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Irish Venture Capital Association
in association with InterTradeIreland’s EquityNetwork
The Old Gasworks Business Park Kilmorey Street, Newry BT34 2DE, Co. Down Tel: 028 3083 4151 (RoI: 048 3083 4151) Fax: 028 3083 4155 (RoI: 048 3083 4155) Email: email@example.com Web: www.intertradeireland.com 3 Rectory Slopes, Bray, Co. Wicklow Tel: 353 (0) 1 276 4647 Fax: 353 (0) 1 274 5915 Email: firstname.lastname@example.org Web: www.ivca.ie
by Desmond Fahey, Chairman of the Irish Venture Capital Association by Barry Fitzsimons, Chair of EquityNetwork
2 3 4 5 5 7 8 10 14 15 28 33 34 38 38 40
An Introduction to Venture Capital • • • • • What is venture capital/private equity? How do I make my company attractive to a venture capitalist or an investor in general? Benefits of venture capital Questions to ask before approaching a venture capitalist The Business Plan
The Role of the Non-Executive Director Sources of Venture Capital Glossary of Terms Irish Venture Capital Association Council Irish Venture Capital Association – Associate Members EquityNetwork – Steering Committee – Executive Useful Contacts
gives details of our members. useful contacts. While an increase in divestment is to be expected at this stage of the venture capital life cycle. Vice-Chair of InterTradeIreland The Irish Venture Capital Association represents members who professionally manage over 95% of the €1 billion managed by venture capital funds in Ireland. some other sources of financial funding and a glossary of terms. However. As the industry body on the island the IVCA is an excellent partner for EquityNetwork across a range of venture capital initiatives. During 2004 divestments by Irish VC companies yielded €190 million. These companies today employ thousands of Irish graduates and technically qualified personnel. our member VC companies invested over €1 billion into over several hundred Irish enterprises. To address these shortfalls InterTradeIreland developed EquityNetwork. The Irish VC industry is relatively young by comparison to the U.A and Europe but is developing very well. The research also highlighted a gap in the supply of equity finance to early stage start up projects. InterTradeIreland’s collaboration with the Irish Venture Capital Association in producing the Guide and in developing other initiatives has certainly strengthened the quality of the service InterTradeIreland is able to offer. A Guide to Venture Capital. it also demonstrates that an exit market is developing. It is an excellent resource for corporate financiers. The Guide. This is not peculiar to the local market but reflects the high level of risk of funding such projects and the cost of managing the investment. EquityNetwork provides the following services to the business community: • Value added information services to businesses to assist in making them ’investor ready’ • Signposting for businesses seeking equity finance • Support for business angel networks on the north and south of the island • An island-wide education programme to raise awareness of the availability and benefits of using private equity 2 I hope you continue to find the Guide useful. Research undertaken in 1999 by InterTradeIreland into private equity provision on the island revealed a dramatic increase in the amounts of private equity raised and invested in the previous decade. achieved through trade sales. providing the essential disposal mechanisms tothe venture capital industry. The Guide contains all the sources of funding on the island. I hope you find it useful. debt repayment and sales to other investors. the Irish venture capital industry will require significant funding in 2006 if the level of investment in internationally focused Irish enterprises is to continue at the rate required for our knowledge economy. In the north through Investment Belfast in collaboration with Invest NI and the NI Bankers Association and in the south through Dublin Business Innovation Centre with the collaboration of Enterprise Ireland and the regional BICs. relative to the actual funds invested. has become the first point of contact for anyone seeking information on venture capital on the island of Ireland. 3 . InterTradeIreland now supports ‘Halo’ business angel networks in Northern Ireland and the Republic. Over €150 million of VC money is still available for qualifying entrepreneurs however. certain regions showed slower signs of growth and a low level of uptake – due primarily to a shortage of quality deals rather than the availability of funds. The value added to investee companies by experienced VC professionals is very important for developing enterprises. public offerings.A GUIDE TO VENTURE CAPITAL Foreword DESMOND FAHEY Chairman of the Irish Venture Capital Association Foreword BARRY FITZSIMONS EquityNetwork. This publication ‘A Guide to Venture Capital’ is published in collaboration with EquityNetwork. was first published in 2003. it aims to enable the entrepreneur to see what funding is available and give pointers on how to go about sourcing funding. accountants and lawyers as well as for those seeking venture equity. the first of its kind. During the last five years. IInterTradeIreland’s joint publication with the Irish Venture Capital Association.S.
from the seed to expansion stages. to help unquoted companies grow and succeed. The main sources of private equity on the island are Venture Capital Funds. the presence of other investors and where the business is in its development cycle) and Corporate Venturers. the investors' returns are dependent on the growth and profitability of your business.therefore the guide will benefit entrepreneurs and their advisers looking for private equity from both these sources. High potential businesses can be distinguished from others by their aspirations and potential for growth. Obtaining private equity is very different from raising debt or a loan from a lender. The guide also demonstrates the positive advantages that venture capital/private equity will bring to your business. As a rule of thumb. This usually means that the market for the product and service will not solely be on the island. expand. This Guide's principal focus is upon Venture Capital Funds. Private equity investors are interested in companies with high growth prospects. will charge interest on a loan and seek repayment of the capital. as shareholders. buy out a division of your parent company. such as a bank. are managed by experienced and ambitious teams and have an exit opportunity for investors which will provide returns commensurate with the risk taken. as they are unlikely to provide sufficient financial returns to make them of interest to an external investor. the most important document you will produce when searching for a private equity investor. unless a business can offer the prospect of significant turnover growth within three to five years. How do I make my company attractive to a Venture Capitalist or an investor in general? Many small companies on the island do not grow and so do not provide 'upside potential' for the owners other than to provide a good standard of living and job satisfaction. However. the investment criteria that both Venture Capital Funds and Business Angels apply when assessing potential investee companies is often very similar . committed share capital. It is this flexibility which makes private equity an attractive and appropriate form of finance for early stage and knowledge-based projects in particular. The purpose of this booklet is to encourage you to start planning early when seeking finance to accelerate the growth of your business. Private Equity could help. as well as management buy-outs and buy-ins. In short. who usually seek security such as a charge over the assets of the company. turnaround or revitalise a company. it is unlikely to be of interest to a private equity investor. The terms Venture Capital and Private Equity should therefore be regarded as interchangeable phrases. For the purposes of this guide ‘Private Equity’ refers to ‘Venture Capital’ and ‘Business Angel’ investments at stages in a company’s development. Private equity is invested in exchange for a stake in your company and. provides long-term. Such businesses are aiming to grow rapidly to a significant size. If you are looking to start up. Lenders. Corporate Venturers can be product related or service companies that provide funds and/or a partnering relationship between mature and early stage companies which may operate in the same industry sector. enjoy barriers to entry from competitors. Government Agencies (depending upon the sector your business operates in.A GUIDE TO VENTURE CAPITAL An Introduction to Venture Capital Venture Capital/Private Equity is medium to long-term finance provided in return for a shareholding in unquoted companies. The investment is unsecured. What is venture capital/private equity? Venture Capital/Private Equity. It gives guidance on what should be included in your business plan. 4 5 . fully at risk and usually does not have defined repayment terms. It will explain how a Venture Capitalist approaches the process of investing equity in a business and what you need to do to improve your chances of raising equity. Business Angels (private individuals who provide smaller amounts of finance at an earlier stage than many private equity firms are able to invest at). the aim is to help you understand what Venture Capital Funds are looking for in a potential business investment and how to approach them. rather than by their current size. buy into a business. These businesses are not generally suitable for private equity investment.
Investment executives working with Venture Capital Funds attempt to identify the best projects in order to minimize their investment risk. The diagram below highlights the likely sources of funds for businesses at different stages of development. for example. employ more people and are more profitable when benchmarked against their peers. most fast growth start-ups are knowledge based. it is important to understand if their investment criteria or preferences match your project.A GUIDE TO VENTURE CAPITAL Venture Capital Funds normally agree their investment criteria with those who have invested in the fund. Business Angels also usually prefer to invest in projects which reflect their own skillsets or investment history. Earlier stage projects normally reflect a higher level of risk for equity investors. Venture Capitalists identifying and investing in the best investment opportunities and input from Non-Executive and Executive Directors introduced by the VC investor (a key differentiator from other forms of finance) USE AND SOURCE OF PRIVATE EQUITY IN BUSINESS DEVELOPMENT STAGE CYCLE R&D START-UP EARLY GROWTH ACCELERATING GROWTH SUSTAINING GROWTH MATURITY GROWTH TYPE OF FUNDING Proof of Concept Funding Seed Corn First Round Second Round Development Capital Replacement Capital MBO/ Development Capital Public Sector Founders. Benefits of Venture Capital In the current economic climate on the island. This is made possible by a combination of capital. When approaching a Venture Capitalist or a Business Angel. Research has shown that Venture Capital backed companies grow faster than other types of companies. private equity is the obvious source of finance to fill the financing gap. Given that these projects cannot offer tangible security to traditional debt financiers or predictable cashflows to service loans. preferred sectors and stages of development. so it's important that entrepreneurs explore all possible sources of finance when fundraising. Family and Friends SOURCES OF FUNDING Business Angles Venture Capital Corporate Venturing Public Listing/IPO 6 7 .
indeed. It is this flexibility and value-added input from a private equity investor which differentiates them from other funders. Such an investment from the promoters/management team can help demonstrate commitment to a project and may attract fiscal incentives in the form of the Business Expansion Scheme. If 'no'. The end result is likely to be a funding package which includes a cocktail of funders secured with the assistance of the Venture Capitalist. Before they invest. It is likely that an equity investor will usually help the promoters secure other sources of funds. VC executives will consider the likelihood of realising their investment. but just as importantly. they are responsible for returning the cash invested in their fund with interest to their investors. The promoters ability to implement their business plan in full is the obvious question. depending upon the jurisdiction the company is based in and other criteria. can the company in question be sold to another trade player or find another way to redeem the venture capitalist's investment within a reasonable time frame (usually between three and seven years)? 8 9 . This usually includes debt finance from banks to finance working capital and asset purchases. Enterprise Investment Scheme or Enterprise Management Incentives. Venture Capitalists look for capital gains from their investments. external equity is worth considering. it may be that your proposal is not suitable for venture capitalists and it may take additional work on your behalf to make the proposal 'investor ready'. Professional help should be sought to confirm eligibility and benefits of these schemes at an early opportunity. promoters must explore all possible sources of funds. grant aid from development agencies and. After all.A GUIDE TO VENTURE CAPITAL Questions to ask before approaching a Venture Capitalist Does my company have high growth prospects and is my team ambitious to grow the company rapidly? Does my company have a product or service with a competitive edge or unique selling point? Can it be protected by Intellectual Property Rights? Can I demonstrate relevant industry sector experience? Does my team have the relevant skills to deliver the business plan fully? Am I willing to sell some of the company's shares to a private equity investor? Is there a realistic exit opportunity for all shareholders in order to realise their investment? Am I prepared to accept that my exiting this business may be in the best interest of all shareholders? If your answers are 'yes'. They adopt a portfolio approach to their investments which reflects their strategy to mitigate the risk of investing unsecured funds in early stage companies. an equity investment from the promoters. When seeking to raise capital to accelerate the development of a business idea.
This section must convey the message that the team has the full complement of skills required to deliver the plan. barriers to entry etc and how your product / service will add value to the purchaser. The management team must sell their experience to investors as well as their understanding of the market which they are targeting. Further details on NEDs can be found in the next section of the guide. an analysis of competitors and how you will deal with competing goods and services. Their first impression of your business plan will determine whether they take their interest any further. how the product / service will be priced. 4. The Market A common mistake that entrepreneurs make is to express their market in terms of a global figure representing all activity within their sector. it is prudent to identify skill gaps which must be addressed in order to deliver the plan as new investors in a business can utilise their networks to fill the gaps. If no one has thought of offering a similar or competing product. Indeed. 6. the amount of funds required to deliver the business plan and a management team capable of implementing it. The following section is intended to give you a summary of what the business plan should include: Executive Summary This is the key part of the document which must immediately and clearly articulate the investment opportunity for the reader. this should explain what exactly the product / service offering is. 5. Venture Capitalists read numerous business plans from a wide range of sources and they must invest in the best projects. 11 10 . The detailed plan should give full details under the following headings: 1. Management Team Most venture capitalists will tell you that they invest in people not ideas. 2.A GUIDE TO VENTURE CAPITAL The Business Plan The business plan is the most important document for a company seeking to raise finance from private equity investors. The Product / Service The Market Management Team Business Process / Operations Financial Projections Proposed Investment Opportunity 1. If this part of the Business Plan is not presented with conviction and in clear language. The Product / Service In simple language. 2. It is unlikely that there will be no rivals in your market sector and you should avoid comments like 'there is no competition' or. The Executive Summary should make a potential investor believe that your unique proposition has the potential to make a good return on their investment and that you and your team have the ability to deliver what the plan says. how it will be distributed to customers. is it conceivable that there is no demand for your product or that customers do not realise that they need it? 3. It should demonstrate what the business opportunity is. Non-Executive Directors (NEDs) are an obvious source of expertise for early stage companies to address this issue and and Venture Capital Fund managers usually appoint a NED to investor companies to help them avoid the pitfalls of growing a business. The marketing section should demonstrate who the customer base is likely to be. differentiation from other products. It is absolutely essential that your business plan demonstrates an 'investor ready' project. This will clearly demonstrate the unique selling point of your offering. 3. The private investor requires comfort that there is a commercial opportunity for your product/service and that the management team has the ability to exploit this opportunity. 'our product is totally new'. you may miss the opportunity of ensuring that a potential investor takes the time to read your entire plan.
process and utilisation of resources (human and physical) are the best available to exploit this opportunity. and an outline showing how investors will receive a return on their investment. Whilst there may be a market for the product/service being offered. Much consideration should be given to this section to produce realistic projections and indicate an openness to work with the investor in the future to deliver a common goal – the maximising of value. you must ensure that the proposed location. The projections must be realistically achieveable. These projections will form the basis of any term sheet which an equity investor may issue. It should demonstrate that any necessary R&D can be fully undertaken and that an appropriately skilled workforce is available. It is essential that you strike a balance between providing the investor with sufficient information to evaluate the investment opportunity while not overloading them with technical information. or both. It cannot be stressed too much that the Business Plan is the single most important document that you will provide for potential private equity investors. The location of the business and the physical infrastructure will also be detailed. balance sheets and cashflow statements. These figures will be supported by detailed assumptions which reflect the content of the business plan. be that manufacturing products. Financial Projections An investor will always wish to review a detailed set of integrated financial projections which encompasses profit and loss accounts. As with the financial projections the exit opportunity should be realistic and take account of current market conditions. It must be coherent. Care should be taken to demonstrate that there is sufficient flexibility within systems. how and when they will be spent. 5. Business Processes / Operations This section explains how the business operates. but they must also be sufficiently ambitious to demonstrate that there is an attractive investment opportunity. facilities and human resources to expand the business in line with its projected growth. Negotiation with the Venture Capitalist over valuation. 12 13 . delivering a service. well presented and of a length which maintains the interest of the reader.A GUIDE TO VENTURE CAPITAL 4. Proposed Investment Opportunity / Exit This is the opportunity to identify the level of funds required. 6. future milestones and ultimate exit opportunities will be influenced by the delivery of the financial projections.
01 260 0538 E. ALCHEMY PARTNERS Brian Stephens 10 Fitzwilliam Square Dublin 2 T.+ SECTORS All NOTES 14 15 . with a particular interest in early stage companies. 01 829 0269 E. recognise that the chemistry and teamwork between the non-executive and the existing management team is crucial. This availability of outside expertise to the management team represents a valuable asset for most companies. As a result. email@example.com INVESTMENT RANGE €15m. 01 661 3057 E. Clonskeagh. Sources of Venture Capital Fund Managers/Funds ACT VENTURE CAPITAL Niall Carroll MANAGING DIRECTOR FUND SIZE €300m INVESTMENT RANGE Richview Office Park.c. 01 260 0966 F. the VC's Non-Executive Director is there to play an integral role in the development of the company rather than act as a watchdog for their investment.enderson@aib. Dublin 1 T.000 SECTORS Domestic Technology Sector NOTES The fund is now closed to new investments. The use of Non-Executive Directors is one way of accelerating the development and growth of SMEs and whether it is a longstanding traditional business or a start-up seeking equity finance. and is one reason why Venture Capital is regarded as a value-added source of finance for SMEs. medical devices and life sciences. info@alchemypartners. Investments are made in companies at all stages of their growth.alchemypartners.ie w. laurence. ACT plays an active supportive role in helping companies to expand into international markets. particularly start-ups.000 – €15m SECTORS Information and communications. With its extensive contacts and widely experienced team. Dublin 14 T. non-executives can bring added value with objectivity drawn from their own experience and skills.ie €250.actventure.com w. technologies. www.com NOTES €750. ACT's funds are sourced from leading domestic and international financial institutions.4m INVESTMENT RANGE AIB Equity.com FUND SIZE €1. It is well documented that Non-Executive Directors can make a significant contribution to company performance regardless of size. however. or management expertise which will help delivery of the corporate plan. It is normal for Venture Capital investors to place a Non-Executive Director on the Board of the investee company to represent their interests. AIB International Centre IFSC.A GUIDE TO VENTURE CAPITAL The Role of the Non-Executive Director The considerable amount of media attention on the issue of corporate governance has highlighted the role of Non-Executive Directors. www. This can either be one of its own fund managers or an individual who has sectoral. Most Venture Capitalists. AIB EQUITY Laurence Endersen DIRECTOR OF AIB EQUITY FUND SIZE €25.000 – €750. market. 01 641 7993 F. 01 661 2671 F.
000 – €2m SECTORS All 40 Mespil Road Dublin 4 T. 01 665 3484 E. Dublin 8 T. Biotechnology. info@campuscapital. www. The fund provides equity capital for development capital. 01 616 2705 F.ie W.traynor@allinv. Dublin 2 T. 01 616 2895 E. 5 Crescent Gardens Belfast BT7 1NS T.com NOTES €100.campuscapital.angloirishbank. www.000 SECTORS Manufacturing.000 – €2m SECTORS All Office 107. 01 449 3200 F. Westpoint Buildings. Consumer goods and other. One half of funding is allocated to the expansion funding of younger companies.A GUIDE TO VENTURE CAPITAL ALLIANCE INVESTMENT CAPITAL BOI VENTURE CAPITAL Frank Traynor MANAGING DIRECTOR FUND SIZE Brendan Vaughan FUND MANAGER FUND SIZE €9. www.ie NOTES €500. Brendan. 16 17 . The maximum investment per company is 3m. BOI KERNEL CAPITAL PARTNERS PRIVATE EQUITY FUND CRESCENT CAPITAL Niall Olden MANGING DIRECTOR FUND SIZE Colin Walsh MANAGING DIRECTOR FUND SIZE €19m INVESTMENT RANGE £14m INVESTMENT RANGE Unit 4. 01 449 3299 E.ie NOTES €500. The Fund invests in all sectors and in companies at all stages of development. patwalsh@angloirishbank. www. The Fund will also consider supporting high potential ‘pilot projects’ on case by case basis.boi. 028 9032 9525 E.5m SECTORS All except property.000 – €600.co. The fund has invested in five companies and is now closed for futher investments. Limited Partners are Royal Bank of Scotland Private Equity and Enterprise Ireland. Internet.000 – €1. mail@crescentcapital. MBOs and MBIs. tradable services and IT in Northern Ireland. ANGLO IRISH CAPITAL PARTNERS Dublin based fund with regional offices in Tullamore. Limerick and Cork. Electronics. CAMPUS COMPANIES VENTURE CAPITAL FUND Pat Walsh INVESTMENT DIRECTOR FUND SIZE Patrick Ryan CHIEF EXECUTIVE FUND SIZE €15m INVESTMENT RANGE €7.co. Communications. 021 482 6030 F.crescentcapital. 021 482 6034 E.ie/venturecapital NOTES Up to €2m SECTORS ICT The first Alliance Investment Capital Venture Fund was launched in 1999.olden@kernelcapital. niall. CFI Equity Fund Limited is a sister company to Dublin based corporate finance firm. Specialise in seed and early stage for companies registered in Ireland and promoted by graduates of Irish Universities.ie W.000 SECTORS Information Technology.alliance.000 – £750. www.com W. 01 283 7256 E. Corporate Finance Ireland Ltd.ie NOTES €300.5m INVESTMENT RANGE €19m INVESTMENT RANGE CFI House. Clonskeagh Square Dublin 14 T. 01 283 7656 F. Ballincollig. Cork T. www.uk NOTES £250. frank. 18-21 St Stephens Green.kernelcapital.com W. management buyouts/buyins and shareholder release. Adelaide Chambers Peter Street. From High Potential Start Ups to more mature MBO and MBI opportunities. 028 9023 3633 F. Medical – Other.Vaughan@boimail. The balance of the fund is allocated to development capital for mature companies. Westpoint Business Park.com w. Galway. 01 665 3443 F.uk W.6m INVESTMENT RANGE Stephen Court.
NOTES Dublin Business Innovation Centre manages the Dublin Seed Capital Fund and Irish BICs Seed Capital Fund.000 – £150. TCD Enterprise Centre Pearse Street.A GUIDE TO VENTURE CAPITAL DELTA PARTNERS EMERGING BUSINESS TRUST Frank Kenny MANAGING PARTNER FUND SIZE Teresa Townsley PARTNER FUND SIZE €130m INVESTMENT RANGE £1m INVESTMENT RANGE Fujitsu Building.eeni. 38-42 Hill Street Belfast. Galway T. 01 294 0870 F. firstname.lastname@example.org NOTES €150. software.000 – €1. info@eeni. email@example.com W. www. EIRCOM ENTERPRISE FUND ENTERPRISE EQUITY VENTURE CAPITAL GROUP Maura Moore EXECUTIVE DIRECTOR FUND SIZE Aidan Langan CEO FUND SIZE €2. life sciences. 028 9024 2500 F. www.000 – €250. Software and other sectors Dublin Road. info@emergingbusinesstrust. 028 9031 1660 F. Niche businesses with an emphasis on technology.enterpriseequity. Telecoms. 01 294 0877 E. Dublin 18 T.000 – €508. 18 19 .ie w.000 SECTORS Technology-led IT. Leopardstown. www. 01 671 3330 E. Louth Mervue Business Park. 028 9024 2487 E. www. The fund is now committed. midlands and the west region with the exception of property retail and hotels. Dublin 2 T. venture@delta. 01 647 1866 F. www.000 SECTORS All sectors in the border. Dundalk. The Funds were established by Dublin BIC to provide seed and early-stage equity capital to emerging. 78a Dublin Road Belfast. Co. Established by the International Fund for Ireland. www. Established by the International Fund for Ireland.com NOTES £25.000 SECTORS Communications.54m INVESTMENT RANGE £16m INVESTMENT RANGE 53 Merrion Square Dublin 2 T. BT2 7HP T. DUBLIN BUSINESS INNOVATION CENTRE ENTERPRISE EQUITY VENTURE CAPITAL GROUP Alex Hobbs The Tower. 042 933 3167 / 091764814 F.ie €38.ie W.com W. firstname.lastname@example.org. The fund is currently closed. 01 661 3897 E. other.250. 028 9031 1880 E. BT1 2LB T. South County Business Pk.ie FUND SIZE Conor O'Connor CEO FUND SIZE €6.com NOTES Up to £2m SECTORS High growth sectors throughout Northern Ireland NOTES Eircom Enterprise Fund provides risk capital to young high growth companies operating in the 'tmt' sector.4m INVESTMENT RANGE €25m INVESTMENT RANGE €65.000 + SECTORS Communications technology.dbic.000 SECTORS Niche businesses This fund is currently investing.ie W. start up and developing companies across a range of technology-led sectors.ie W.ie NOTES €500. 01 671 3111 F.eircom-enterprise-fund. 042 933 4857 / 091764615 E.
Part of the same group as Trinity Venture Capital.ie NOTES Up to €16m SECTORS General Ireland North and South The fund invests in early stage High Potential Start-ups (HPSUs). 01 660 7904 E.250. midlands and the west region with the exception of property retail and hotels. www. www. email@example.com W. 021 230 7070 E.enterpriseequity.glanbiaenterprisefund. 01 213 0711 F. EVP EARLY STAGE TECHNOLOGY FUND HIBERNIA CAPITAL PARTNERS LIMITED Gerry Jones PARTNER FUND SIZE David Gavagan SENIOR PARTNER FUND SIZE €5m INVESTMENT RANGE €77m INVESTMENT RANGE Arena House.net NOTES €100. NSC Campus.ie NOTES €300.7m INVESTMENT RANGE 40 Mespil Road Dublin 4 T. www. 01 665 3494 F. 01 213 0515 E.hcp.com NOTES Up to €750. ENTERPRISE 2000 FUND GROWCORP GROUP LIMITED Laurence Enderson FUND MANAGER FUND SIZE Michael Donnelly CEO FUND SIZE €13m INVESTMENT RANGE €12. Cork T.A GUIDE TO VENTURE CAPITAL ENTERPRISE EQUITY VENTURE CAPITAL GROUP GLANBIA ENTERPRISE FUND Tom Shinkwin INVESTMENT EXECUTIVE FUND SIZE Joe Doddy MANAGER OF INNOVATION SERVICES FUND SIZE €25m INVESTMENT RANGE €6. 01 466 1002 E. firstname.lastname@example.org NOTES €150. 01 205 7770 F. 01 466 1000 F. The fund is managed by Growcorp.3m INVESTMENT RANGE National Software Centre.ie W.jones@evp. 74 Pembroke Road Ballsbridge. Beech Hill Office Campus.27m SECTORS Life Sciences NOTES The Enterprise 2000 Fund.000 – €1. 021 230 7127 F.ie W.000 SECTORS All sectors in the border. 01 205 7771 E.evp. Mahon.com N/A SECTORS Fund fully invested 3015 Lake Drive City West Campus. Clonskeagh. the fund is dedicated to investing in emerging food companies. Arena Road Sandyford Industrial Estate Dublin 18 T. Dublin 24 T.000 SECTORS Food and Beverage Established by the International Fund for Ireland. Dublin 4 T. gerry. 01 660 9313 F.net W.000 – €1. info@enterpriseequity. Funding is available for follow on investments where appropriate. www.shine@boimail. 01 665 3482 E. Financed by Enterprise Ireland and Glanbia.000 – €700. clare.ie W. Dublin 4 T.000 SECTORS ICT Beech House. 20 21 . is now fully invested. www. dealman@eircom. a seed capital fund set up in 1998 as a result of a partnership between Bank of Ireland and Enterprise Ireland.
patrick.ie W.A GUIDE TO VENTURE CAPITAL HOT ORIGIN FUND I IRISH BIOSCIENCE VENTURE CAPITAL FUND SEROBA David Dalton CEO FUND SIZE Peter Sandys DIRECTOR FUND SIZE €4.000 – €2. 01 678 8477 E.com W. 01 214 0432 E.hotorigin.000 – SECTORS 1.000m SECTORS Technology including software.mentorcapital.5m INVESTMENT RANGE ICC Venture Capital. 01 611 5942 F.000 – €1m SECTORS Technology.com NOTES €500.ie W. 01 611 0510 E.5m SECTORS ICT. info@ionequity. 01 611 5987 E. medical devices. hardware and bioinformatics Alma House. NOTES The European Investment Fund is an investor in this fund.ncbdirect. enabling technology platforms NOTES The fund invests at the seed and early stage in technology companies. universities. 72-74 Harcourt Street. www. ION EQUITY LIMITED NCB VENTURES LIMITED Neil O'Leary CHAIRMAN & CEO FUND SIZE N/A INVESTMENT RANGE Michael Murphy CEO FUND SIZE 27m INVESTMENT RANGE Fitzwilton House Wilton Place.25m General Does not provide seed capital. www. info@mentorcapital. Dublin 2 T. www. The investment is usually part of a bigger investment round. MBO’s and P2P operating in Ireland. research hospitals and from existing companies. Alma Road. 01 678 8480 F. 22 23 .ie W.ie €500. Dublin 2 T.seroba.iccvc. emerging from leading research institutes. Dublin T. ICC VENTURE CAPITAL MENTOR CAPITAL PARTNERS LIMITED PARTNERSHIP Joe Concannon INVESTMENT DIRECTOR FUND SIZE Mark Horgan CEO FUND SIZE €230m INVESTMENT RANGE €16. The fund will invest in seed and early-stage projects. communications and services 3 George’s Dock. Monkstown. Managed by Seroba BioVentures. 01 214 0400 F. 01 415 5555 F.ie NOTES Up to €3m SECTORS Therapeutics.1m INVESTMENT RANGE €20m INVESTMENT RANGE 64 Lower Mount Street. enabling technology with potential for significant impact on global markets. microelectronics and software with enabling functionality NOTES The fund targets companies with high growth potential. email@example.com 125. www. IFSC Dublin 1 T. biotechnology.com W. 01 205 9889 E.ionequity. Dublin 2 T. Pottery Road Dun Laoghaire. www.com €100. in the biotechnology.ie W. 01 205 9716 F. Mentor Capital provides funding to companies who possess core.ie NOTES €1m – €10m SECTORS General Mentec House. 01 611 0500 F.000 – €300. Bank of Scotland (Ireland) Ltd. www. pharmaceutical and medical fields. firstname.lastname@example.org@ncb. Co Dublin T. Co. 01 408 3516 E. info@seroba. diagnostics.
co.uk W.000 SECTORS Early stage Technology companies University of Ulster.co.co. info@clarendon-fm. BT7 1NN T. QUBIS LTD UU TECH LIMITED Panos Lioulias CHIEF EXECUTIVE FUND SIZE Sean Nelson MANAGER OF INNOVATION SERVICES FUND SIZE N/A INVESTMENT RANGE N/A INVESTMENT RANGE Lanyon North.co.A GUIDE TO VENTURE CAPITAL NITECH GROWTH FUND UNIVERSITY CHALLENGE FUND (NI) Theresa Wallis PROJECT MANAGER FUND SIZE Panos Lioulias FUND MANAGER FUND SIZE €3m INVESTMENT RANGE £2.uk W.uk NOTES £50. www.000 – £100.uk/uusrp NOTES £20. www.qubis.000 – £300.com W.I. University Road Belfast.uk NOTES €20. nitechgrowthfund@ ANGLETechnology.ac.uk NOTES £10. 028 9027 3899 E. 028 9032 6473 E. 01 2057701 E.000 – €1.com W.tvc.com NOTES €500. BT7 2JB T.com W. www. 028 9024 4424 F. info@qubis. www. Queens University Belfast.clarendon-fm.5m SECTORS Technology Clarendon Fund Mangers 12 Cromac Place Belfast. 24 25 .75m INVESTMENT RANGE ANGLE Technology Limited 12 Cromac Place. Clonskeagh .co. info@tvc. 028 9027 3899 E. BT7 1NN T.org NOTES £50. Belfast BT7 2JB T.uk W. with combined sales of £42m employing over 653 people Established by the University of Ulster.000 SECTORS R&D Lanyon North. snelson@uusrp. BT52 1SA T.000 – £250. The fund is managed by Clarendon Fund Managers.8m INVESTMENT RANGE £10m INVESTMENT RANGE Trinity Venture Capital. email@example.com. 028 9068 2321 F. Cromore Road Coleraine.co.000 SECTORS Seed-Technology related companies Established by Invest NI providing early stage funding to take an R&D Project to proof of concept and commercialisation Established by Queens and the University of Ulster. 028 7028 0073 F. 028 9068 2321 F. 01 2057700 F. www.000 SECTORS Manufacturing or tradeable services in Northern Ireland Trinity invests in early stage and expanding Irish technology companies. 028 9032 6465 F. TRINITY VENTURE FUND VIRIDIAN GROWTH FUND John Tracey CEO FUND SIZE Alan Mawson CHAIRMAN FUND SIZE €162.ulst. Dublin 4 T. Queens University Belfast. 028 9032 6473 E.ucfni.000 – €200.000 SECTORS Incubators and Intellectual Property Established by Queens University. Beech House Beech Hill Office Campus. 028 7028 0050 E.000 – £50. University Road Belfast. It has a portfolio of 34 technology companies based in N. It is actively seeking new investment opportunities. www.
com 44-58 May Street Belfast BT1 4NN Tel 028 9023 9090 Fax 028 9049 0490 €75. Sandymount.4thLevelVentures. technology and ICT The fund was established to commercialise the business opportunities that arise from university research.ie NOTES INVEST NORTHERN IRELAND Invest NI is Northern Ireland's economic development agency. www. 094 986 1443 E. However we are not in a position to give any guarantee as to the accuracy of the information. Larger investments are considered on a syndicated basis with other private investors.ie W. info@wdc. knowledge based investment from outside Northern Ireland. Please note that the authors of the guide have made every effort to ensure the accuracy of the information contained in this section of the guide.000 SECTORS All sectors NOTES The fund provides seed and venture capital to new and existing businesses across a range of sectors in the western region. 4TH LEVEL VENTURES/ UNIVERSITY SEED FUND LIMITED PARTNERSHIP Dennis Jennings FOUNDER FUND SIZE €20m INVESTMENT RANGE The Tower.000 – €317. Pearse Street.ie €63.jennings@4thLevelVentures.ie W. dennis. Dublin 2 Tel +353 1 808 2000 Fax +353 1 808 2992 www. Strand Road. www. 01 671 1288 T. 26 27 . www. Roscommon T. its objectives are to: • Promote innovation in all its aspects. 094 986 1441 F.enterprise-ireland. • Attract high-quality. • Promote a more enterprising culture so as to raise the overall level of business starts. Wilton Place. TCD Enterprise Centre.wdc. Dublin 2 T. Investees will be high potential businesses in the seed or early stages of their development arising out of research in Irish third level educational institutions. stimulate higher levels of R&D and deign and improve knowledge transfer. Established in 2002 under the Industrial Development Act (Northern Ireland) 2002. Dublin 9 Tel +353 1 808 2000 Fax +353 1 808 2020 Merrion Hall. It will also consider MBOs/MBIs. Dublin 4 Tel +353 1 206 6000 Fax +353 1 206 6400 Wilton Park House. material sciences.investni.A GUIDE TO VENTURE CAPITAL WESTERN INVESTMENT FUND Other Sources of Funding ENTERPRISE IRELAND The mission of Enterprise Ireland is to accelerate Ireland’s national and regional development by working with Irish companies to develop and compete so that they can grow in world markets.000 – €500. Glasnevin.com Gillian Buckley INVESTMENT MANAGER FUND SIZE €32m INVESTMENT RANGE Dillon House Ballaghadereen. • Achieve higher levels of growth by indignenous and externally-owned businesses.000 SECTORS Life sciences. 01 671 1339 E.
Carried interest payments are customary in the venture capital industry to create a significant economic incentive for venture capital fund managers to achieve capital gains. (See Acquisition. reference interviews. legal and commercial due diligence. ANTI-DILUTION PROTECTION – In the event a company sells shares in the future at a price lower than what the VC paid. Convertibles are appropriate for investors who want higher income. Early stage investors can be influential in building a company’s management team and direction. 29 28 . or liquidation preference protection. because the acquiring firms are usually willing to pay a premium on the market price for the shares. While early stage venture capital investing involves more risk at the individual deal level than later stage venture investing. These strategies depend on the exit climates including market conditions and industry trends. friends. “How much of a hockey stick is in the plan?” INVESTMENT PHILOSOPHY – The stated investment approach or focus of a fund manager. competition. INITIAL PUBLIC OFFERING (IPO) – The sale or distribution of a stock of a portfolio company to the public for the first time. They often believe in the Entrepreneur more than the actual product. Usually structured to enable them to become part of future rounds if successfully raised. Later Stage. EXIT STRATEGY – A fund’s intended method for liquidating its holdings while achieving the maximum possible return. Exit strategies can include selling or distributing the portfolio company’s shares after an initial public offering (IPO). investors are able to buy company stock at very low prices and these investments may have the ability to produce high returns. “HOCKEY STICK” – Refers to a financial projection which starts modestly for a number of months and rapidly accelerates. CONVERTIBLE SECURITY – A financial security (usually preference shares) that is exchangeable for another type of security (usually ordinary shares) at a pre-stated price. For example.A GUIDE TO VENTURE CAPITAL Glossary of Terms ACQUISITION – The act of one company taking over a controlling interest in another company. Investors often look for companies that are likely acquisition candidates. CAPITAL GAINS – The difference between an asset’s purchase price and selling price when the selling price is greater. usually expressed on a monthly basis. They do not belong to a professional venture capital firm and do not have similar monitoring processes. and technology assessment. manufacturing and sales activities. Seed and Early Stage. ANGEL FINANCIERS – The first individuals to invest money in your company. (See all of the stated fund types for further information) FUND SIZE – The total amount of capital committed by the investors of a venture capital fund. BURN RATE – The rate at which your company is consuming cash. This capital is generally used as seed financing. BRIDGING FINANCE – Type of financing used to fill an anticipated gap between more permanent rounds of capital investments. EARLY STAGE – A fund investment strategy involving investments in companies to enable product development and initial marketing. IPOs are often an opportunity for the existing investors (often venture capitalists) to receive significant returns on their original investment. an adjustment will be made to the % of shares held by the VCs. During periods of market downturns or corrections the opposite is true. BOOTSTRAPPING – A means of finding creative ways to support a start-up business until it turns profitable. Initial Public Offering) FUND FOCUS (OR INVESTMENT STAGE) – The indicated area of specialization of a venture capital fund usually expressed as Balanced. Mezzanine or Leveraged Buyout (LBO). family. generally without having to contribute capital to the fund. Usually divided into commercial. CARRIED INTEREST – The portion of any gains realised by a Venture Capital Fund to which the fund managers are entitled. DUE DILIGENCE – The process by which VCs conduct research on the market potential. together with greater appreciation potential than regular bonds offer. DILUTION – The process by which an investor's ownership percentage in a company is reduced by the issue of new shares. a sale of the portfolio company or a recapitalisation. financial analysis. This method may include negotiating delayed payment to suppliers and advances from potential partners and customers. Capital gains are usually subject to tax which may be mitigated by careful tax planning. financial. than is available from ordinary shares. This may be the most likely exit route for a VC investor.
As they are not listed on an exchange. LEAD INVESTOR – Each round of Venture Capital has a lead investor who negotiates the terms of the deal and usually commits to at least 50% of the round. Most VC deals use preference shares which may convert to ordinary shares upon an IPO or Acquisition. mutual funds. PROPRIETARY INFORMATION – Any information uniquely possessed by a company which is not generally available to the public. and limited partners. any investor wishing to sell securities in private companies must find a buyer in the absence of a marketplace. A prospectus must be filed with the SEC and be given to all potential investors. Later stage investing can have less risk than early stage financing because these companies have already established themselves in their market and generally have a management team in place. Later stage funds often provide the financing to help a company achieve critical mass in order to position itself for an IPO. shipping and increasing its sales volume. 31 . LEVERAGED BUYOUT (LBO) – A takeover of a company using a combination of equity and borrowed funds (or loans). VCs use the Pre-Money Valuation to determine what % ownership they will have in your company. who manages a fund. a group of investors may borrow funds using the assets of the company as collateral in order to take over a company. PRIVATE EQUITY – Private equities are equity securities of companies that have not “gone public” (in other words. New issues may be initial public offerings by previously private companies or additional stock or bond issues by companies already public. This compensation generally includes an annual management fee. Later stage and Mezzanine level financing are often used interchangeably. PROSPECTUS – A formal written offer to sell securities that provides an investor with the necessary information to make an informed decision. In the typical venture capital fund. Generally. Or the management of the company may use this vehicle as a means to regain control of the company by converting a company from public to private. 30 NEW ISSUE – A stock or bond offered to the public for the first time. POST-MONEY VALUATION – The valuation of a company immediately after the most recent round of financing. MANAGEMENT FEE – Compensation for the management of a venture fund’s activities. paid from the fund to the general partner or investment advisor. MANAGEMENT TEAM – The persons who oversee the activities of a venture capital fund. companies that have not listed their stock on a public exchange). PORTFOLIO COMPANIES – Portfolio companies are companies in which a given fund has invested. MEZZANINE FINANCING – Refers to the stage of venture financing for a company immediately prior to its IPO. convertible bonds or subordinated debt (the level of financing senior to equity and below senior debt). Investors entering in this round have lower risk of loss than those investors who have invested in an earlier round. (See Securities and Exchange Commission and Registration) OPTION POOL – The number of shares set aside for future issuance to employees of a private company. the general partner receives a management fee and a percentage of the profits (or carried interest). New public offerings are registered with the Securities and Exchange Commission. In most LBOs. PREFERENCE SHARES – Form of equity which has rights superior to ordinary shares. Investors should carefully read them prior to investing. who invest money but have limited liability and are not involved with the day-to-day management of the fund. public shareholders receive a premium to the market price of the shares. For example. Mezzanine level financing can take the structure of preference shares. PRE-MONEY VALUATION – The value of the company before VCs cash goes into the business. The acquiring group then repays the loan from the cash flow of the acquired company. A prospectus explains a proposed or existing business enterprise and must disclose any material risks and information according to the securities laws. and offerings of other investment companies (including Business Development Companies) are required to issue prospectuses describing their history. investment philosophy or objectives.A GUIDE TO VENTURE CAPITAL LATER STAGE – A fund investment strategy involving financing for the expansion of a company that is producing. The limited partners may receive both income and capital gains as a return on their investment. the target company’s assets act as the collateral for the loans taken out by the acquiring group. Companies offering securities. Private equities are generally illiquid and thought of as a long-term investment. This value is calculated by multiplying the company’s total number of shares by the share price of the latest financing. LIMITED PARTNERSHIPS – An organization comprised of a general partner. risk factors and financial statements.
A widely used form of employee incentive and compensation. The employee is given an option to purchase its shares at a certain price (at or below the market price at the time the option is granted) for a specified period of years. Usually based on events affecting the investee company or its securities beneficially or detrimentally. Seed money usually takes the structure of a loan or an investment in preferred stock or convertible bonds. Options are a popular investment medium. 3 Rectory Slopes. STOCK OPTIONS – There are two definitions of stock options. The right to purchase or sell a stock at a specified price within a stated period. WRITE-UP/WRITE-DOWN – An upward or downward adjustment of the value of an asset. If you receive a term sheet from a VC there is a high probability of closing and funding the deal. foreign investors. A write-off is used to reduce or eliminate the value an asset and reduce profits. wealthy individuals. offering an opportunity to hedge positions in other securities. although sometimes it is common stock. and to capitalize on changes in the market value of options contracts themselves through a variety of options strategies. foundations.A GUIDE TO VENTURE CAPITAL Irish Venture Capital Association Council SECONDARY SALE – The sale of private or restricted holdings in a portfolio company to other investors. This document serves to drive at the final business agreement of closing the deal. TERM SHEET – Typically a 3-5 page document which outlines the fundamental business terms of a Venture Investment. VENTURE CAPITAL – Money provided by investors to privately held companies with perceived long-term growth potential. Wicklow Tel 01 276 46 47 Fax 01 274 59 15 Email secretary@ivca. SEED MONEY – The first round of capital for a start-up business. • Desmond Fahey (Chairman) • Niall Carroll (Vice-Chairman) • Michael Donnelly (Secretary) • Joe Concannon • Shay Garvey • David Gavagan • Michael Murphy • Conor O’Connor • Karl Schutte IVCA Regina Breheny (Director General) Tel 087 051 7754 Email reginabreheny@ivca. to speculate on stocks with relatively little investment. WRITE-OFF – The act of changing the value of an asset to an expense or a loss. corporations.ie Ciara Burrowes (Administrator) IVCA.ie 32 33 . Seed money provides start-up companies with the capital required for their initial development and growth. Professionally managed venture capital firms generally are limited partnerships funded by private and public pension funds. Co. endowment funds. Business Angels and early-stage venture capital funds often provide seed money. Bray. and the venture capitalists themselves.
Bride Street. 1 Upper Grand Canal Street.ie 35 34 .ie Baker Tilly O’Hare Merchants House. Dublin 8 Tel: 01 475 8137 Fax: 01 418 2050 Contact: Jim Mulqueen E-Mail: firstname.lastname@example.org Dillon Eustace Grand Canal House. Dublin 1 Tel: 01 649 2384 Fax: 01 649 2649 Contact: John Olden E-Mail: jolden@algoodbody. Co.email@example.com@intertradeireland. Collins Temple Chambers. Dublin 1 Tel: 01 449 8715 Fax: 01 449 8749 Contact: Maura Moore E-Mail: mmoore@aventura. Dublin 4 Tel: 01 667 5111 Fax: 01 667 5200 Contact: Anthony E.Mail: frank.com EquityNetwork The Old Gasworks Business Park Kilmoney Street.com Arthur Cox Solicitors Earlsfort Centre.ie William Fry Fitzwilton House. Newry.com Davy Corporate Finance Davy House. Dublin 4 Tel: 01 667 0022 Fax: 01 667 0042 Contact: Lorcan Tiernan E-Mail: lorcan. Dublin 14 Tel: 01 283 7144 Fax: 01 283 7256 Contact: Frank Traynor E. Down BT34 2DE Tel: 048 3083 4151 Fax: 048 3083 4155 Contact: Gary Stokes E-Mail: gary.ie Goodbody Stockbrokers Ballsbridge Park. Clonskeagh.ie Eugene F.ey. Harcourt Street.ie Corporate Finance Ireland 1 Clonskeagh Square.ie BCM Hanby Wallace 88 Harcourt Street. Mayor Street. North Wall Quay.m.mccutcheon@davy. Earlsfort Terrace. Earlsfort Terrace. Dublin 8 Tel: 01 677 1003 Fax: 01 677 1829 Contact: Dick Byrne E-Mail: rbyrne@oha. Dublin 4 Tel: 01 667 0233 Fax: 01 667 0250 Contact: Mon O' Driscoll E-Mail: mon. Dublin 2 Tel: 01 475 0555 Fax: 01 475 0594 Contact: Sinead Munnelly E-Mail: sinead.ie A&L Goodbody IFSC. 3 Burlington Road.tiernan@dilloneustace. 27/30 Merchants Quay. Mercers Street Lower. Dublin 2 Tel: 01 639 5000 Fax: 01 639 5333 Contact: Alvin Price E-Mail: aprice@williamfry. Dublin 4 Tel: 01 667 0400 Fax: 01 667 0410 Contact: Brian O'Kelly E-Mail: brian.ie Aventura Venture Partners ICELT House/NCI International Financial Services Centre.com BDO Simpson Xavier Bow Lane House. Dublin 2 Tel: 01 679 6363 Fax: 01 679 6366 Contact: Hugh McCutcheon E-Mail: hugh. Dublin 2 Tel: 01 417 2200 Fax: 01 417 2300 Contact: David O’Flanagan E-Mail: firstname.lastname@example.org'driscoll@aib. Wilton Place.email@example.com@allinv. Dublin 2 Tel: 01 418 6900 Fax: 01 418 6805 Contact: Colin Sainsbury E-Mail: firstname.lastname@example.org@ie. Dublin 2 Tel: 01 470 0000 Fax: 01 477 0000 Contact: Paul Keenan E-Mail: pkeenan@bdosx. Collins E-Mail: email@example.com Deloitte & Touche Deloitte & Touche House. Harcourt Centre. 49 Dawson Street.A GUIDE TO VENTURE CAPITAL Irish Venture Capital Association ASSOCIATE MEMBERS AIB Corporate Finance 85 Pembroke Road.ie Ernst & Young Ernst & Young Building. Dublin 2 Tel: 01 618 0000 Fax: 01 618 0618 Contact: Kathleen Garrett E-Mail: kathleen.com Farrell Grant Sparks Molyneux House.
ie Mason Hayes & Curran 6 Fitzwilliam Square. Dublin 2 Tel: 01 611 0500 Fax: 01 611 0510 Contact: Neil O’Leary E-Mail: firstname.lastname@example.org@ibicf. Clanwilliam Court. Harcourt Centre. Dublin 1 Tel: 01 829 0000 Fax: 01 829 0010 Contact: Vanessa Fitzgerald E. Dublin 2 Tel: 01 410 1000 Fax: 01 412 1122 Contact: Gerard Flood E-Mail: gerard.A GUIDE TO VENTURE CAPITAL Grant Thornton Corporate Finance 24-26 City Quay.com L K Shields 39/40 Upper Mount Street.pwc.Mail: email@example.com@investec. Marine House.ie IBI Corporate Finance 40 Mespil Road. Dublin 4 Tel: 01 637 7800 Fax: 01 637 7801 Contact: Ulla R Nissen E-Mail: ulla. Belfast BT1 3LR Tel: 048 9024 5454 Fax: 048 9041 5600 Contact: Iain Lees E-Mail: firstname.lastname@example.org Horwath Bastow Charleton Chartered Accountants. Dublin 2 Tel: 01 680 5805 Fax: 01 6805 807 Contact: Michael Neary E-Mail: mneary@gt-irl. International Financial Services Centre. St.ie 36 37 . Dublin 2 Tel: 01 661 0866 Fax: 01 661 0883 Contact: Justin McKenna E-Mail: jmckenna@lkshields. Wilton Place.ie Investec The Harcourt Building.ie IIB Bank Merrion Square.ie Ulster Bank Corporate Banking George’s Quay.fitzgerald@mccann-fitzgerald. Dublin 4 Tel: 01 240 4100 Fax: 01 240 4101 Contact: Dan Ennis E-Mail: dan. Ballsbridge.ryan@wmk. Dublin 2 Tel: 01 614 5000 Fax: 01 614 5001 Contact: David O'Donnell E-Mail: email@example.com@kpmg McCann Fitzgerald 2 Harbourmaster Place.firstname.lastname@example.org O'Donnell Sweeney Earlsfort Centre.com PricewaterhouseCoopers Belfast Waterfront Plaza.ie Mazars Block 3. Block C Sweepstakes Centre. Dublin 2 Tel: 01 664 4200 Fax: 01 664 4300 Contact: Tony McGovern E-Mail: email@example.com KPMG 1 Stokes Place. Dublin 2 Tel: 01 676 0951 Fax: 01 662 5105 Contact: Justin O’B’Baily E-Mail: justin. Harcourt Street Dublin 2 Tel: 01 421 0000 Fax: 01 421 0652 Contact: Austin Coughlan E-Mail: austin. Dublin 2 Tel: 01 704 8500 Fax: 01 704 8600 Contact: Aidan Walsh E-Mail: aidan. Stephen's Green.foley@iib-bank. Dublin 2 Tel: 01 661 9744 Fax: 01 661 6821 Contact: Tom Foley E-Mail: tom. Wilton Place.pwcglobal.ie PricewaterhouseCoopers George’s Quay.f.ie Matheson Ormsby Prentice 30 Herbert Street. Dublin 2 Tel: 01 449 4400 Fax: 01 475 0030 Contact: Martin Cole E-Mail: mcole@mazars. Dublin 2 Tel: 01 619 9000 Fax: 01 619 9010 Contact: Colm Rafferty E-Mail: colm. Harcourt Road.com Whitney Moore & Keller Wilton Park House. Earlsfort Tce. 8 Laganbank Road. Dublin 2 Tel: 01 676 0631 Fax: 01 676 6462 Contact: Mark Ryan E-Mail: firstname.lastname@example.org Ion Equity Fitzwilton House.ie Merrion Corporate Finance 3rd Floor.email@example.com@horbc. Dublin 2 Tel: 01 608 4000 Fax: 01 608 4144 Contact: Gervaise McAteer E-Mail: gervaise.
intertradeireland. EQUITYNETWORK OFFERS THE FOLLOWING SERVICES: • Value added information services to businesses to assist in making them 'investor ready' • Signposting for businesses seeking equity finance • An annual private equity conference • An annual all-island seedcorn competition for the best business plans on the insland • An island-wide education programme to raise awareness of the availability and benefits of using private equity • EquityNetwork has supported the development of ‘Halo’ business angel networks in Northern Ireland and Ireland. For full details on all InterTradeIreland’s programmes visit www. In Northern Ireland through Investment Belfast and in Ireland through Dublin Business Innovation Centre with the collaboration of Enterprise Ireland and the regional BICs.A GUIDE TO VENTURE CAPITAL The EquityNetwork Steering Committee Mary Ainscough Board Member – InterTradeIreland Director of Equality – Dublin City University EquityNetwork EquityNetwork is a major initiative of InterTradeIreland. The Old Gasworks Business Park. InterTradeIreland’s mission is to lead the development of the island economy through distinctive knowledge-based interventions which will produce significant returns in the areas of cross-border trade and business development.intertradeireland.com Edward Cartin Barry Fitzsimons Former CEO – QUBIS Ltd Chairman – EquityNetwork Vice-Chairman – InterTradeIreland Senior Director – Cunningham Coates Stockbrokers Charles Harding Executive Director – Corporate Finance & Restructuring Division – Invest Northern Ireland Denis Marnane Manager – Equity/Venture Capital Enterprise Ireland Feargal McCormack Board Member – InterTradeIreland Managing Partner – FPM Chartered Accountants Liam Nellis Chief Executive – InterTradeIreland Dr Martin Naughton Chairman – InterTradeIreland .com www. Down Tel: Fax: Email: Web: +44 28 3083 4151 (RoI: 048 3083 4151) +44 28 3083 4155 (RoI: 048 3083 4155) firstname.lastname@example.org InterTradeIreland. the Trade and Business Development Body. Chairman – Glen Dimplex The EquityNetwork Executive • Catriona Regan • Margaret Hearty • Fergal McCann • Gerry Moloney • Gráinne Lennon • Anne-Marie Kearns • Gary Stokes 38 39 . Newry BT34 2DE Co. Kilmorey Street.
ivca.businessangels.odce.ie The Institute of Directors Northern Ireland www.com The British Venture Capital Association www.iodireland.haloni. 40 .com The Office of the Director of Corporate Enforcement www.A GUIDE TO VENTURE CAPITAL Useful Contacts The Irish Venture Capital Association www.intertradeireland.ie EquityNetwork www.bvca.ie HALO – The Northern Ireland Business Angel Network www.uk The Institute of Directors in Ireland www.com Business Angel Partnership www.ie Acknowledgements The authors of the guide would like to acknowledge the contribution of the Council of the IVCA.com The European Venture Capital Association www.evca.co. the EquityNetwork Steering Committee and the British Venture Capital Association in preparing the Guide.iod.
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