Elkstone, an Irish VC, has successfully closed a €100 million fund targeted at early-stage Irish companies. Anchored by the Ireland Strategic Investment Fund (ISIF) (also backed Claret Capital), the fund aims to provide support to the emerging generation of Irish entrepreneurs who are building high potential and scalable businesses.
The Dublin-based investment house has already allocated €10 million from the fund to date, investing in companies such as Bluedrop Medical, MEG, Inclusio, Allsorter, Danalto, and Output Sports. Additional investments, focusing on AI and cybersecurity, are expected to be finalised soon, with an emphasis on funding in the range of €1 million to €2 million by 2026.
Backing exceptional founders
The Elkstone Ireland Venture Fund says it will provide support to exceptional Irish founders who are developing innovative, internationally scalable, and potentially groundbreaking companies that can redefine their respective categories.
Apart from ISIF, the fund has gained support from other backers, including Enterprise Ireland through its seed and venture capital scheme, as well as Elkstone’s existing client base. This fund is now the largest early stage fund in Ireland.
Established in 2011, Elkstone has made a name for itself with notable venture investments in startups like Flipdish, Laka, LetsGetChecked, Manna, and Soapbox Labs. Through its venture arm, Elkstone has already invested in over 50 startups, resulting in the creation of more than 1,000 jobs. These companies have successfully raised over €600 million in subsequent funding rounds.
Strong presence in real estate
In addition to its early-stage venture investments, Elkstone has also established a strong presence in the real estate and wealth management sectors.
“We are delighted to have delivered on our promise to the Dept of Finance and our Clients to bring about a unique EIIS venture fund providing access to support the venture funding ecosystem here. Our fund investor base comprising both entrepreneurs and private capital alongside EI and ISIF is a key edge in helping us bring meaningful value to Irish founders as they look to fulfil their businesses’ potential and scale internationally. Whilst the macro backdrop is undoubtedly challenging, it is a good time to be investing and we are very positive on the outlook for disruption and innovation” said Alan Merriman, Elkstone’s Chief Executive, “We are very much looking forward to continuing to play our part in enabling deserving early stage businesses to grow and bring about stellar returns for our investors and meaningful social and economic impact for the Irish economy.”
Nick Ashmore, the Director of ISIF, said: “ISIF is a strong supporter of indigenous Irish businesses that have ambitions to scale and target international markets. This fund expands our reach in early-stage venture capital and gives Irish businesses a valuable new option for attracting the capital they need to grow. Our new partnership with Elkstone will fuel the success of a range of fast-growing Irish businesses and we aim to build on these success stories in the coming years.”
Niall McEvoy, Venture Partner at Elkstone said, “In addition to our existing portfolio companies, in recent years Elkstone has made notable international investments such as Thirty Madison, Standard Gas, and AudioMob, which have further amplified our ability to leverage our founder and co-investor network to help our portfolio companies succeed. Our commitment to supporting companies that exhibit excellence in ESG and make a genuine societal impact has been a driving force behind these successful investments. We are proud to work with companies like Inclusio and Bluedrop Medical, who share our values and vision for a better future. As Venture Partner at Elkstone, I am excited about the potential for our portfolio companies to make a positive difference in the world, and I look forward to continuing to support their growth and success, whilst also delivering stellar returns for our clients.”