Elkstone targets Irish early stage start-ups with a €100m EIIS approved fund.
Elkstone has revealed a new €100m fund that will focus on early-stage EIIS-qualified start-ups with investment round ranging between €1m and €2m.
It describes itself as “a generalist investor engaged with a broad spectrum of industries from digital health to drone delivery to artificial intelligence and much more.”
“We look forward to working with more and more Irish-based founders who will now have the opportunity to accelerate their journey, grow and go global”
The fund includes Enterprise Ireland as a cornerstone investor and private Irish investors looking to support and build Ireland start-up ecosystem.
Elkstone said that the required legislation enacted from Budget 2022 around the Employment Investment Incentive Scheme (EIIS) will help put the right infrastructure in place to ensure a compelling proposition for start-up founders and investors.
“This fund is the first to launch following the amendment to EIIS legislation and we look forward to seeing the difference that this private and public capital will make to the next generation of Irish entrepreneurs”
Locally there have been significant calls for Ireland’s Investor community to do more across Ireland’s Venture eco-system and Elkstone plans to deliver on this call.
“Elkstone have been deeply engaged with both the Start-Up community and Investor community for many years,” said Elkstone founder Alan Merriman.
“From our first-hand experience, we strongly believe Ireland can continue to grow great new ventures and are excited about the opportunity for Elkstone and our clients, with this new fund, to play a meaningful role in making this happen.
“It has been a long road to get here to ensure the right win-win framework is in place, but the support we got across the community and from Enterprise Ireland and the Department of Enterprise Trade & Employment as well as the constructive engagement from the Department of Finance was pivotal. We look forward to working with more and more Irish-based founders who will now have the opportunity to accelerate their journey, grow and go global.”
Elkstone’s existing venture portfolio include stars such as LetsGetChecked, Manna, Soapbox Labs, Flipdish, HealthBeacon, Altada and many more which have collectively created over a thousand jobs. Two of these firms – LetsGetChecked and Flipdish – are among Ireland’s six current unicorn businesses valued at more than $1bn.
“Enterprise Ireland is delighted to commit €20m from our Seed & Venture Capital Scheme to the establishment of this fund, which will invest in early-stage companies,” said Enterprise Ireland CEO Leo Clancy.
“Enterprise Ireland is committed to leading the expansion of venture funding in the areas of the Irish market that are most challenging for growing firms. This fund is the first to launch following the amendment to EIIS legislation and we look forward to seeing the difference that this private and public capital will make to the next generation of Irish entrepreneurs.”
Main image (left to right): Alan Merriman, CEO and co-founder at Elkstone; Orla O’Gorman, Elkstone Ventures Advisory Board; Kate Fullen, venture analyst at Elkstone; and Leo Clancy, CEO, Enterprise Ireland