Sure Valley Ventures launches Irish Software Fund with €15m investment from Enterprise Ireland

Sure Valley Ventures, the founder-led Venture Capital (VC) firm that invests in high growth AI software companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity, is pleased to announce that it has launched its third fund with a €30 million first close to invest in the Republic of Ireland. This includes a cornerstone €15 million investment from Enterprise Ireland (EI) through its Seed and Venture Capital Scheme (2019-2024), which aims to increase the supply of equity capital to high-potential, early-stage Irish companies. Sure Valley is targeting a final close of around €50 million.

Sure Valley is a seed capital investor in AI software companies that are focused on bringing a disruptive innovation to market. It plans to invest into 15 software companies from across the Republic of Ireland through this new fund. The team has offices in Waterford and Dublin in Ireland, and London, Cambridge and Manchester in the UK, having announced a £85m UK software fund backed by the British Business Bank in 2022. This new Irish Fund will follow the same investment strategy in Ireland as in the UK and Sure Valley also plans to expand its regional focus to work with start-ups in the exciting innovation clusters that have developed around Artificial Intelligence, Immersive Tech and Cybersecurity throughout Ireland.

Minister for Enterprise Trade and Employment Simon Coveney TD said, “I congratulate Sure Valley on launching this funding, with significant financial input from the Irish Government through Enterprise Ireland. Sure Valley has a strong track record in backing innovative, cutting-edge Irish start-ups and I know that its experience and vision will enable this significant fund to support the next generation of tech disruptors. Sure Valley will focus on critical areas for the future of the Irish economy, such as AI, immersive technology and cybersecurity, and having start-up funding available for these sectors is a very positive development."

Sure Valley Ventures Managing Partner and Co-Founder, Barry Downes, said, “We are seeing exciting innovation clusters developing around Artificial Intelligence across the regions and are therefore thrilled to partner with Enterprise Ireland and additional investors on this new €30 million Irish software fund. As entrepreneurs and founders ourselves, we understand the challenges that start-ups face for funding, particularly in the current economic climate, however we believe it is still a great time for software founders to build a business in Ireland with lots of opportunities available. With our regional presence in Waterford and strong track record in Ireland, we are well positioned to find innovative new companies across the country and through our Platform offering and strong adviser network, help them scale and grow in international markets.”

Leo Clancy, CEO of Enterprise Ireland said: “Sure Valley is an excellent partner for Enterprise Ireland and we are delighted to support this fund. Based in Waterford, Sure Valley has a deep understanding of the developing tech ecosystem in Ireland, and in particular how regional clusters are supporting new enterprise and innovative. We look forward to the fund tapping into that wealth of creativity to support the next generation of innovative tech entrepreneurs throughout Ireland.”

Sure Valley has previously invested in a number of innovative regional companies through its 2017 Irish fund, including Cork-based data security company Getvisibility, cybersecurity company Smartech 247, which Sure Valley helped IPO on the London Stock Exchange in December 2022, Waterford-based companies - Cameramatics, a leader in next generation fleet telematics and AI, Metaverse enterprise tech company Engage XR, which Sure Valley helped IPO on the London Stock Exchange in 2018 as well as Dundalk-based Nova Leah an AI leader in cybersecurity for medical devices.

To date, Sure Valley has had success helping its investee companies grow and scale from Seed to Series A and beyond with 80% of its investee companies raising follow-on Series A rounds and 70% reaching this milestone within 24 months of the initial seed investment. This is a notable result, considering that on average 48% of companies fail to raise a follow-on investment round at all, according to CBInsights.