Frontline Ventures has finished raising a €60m fund to invest in early-stage tech startups.
The venture capital firm, which has offices in Dublin and London, invests in B2B software companies at the pre-seed and seed stages, with investments ranging from €200,000 to €3m.
It raised its first fund of €50m in 2013 and has so far invested in 27 software companies across Europe, these include Dublin-based money transfer company CurrencyFair and London-based StreetTeam.
“The pace at which software companies are redefining industries is accelerating. Our first fund has shown us that some of the world’s most ambitious founders are right here,” said Frontline partner Will Prendergast.
“With this Fund II, Frontline is positioned to be the investment partner of choice for ambitious software entrepreneurs building out from Europe to the US,” he added.
Those who invested in Frontline’s second fund include Ireland Strategic Investment Fund, Enterprise Ireland, European Investment Fund, Allied Irish Banks, and a number of pension funds and family offices.
Jyrki Katainen, the European Commission vice-president for jobs, growth, investment and competitiveness, said: “There’s no shortage of ambitious ideas in Europe. I am glad that the Investment Plan can play an important role in backing those who back the startups that bring these ideas to life.”