Frontline closes in on $65m fund

EIF, Enterprise Ireland and Ireland Strategic Investment Fund have backed Frontline’s Fund II, which will target business-to-business software developers at the pre-seed and seed stages.

Frontline Ventures, a VC firm based in the UK and Ireland, closed a €60m ($65m) fund on Tuesday with support from investors including the European Investment Fund (EIF).

EIF, the investment arm of the European Union, contributed alongside government-owned credit export agency Enterprise Ireland and sovereign wealth fund Ireland Strategic Investment Fund, as well as financial services firm Allied Irish Banks, pension funds and family offices.

The European Fund for Strategic Investments, an initiative established by EIF and European Investment Bank, supported the fundraising effort.

Dubbed Fund II, the vehicle will target business-to-business software developers at the pre-seed and seed stages and commit between €200,000 to €3m to startups.

Frontline previously closed a €50m fund in 2013 and has built a portfolio of 27 software producers across Europe to date.

Eugene O’Callaghan, director of the Ireland Strategic Investment Fund (ISIF), said: “We are delighted to extend ISIF’s partnership with Frontline through this latest Fund given the encouraging performance and impact of Frontline Fund I, which has already seen the creation of 350 new Irish jobs and played a major role in supporting the development of innovative start-up software companies in Ireland.”

Walter Hobbs, executive director, investment and finance, at Enterprise Ireland said: “Ireland is fast becoming an international leader in business and a world-class innovator in some of the technology sector’s most exciting and disruptive new fields.

“One of Enterprise Ireland’s key roles is to develop and support this innovation and we recognise the value of venture capital funding to high potential growth companies in the software sector. We are delighted to support Frontline, whose portfolio is a testament to the calibre of high-quality entrepreneurs coming out of Ireland.”

See more from this Government Report: European Investment Fund, Ireland


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