Shard Capital launches new €20 million venture capital fund in Ireland

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  • Shard Capital Partners LLP, a London-based financial services company with around £650 million in assets under management, has launched a new venture capital fund in Ireland.

    The Suir Valley Venture Fund will invest in early-stage fintech, augmented reality, virtual reality and Internet of Things startups, and has an initial fund of up to €20 million available to invest.

    Management of the Fund will be led by Shard Capital’s new partner, Barry Downes, who previously founded the Irish tech startup, FeedHenry, which was acquired by Red Hat for €63.5 million in 2014. Barry Downes said: “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.”

    The Fund’s Irish operation will be headquartered at the Waterford Institute of Technology’s Research and Innovation Campus in Carriganore. Speaking about the launch, Toby Raincock, CEO of Shard Capital, said: “We are delighted to launch, in partnership with Enterprise Ireland, Suir Valley Funds ICAV, which complements our existing award winning fund management business.  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.”

    Welcoming the announcement, Walter Hobbs, Executive Director, Investment and Finance, Enterprise Ireland said: “A key role of Enterprise Ireland is to support early stage companies to start, innovate and scale their business in international markets. Creating a funding ecosystem for startups to thrive is of critical importance to the success of our client companies and as part of this mandate we recognise the value of venture capital funding to support high potential growth companies. Enterprise Ireland is delighted to support Shard Capital and looks forward to working with the team to drive the further development and growth of the Irish ICT sector in global markets.”

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