Shard Capital Partners Launches New Venture Capital Fund in Ireland

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Pic. Donnchadh Cullinan, Enterprise Ireland, Toby Raincock, Shard Capital, Minister O Connor, Barry Downes, Suir Valley Ventures, Gareth Burchell, Shard Capital

Shard Capital Partners LLP (www.shardcapital.com) announces the launch and first closing of the Suir Valley Venture Fund of Suir Valley Funds ICAV (‘the Fund’), the first Irish focused venture capital fund in Ireland that uses a regulated fund with a fully regulated Alternative Investment Fund Manager (‘AIFM’).  The Fund invests in early stage software companies in the Financial Technology (‘FinTech’), Augmented Reality (‘AR’), Virtual Reality (‘VR’), and Internet of Things (‘IoT’) sectors.  The Fund’s first close has been funded via commitments of up to €20 million from Enterprise Ireland, the Irish Government Agency, and Shard Capital.

UK based Shard Capital will be managing the Fund in Ireland by availing of the management passport under the Alternative Investment Fund Manager Directive (‘AIFMD’).  Management of the Fund is led by Barry Downes, previously founder of FeedHenry (www.redhat.com/en/technologies/mobile), which was acquired by Red Hat Inc in 2014 (NYSE: RHT) and also more recently CEO of TSSG  (www.tssg.org), a leading international software research institute, which has delivered over 120 technology and innovation projects for start-ups over the past three years. The Fund’s Irish operation will be headquartered at the Waterford Institute of Technology’s Research and Innovation Campus in Carriganore Waterford, Ireland, where the TSSG is also based.

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.”

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