Venture capitalists, Executive Venture Partners (EVP), have set up a new €5 million fund targeted at start-up companies in the technology field.
The four EVP directors include three entrepreneurs who have successfully run their own businesses and a former head of corporate finance in Davy Stockbrokers, Mr Tom Byrne.
The directors said research showed that the biggest failing of start-up companies was lack of commercial expertise, especially in sales and marketing, finance and human resources.
Mr Tom Byrne, director of EVP and former head of corporate finance at Davy Stockbrokers, said: "We provide direct funding of up to €750,000 and have a range of partners that jointly invest for larger projects and subsequent rounds."
However, unlike most venture capitalists in Ireland, EVP focuses on investing in start-up technology (ICT) companies.
"We provide an unparalleled level of experience to help the promoters get to their end-goal quicker. We prefer to see ourselves as fast-track developers, rather than just fund managers. All of the commentators in the enterprise arena in Ireland agree that this type of support is what is required to produce the successful companies of the future," he said.
Enterprise Ireland was very pleased to be associated with the EVP early-stage technology fund particularly for the coaching, mentoring and experience of the promoters, said Mr Dan Flinter, CEO of Enterprise Ireland.
Mr Cathal Friel, director, Merrion Corporate Finance, said the fund was long overdue in the Irish market as it addressed a very clear gap in supporting early-stage technology enterprises.
The directors of EVP are: Mr Tom Byrne, head of corporate finance at Davy Stockbrokers for 14 years; Mr Bernie Donnelly, a qualified accountant who worked as a financial controller with public limited companies before setting up his own software firms; Mr Gerry Jones, who founded two successful companies and was CEO during the start-up and early stage development of these companies; and Mr John Shiel, who set up his own software company some years ago.
