Frontline Ventures, a leading early-stage venture capital firm with offices in Dublin and London, have announced today the closing of Fund II at €60 million.
The firm invests in B2B software companies at the pre-seed and seed stages with investments ranging from €200,000 to €3 million.
Notable investments in the Frontline portfolio include Qstream (total funds raised $22m), Dublin-based money transfer company, CurrencyFair (total funds raised $25m) and London-based, StreetTeam (raised $10m in October 2016).
Frontline raised its first fund of €50 million in 2013 and to date has invested in 27 software companies across Europe. The firm is led by partners Shay Garvey, Will Prendergast, William McQuillan and Stephen McIntyre.
Investors in Frontline Fund II include Ireland Strategic Investment Fund, Enterprise Ireland, European Investment Fund and a number of pension funds and family offices.
This transaction also benefits from the support of the European Fund for Strategic Investments (EFSI).
Commenting on the new fund, European Commission Vice-President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen 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."
Executive Director of Investment and Finance at Enterprise Ireland, Walter Hobbs added, "Ireland is fast becoming an international leader in business and a world-class innovator in some of the technology sector’s most exciting and disruptive new fields. We are delighted to support Frontline, whose portfolio is a testament to the calibre of high-quality entrepreneurs coming out of Ireland."