Dublin, Ireland, 25th June 2020: Venturewave Capital has confirmed the successful first close of a new fund, “Impact Ireland”, which aims to invest in and build global ‘technology for good’ companies from Ireland.

The fund will take strategic stakes in up to 15 high-growth potential and scaling Irish companies. It will invest €1 million to €25 million per company. The fund will target cloud-based technology companies in education, healthcare, food and agriculture, energy, and the environment.

The fund will adhere to the principles of Impact Investing, which are designed to generate a return for society and investors. Impact Investing is growing rapidly worldwide in recognition of business’s central role and responsibility in meeting key social and environmental challenges. The fund will be invested in profit-driven companies, which will also advance the UN’s sustainable development goals.

The fund is a member of the Global Impact Investing Network and is the first Irish signatory of the World Bank’s International Finance Corporation’s Operating Principles for Impact Measurement, which sets the standard by which the social benefit of Impact Investments will be gauged.

Venturewave Capital is headed by Chairman Alan Foy and Managing Partner Kieran McLoughlin, who are part of a team of founding partners, executives, and special advisors. The team has deep sales, operating, technology, finance, fundraising and entrepreneurial skills to bring value to their investee companies.

Investors in the fund include distinguished entrepreneurs, corporate leaders and philanthropists from both Ireland’s diaspora and at home. The fund seeks to tap into this network of expertise through a Global Advisory Council Chaired by former Taoiseach Enda Kenny. The Council will work with investment professionals in Venturewave Capital to promote Ireland as an international location for innovation and investment, especially impact investing. Membership to the Global Advisory Council is available at www.venturewave.com.

Enda Kenny commented, “I am pleased to Chair Impact Ireland’s Global Advisory Council. It will be a powerful corps of advocates for developing the next generation of successful Irish businesses and accelerating the impact that they will have.”

Kieran McLoughlin, managing partner of Venturewave Capital, said: “We are delighted to launch Impact Ireland, which focuses on supporting highly scalable companies that benefit society from one of the best investment global locations, Ireland. We are privileged to be able to draw on the experience and insights of such a remarkable group of people in the Global Advisory Council, especially in promoting Ireland. We are in active dialogue with some prospective pipeline investment companies and are confident of building great companies from Ireland with global scale and ambition.”