05 February 2023
The Ireland Strategic Investment Fund (ISIF) has today announced a $20m (€18m) commitment to Activate Capital Partners II, L.P. The Fund targets late-stage venture and growth equity investments in businesses that provide technology products and services to enable the global energy transition, mobility, and digital transformation of large industrial markets.
The commitment aligns with ISIF’s previously announced planned investment programme to invest €1bn over five years in climate action projects which will target investments in energy efficiency, energy storage, renewables and better use of resources. ISIF has closed €229m of climate investments since announcing its €1bn programme (at the end of September 2022).
US-based Activate Capital invests in revenue-generating companies that have strong top line growth, low technology risk, proven product-market fit, and the clear potential to emerge into market leaders.
ISIF’s investment in the Fund will support the development of the energy transition, mobility technologies and digital transformation sectors in Ireland, unlocking opportunities for further investment. Through this investment ISIF aims to enhance access for Irish tech and climate action entrepreneurs to major global investors and build on ISIF’s strong track record in acting as a catalyst for international capital to invest in Irish businesses and projects.
The energy transition and mobility technology themes align closely with the decarbonisation agenda, which is a key focus area of ISIF’s Climate Strategy.
Paul Saunders, Senior Investment Director, ISIF said:
“This investment is a key building block as we work towards our target of investing €1bn in climate action over 5 years and accelerating Ireland’s transition to Net Zero.
Our partnership with Activate Capital Partners aims to enhance access to capital for Irish tech and climate action entrepreneurs and foster a new and exciting relationship between a major global investor and fast-growing Irish businesses in key sectors of our economy.
Our investment reflects the urgency we attach to the climate challenge and the significant opportunities that exist for Irish businesses that can help meet this challenge.”
Anup Jacob, Managing Partner, Activate Capital said:
“We are honoured to partner with ISIF in supporting Ireland and its entrepreneurial community as it embarks on a major energy transition--as the world becomes increasingly crowded, resources scarcer and operations more complex. The need for integrated, sustainable, and intelligent industrial systems has never been greater.”