ISIF commits €22.25m to dedicated Ireland fund for high-growth potential technology businesses

ISIF commits €22.25m to dedicated Ireland fund for high-growth potential technology businesses

Published 28 July 2023

The Ireland Strategic Investment Fund (ISIF) has today announced a €22.25m commitment to Molten Ventures Investments (Ireland) I L.P. (the Fund) which will build a portfolio of early-stage high-growth potential technology businesses whose core activities, management and expertise are located in Ireland.

Molten Ventures will commit €27.75m alongside ISIF to the Fund, which will have total commitments of €50m at first close with scope for further expansion and syndication to make and hold investments in technology businesses that have high-growth potential in sectors that Molten specialises in, namely: hardware and deeptech; digital health and wellness; and enterprise software and consumer.

The Fund will build on Molten’s commitment to backing ambitious Irish high-growth potential businesses and will support its plans to serve the Irish market over the coming years. Molten will continue seeking opportunities to fund and support a cohort of promising technology businesses during a period of market uncertainty.

Nick Ashmore, Director, ISIF said:

“This investment, as part of ISIF’s focus on scaling indigenous businesses, provides vital risk capital to promising technology businesses and supports their scaling into international markets. The co-investment from Molten Ventures is a strong indication of its commitment to Ireland and the businesses that will benefit from this type of funding. We look forward to seeing the businesses invested in reach their full potential as they grow and evolve in the future.”

Martin Davis, Chief Executive Officer, Molten said:

“We have always been invested in the success of high-growth technology businesses in Ireland, which is a key European centre for the global technology industry. The launch of our new Irish focused fund continues our long-standing relationship with ISIF as a strategic partner and enables us to continue to back promising Irish technology companies and visionary founders inventing tomorrow.”