Dublin-based Furthr VC, previously known as DBIC Ventures, has announced the growth of its latest fund to €32 million. The fund is investing in globally scalable software and medical device companies, aiming to put Irish-born tech on the world stage.
In October 2019, Further VC launched its latest fund. The original aim was to support up to 30 globally scalable software and medical device companies with a total of €23 million. Today, the firm has announced that not only has it taken on a new name, but with 20 new investors joining the fund, it’s grown to €32 million.
Previously known as DBIC Ventures, the fund was initially backed by an Enterprise Ireland investment alongside 15 tech entrepreneurs, business leaders and private investors. But, the fund has gained traction. Ireland is growing a name for itself in tech development – particularly in the software and medical device sectors, and so interest in the fund has understandably increased. The fund now has 35 private backers.
Since its original launch, the fund has invested in 15 companies, including some already-rpominent companies such as IVR testing SaaS company, Klearcom, construction computer vision company, Evercam, and diabetes medical device company, Bluedrop Medical.
Colm O’Sullivan, Partner, Furthr VC, said: “The growth of this fund is testament to the quality of the portfolio we are building and the companies in our pipeline, as well as our strong track record and deep network that includes many of Ireland’s leading technology entrepreneurs and business leaders. At Furthr VC, we have a founder-friendly approach, enabling us to form close partnerships with start-ups and provide them with key strategic input to help drive success, which in turn ensures that we are generating strong returns for our investors.”
The additional funding will enable Furthr VC to continue to seek and close deals with Ireland’s new generation of leading early-stage Irish tech companies. It can make initial investments of up to €650K in a business and as a result of the growth, it can now invest up to a total of €3 million through subsequent follow-on investment rounds. The firm goes beyond funding, also playing a supportive role for innovators and industry disruptors. The fund is backing startups from Seed to Series A stage.
Richard Watson, Managing Partner, Furthr VC, commented: “We are highly active with our current fund and have completed seven new investments to date in 2022. We are continuously on the lookout for new software and MedTech start-ups as investment opportunities for the fund. This is our fourth fund, having launched the first seed fund in Ireland in the 1990s. By working closely with investee companies, we help them to navigate the scaling journey and in doing so, create significant shareholder value. We are proud to have the backing of so many top Irish tech entrepreneurs and business leaders, as well as Enterprise Ireland.”
Through its current and previous funds, Furthr VC has invested in more than 75 early-stage Irish tech companies including digital health company, SilverCloud Health; smart grid company Grid Beyond; and taxi dispatch platform, iCabbi. It’s certainly committed to the Irish startup ecosystem, and it’s interesting to see how growth will continue in current tumultuous times. Ireland is of course placed in the middle of the ongoing Brexit drama between the UK and the EU and it’s also a convenient location for US companies taking the leap to European shores.