Ireland’s Furthr VC expands its seed fund to €32 million to back scaling Irish innovators
Dublin-based Furthr VC, previously known as DBIC Ventures, has announced the growth of its latest fund to €32 million. The fund is investing in globally scalable software and medical device companies, aiming to put Irish-born tech on the world stage.
In October 2019, Further VC launched its latest fund. The original aim was to support up to 30 globally scalable software and medical device companies with a total of €23 million. Today, the firm has announced that not only has it taken on a new name, but with 20 new investors joining the fund, it’s grown to €32 million.
Previously known as DBIC Ventures, the fund was initially backed by an Enterprise Ireland investment alongside 15 tech entrepreneurs, business leaders and private investors. But, the fund has gained traction. Ireland is growing a name for itself in tech development – particularly in the software and medical device sectors, and so interest in the fund has understandably increased. The fund now has 35 private backers.
Since its original launch, the fund has invested in 15 companies, including some already-rpominent companies such as IVR testing SaaS company, Klearcom, construction computer vision company, Evercam, and diabetes medical device company, Bluedrop Medical.
The additional funding will enable Furthr VC to continue to seek and close deals with Ireland’s new generation of leading early-stage Irish tech companies. It can make initial investments of up to €650K in a business and as a result of the growth, it can now invest up to a total of €3 million through subsequent follow-on investment rounds. The firm goes beyond funding, also playing a supportive role for innovators and industry disruptors. The fund is backing startups from Seed to Series A stage.
Through its current and previous funds, Furthr VC has invested in more than 75 early-stage Irish tech companies including digital health company, SilverCloud Health; smart grid company Grid Beyond; and taxi dispatch platform, iCabbi. It’s certainly committed to the Irish startup ecosystem, and it’s interesting to see how growth will continue in current tumultuous times.
Success is no accident, it is hard work and perseverance. Congratulations to the entire team at Furthr VC on the growth of your seed fund. I wish you all the best in your endeavours and great success ahead.Shishir Gupta, Founder and CEO, StartupLanes
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