group (formerly Select Selling Ltd) Sales Methodology Software
Topchem Laboratories Ltd Contract research laboratory serving the Pharmaceutical Industry
Travelonomy Ltd (formerly TravelFAT Ltd) Travel industry software
TreeMetrics Ltd Development technology solutions for the forestry industry
TriMed Research Ltd (TriMed) Development of therapeutics for infective and viral diseases
Two Ten Health Ltd Administration and clinical management systems for use in dental schools and hospitals
Valista Ltd (formerly Network 365 Ltd) Mobile Payment Infrastructure
Visor Ltd Designing and implementing accounting, management reporting, and ERP systems
Vivasure Medical Ltd Medical Devices
Voxsurf Ltd Sale and development of a software platform allowing access to internet content using multiple interfaces (voice, WML, HTML)
Vysera Biomedical Ltd Medical Devices
Xancom Ltd t/a Lightstorm Networks Fabless networking semiconductor company
Xiam Ltd Provides software to mobile operators and mobile data service providers
Zerusa Ltd Medical Devices
t
q
r
s
v
x
z
41Seed & Venture Capital Programme 2016 Report
SEED AND VENTURECAPITAL PROGRAMME 1994–1999
OVERVIEW
The EU Seed and Venture Capital Measure, under the Operational Programme for Industrial Development 1994 - 1999, which was co-financed by the European Regional Development Fund (ERDF), was set up with the objective of establishing Venture Capital Funds to provide early stage, small and medium-sized growth oriented enterprises in Ireland with equity capital. Fifteen venture capital funds were established under this Programme.
Under the Programme, €129 million was invested in 146 companies. Investment in regionally located projects outside Dublin totalled €38 million (29%). Investment in software related projects totalled €92 million (71%).
A detailed list of the performance of the various funds established under this Programme is set out on the following page.
Enterprise Ireland has overall responsibility for the management and reporting of the Programme. All investment decisions are made by private sector Venture Capital Fund Managers. These funds are now closed for new investment but continue to be managed to achieve exits.
Regional Breakdown of Investments 1996-2016
Sectoral Breakdown of Investments 1996-2016
Region Total Invested€’000s
% of Total Invested
Border 2,868 2.22%
Dublin 91,193 70.55%
Mid East 6,646 5.14%
Mid West 4,567 3.53%
South East 4,063 3.14%
South West 13,853 10.72%
West 4,916 3.80%
Midlands 1,158 0.90%
Total 129,264 100%
Region Total Invested€’000s
% of Total Invested
Life Science 7,702 5.96%
Communications 16,837 13.03%
Manufacturing 7,186 5.56%
Software 91,998 71.17%
Miscellaneous 3,497 2.71%
Food 2,044 1.57%
Total 129,264 100%
43
SEED AND VENTURECAPITAL PROGRAMME 1994–1999
Seed & Venture Capital Programme 2016 Report
Summary of Investments – From Commencement of Programme to December 2016
* Fund closed
Name of Fund Fund Size
Value€’000s
Number of Investments 1996 - 2016
Total Invested 1996 - 2016
Value€’000s
ACT Enterprise Limited Partnership 19,046 61 18,630
Alliance Investment Capital Fund * 9,523 14 8,104
Bank of Ireland Entrepreneurs Fund Limited Partnership 12,697 102 10,909
Campus Companies Venture Capital Fund Limited Partnership 7,618 47 4,800
Dublin Seed Capital Fund Ltd * 7,618 49 4,159
eircom enterprise fund ltd * 2,539 24 2,686
Glanbia Investment Fund Ltd * 6,349 26 4,657
Irish BICs Seed Capital Fund Ltd * 1,905 8 914
Millennium Entrepreneur Fund Ltd * 1,524 18 1,220
Shannon Ventures Ltd * 254 3 77
Smurfit Venture Investments Ltd * 3,809 16 3,087
The Guinness Ulster Bank Equity Fund Limited Partnership * 7,618 29 6,602
The ICC Software Fund Limited Partnership (1)* 12,697 18 13,729
The ICC Software Fund Limited Partnership (2) 30,558 35 30,553
Trinity Venture Fund 1* 24,125 66 19,137
Total 147,880 516 129,264
44 Seed & Venture Capital Programme 2016 Report
Kevin Sherry (Chairperson)Executive Director Global Business DevelopmentEnterprise Ireland
Paul McKeownChief Financial Officer FinanceEnterprise Ireland
Donnchadh CullinanDepartment ManagerGrowth Capital & Banking RelationsEnterprise Ireland
Don HarringtonDirector Corporate FinanceGoodbody StockbrokersPrivate Sector
Jean CarberryPrincipal OfficerDepartment of Jobs Enterprise and Innovation
VacancyPrivate Sector Eimear KennySecretary to the Seed and Venture Capital Funds Committee
The following members retired or resigned from the committee during 2016/2017:
Walter HobbsExecutive DirectorInvestment & FinanceEnterprise Ireland
Niall O’DonnellanDivisional ManagerPeople, Policy & InvestmentEnterprise Ireland
Tony HaslamConsultantPrivate Sector
Páraig HennessyPrincipal OfficerDepartment of Jobs, Enterprise and Innovation
Seed and Venture Capital Funds Committee
45Seed & Venture Capital Programme 2016 Report
SEED AND VENTURE CAPITAL 2016 REPORT
Enterprise Ireland, The Plaza, East Point Business Park, Dublin 3Tel (01) 727 2000 Fax (01) 727 2020www.enterprise-ireland.com
© Enterprise Ireland June ’17 - (376)
Ireland’s European Structural and Investment Funds Programmes 2014-2020.
Co-funded by the Irish Government and the European Union.