LK Shields act for Shard Capital Partners in the launch of a new Venture Capital Fund in Ireland

LK Shields has acted for Shard Capital Partners LLP in the launch and first closing of the Suir Valley Venture Fund the first Irish focused venture capital fund in Ireland that uses a regulated fund with a fully regulated Alternative Investment Fund Manager (AIFM).

The fund invests in early stage software companies in the Financial Technology (FinTech), Augmented Reality (AR), Virtual Reality (VR), and Internet of Things (IoT) sectors.

The fund’s First Close has been funded via commitments of up to €20 million from Enterprise Ireland, the Irish Government Agency, and Shard Capital.

The Fund’s Irish operation will be headquartered at the Waterford Institute of Technology’s Research and Innovation Campus in Carriganore.

Welcoming the announcement, Walter Hobbs, executive director, Investment and Finance, Enterprise Ireland said: “A key role of Enterprise Ireland is to support early stage companies to start, innovate and scale their business in international markets. Creating a funding ecosystem for start-ups to thrive is of critical importance to the success of our client companies and as part of this mandate we recognise the value of venture capital funding to support high potential growth companies. Enterprise Ireland is delighted to support Shard Capital and looks forward to working with the team to drive the further development and growth of the Irish ICT sector in global markets.”

Trevor Dolan, partner at LK Shields Solicitors, said: “We are delighted to have worked with Barry and Toby at Shard Capital at structuring and obtaining Central Bank of Ireland authorisation of Suir Valley Funds ICAV. The Shard Capital team is bringing together two dynamic parts of Ireland’s economy: the IFSC and Waterford’s IT Hub. We wish them every success.”