Delta Partners launches €70m fund for early-stage companies

Digit Games’ Richard Barnwell, Mastercard’s Amy Neale join Delta as partners

Dublin-based venture capital firm Delta Partners has launched a new fund with a target close of €70 million that will invest in seed and early-stage technology companies in Ireland.

This fund is aiming to plug the gap that exists for early-stage companies, with plans to invest in 30 start-ups over three to four years at both seed stage and Series A.

The fund has reached its first close, with Bank of Ireland and Enterprise Ireland as cornerstone investors supported by Fexco and several family offices. It now plans to add new investors over the coming year to reach its €70 million target.

"This fund will increase the availability of capital to early-stage companies to deliver on their business plans and compete with international peers," said Leo Clancy, chief executive of Enterprise Ireland.

“Enterprise Ireland’s focus on seed-stage investments, which enhance diversity and experience in the ecosystem, is underpinned by this excellent launch, and we look forward to working with the team at Delta over the coming years.”

Delta Partners is also adding two new partners to its team , with Amy Neale joining from Mastercard, where she worked with fintech-focused innovation teams, and Digit Games founder Richard Barnwell coming on board. Mr Barnwell's company was backed by Delta Partners and was subsequently sold to US games company Scopely. They will join existing partners Maurice Roche and Dermot Berkery.

Among the companies Delta Partners has invested in are Luzern and Sirius XT, escrow as a service platform Deposify and Waterford-based StitcherAds. It has made more than 120 investments, and realised with €1.8 billion from them, including Clavis, Sensl and Neuravi.

The new fund was welcomed by Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar.

“We are constantly looking at ways we can back Irish businesses, especially at an early stage when raising finance is often the most difficult,” he said. “This fund will be a €70 million pot of money, supported by the Government through Enterprise Ireland for seed and early-stage technology businesses, working on ideas that will create the jobs of the future.”