Guide Venture Capital

Irish Venture Capital Association in association with InterTradeIreland’s EquityNetwork

A GUIDE TOVENTURE CAPITAL

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Email: [email protected]: www.intertradeireland.com

THIRD EDITION

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CONTENTS

Foreword by Desmond Fahey, Chairman of the Irish Venture Capital Association 2

Foreword by Barry Fitzsimons, Chair of EquityNetwork 3

An Introduction to Venture Capital 4

• What is venture capital/private equity? 5

• How do I make my company attractive to a venture capitalist or an investor in general? 5

• Benefits of venture capital 7

• Questions to ask before approaching a venture capitalist 8

• The Business Plan 10

The Role of the Non-Executive Director 14

Sources of Venture Capital 15

Glossary of Terms 28

Irish Venture Capital Association Council 33

Irish Venture Capital Association – Associate Members 34

EquityNetwork – Steering Committee 38– Executive 38

Useful Contacts 40

Third Edition

Foreword DESMOND FAHEYChairman of the Irish Venture Capital Association


The Irish Venture Capital Association represents members whoprofessionally manage over 95% of the €1 billion managed byventure capital funds in Ireland. The Irish VC industry isrelatively young by comparison to the U.S.A and Europe but isdeveloping very well. During the last five years, our memberVC companies invested over €1 billion into over several hundredIrish enterprises. These companies today employ thousands ofIrish graduates and technically qualified personnel. The valueadded to investee companies by experienced VC professionalsis very important for developing enterprises.

During 2004 divestments by Irish VC companies yielded €190million, achieved through trade sales, public offerings, debtrepayment and sales to other investors. While an increase indivestment is to be expected at this stage of the venturecapital life cycle, it also demonstrates that an exit market isdeveloping, providing the essential disposal mechanisms totheventure capital industry. Over €150 million of VC money isstill available for qualifying entrepreneurs however, the Irishventure capital industry will require significant funding in2006 if the level of investment in internationally focused Irishenterprises is to continue at the rate required for ourknowledge economy.

This publication ‘A Guide to Venture Capital’ is published incollaboration with EquityNetwork, gives details of ourmembers, useful contacts, some other sources of financialfunding and a glossary of terms. It is an excellent resource forcorporate financiers, accountants and lawyers as well as forthose seeking venture equity. I hope you find it useful.

Foreword BARRY FITZSIMONSEquityNetwork, Vice-Chair of InterTradeIreland

IInterTradeIreland’s joint publication with the Irish VentureCapital Association, A Guide to Venture Capital, was firstpublished in 2003. The Guide, the first of its kind, has becomethe first point of contact for anyone seeking information onventure capital on the island of Ireland. The Guide contains allthe sources of funding on the island, it aims to enable theentrepreneur to see what funding is available and give pointerson how to go about sourcing funding.

InterTradeIreland’s collaboration with the Irish Venture CapitalAssociation in producing the Guide and in developing otherinitiatives has certainly strengthened the quality of the serviceInterTradeIreland is able to offer. As the industry body on theisland the IVCA is an excellent partner for EquityNetworkacross a range of venture capital initiatives.

InterTradeIreland now supports ‘Halo’ business angel networksin Northern Ireland and the Republic. In the north throughInvestment Belfast in collaboration with Invest NI and the NIBankers Association and in the south through Dublin BusinessInnovation Centre with the collaboration of Enterprise Irelandand the regional BICs.

Research undertaken in 1999 by InterTradeIreland into privateequity provision on the island revealed a dramatic increase inthe amounts of private equity raised and invested in theprevious decade. However, certain regions showed slower signsof growth and a low level of uptake – due primarily to ashortage of quality deals rather than the availability of funds.The research also highlighted a gap in the supply of equityfinance to early stage start up projects. This is not peculiar tothe local market but reflects the high level of risk of fundingsuch projects and the cost of managing the investment,relative to the actual funds invested.

To address these shortfalls InterTradeIreland developedEquityNetwork. EquityNetwork provides the following servicesto the business community:

•Value added information services to businesses to assist in making them ’investor ready’

•Signposting for businesses seeking equity finance

•Support for business angel networks on the north and south of the island

•An island-wide education programme to raise awareness of the availability and benefits of using private equity

I hope you continue to find the Guide useful.2 3


An Introduction to Venture Capital

Venture Capital/Private Equity is medium to long-term financeprovided in return for a shareholding in unquoted companies.For the purposes of this guide ‘Private Equity’ refers to‘Venture Capital’ and ‘Business Angel’ investments at stages in a company’s development, from the seed to expansionstages, as well as management buy-outs and buy-ins. The termsVenture Capital and Private Equity should therefore beregarded as interchangeable phrases.

The purpose of this booklet is to encourage you to startplanning early when seeking finance to accelerate the growthof your business. It will explain how a Venture Capitalistapproaches the process of investing equity in a business andwhat you need to do to improve your chances of raisingequity. It gives guidance on what should be included in yourbusiness plan, the most important document you will producewhen searching for a private equity investor. The guide alsodemonstrates the positive advantages that venturecapital/private equity will bring to your business.

The main sources of private equity on the island are VentureCapital Funds, Business Angels (private individuals whoprovide smaller amounts of finance at an earlier stage thanmany private equity firms are able to invest at), GovernmentAgencies (depending upon the sector your business operatesin, the presence of other investors and where the business isin its development cycle) and Corporate Venturers. CorporateVenturers can be product related or service companies thatprovide funds and/or a partnering relationship betweenmature and early stage companies which may operate in the same industry sector.

This Guide's principal focus is upon Venture Capital Funds.However, the investment criteria that both Venture CapitalFunds and Business Angels apply when assessing potentialinvestee companies is often very similar - therefore the guide will benefit entrepreneurs and their advisers looking for private equity from both these sources. In short, the aim is to help you understand what Venture Capital Funds are looking for in a potential business investment and how to approach them.

What is venture capital/private equity?

Venture Capital/Private Equity; provides long-term, committedshare capital, to help unquoted companies grow and succeed.If you are looking to start up, expand, buy into a business,buy out a division of your parent company, turnaround orrevitalise a company, Private Equity could help.

Obtaining private equity is very different from raising debt or a loan from a lender, such as a bank. Lenders, who usuallyseek security such as a charge over the assets of the company,will charge interest on a loan and seek repayment of thecapital. Private equity is invested in exchange for a stake inyour company and, as shareholders, the investors' returns are dependent on the growth and profitability of yourbusiness. The investment is unsecured, fully at risk and usually does not have defined repayment terms. It is this flexibility which makes private equity an attractive and appropriate form of finance for early stage andknowledge-based projects in particular.

How do I make my company attractive to aVenture Capitalist or an investor in general?

Many small companies on the island do not grow and so do not provide 'upside potential' for the owners other than to provide a good standard of living and job satisfaction.These businesses are not generally suitable for private equityinvestment, as they are unlikely to provide sufficient financialreturns to make them of interest to an external investor.

High potential businesses can be distinguished from others by their aspirations and potential for growth, rather than bytheir current size. Such businesses are aiming to grow rapidlyto a significant size. As a rule of thumb, unless a business canoffer the prospect of significant turnover growth within threeto five years, it is unlikely to be of interest to a private equityinvestor. This usually means that the market for the productand service will not solely be on the island.

Private equity investors are interested in companies with highgrowth prospects, enjoy barriers to entry from competitors,are managed by experienced and ambitious teams and havean exit opportunity for investors which will provide returnscommensurate with the risk taken.

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Public Sector

Founders, Family and Friends

Business Angles

Venture Capital

Corporate Venturing

Public Listing/IPO

Venture Capital Funds normally agree their investment criteria with those who have invested in the fund, forexample, preferred sectors and stages of development.Business Angels also usually prefer to invest in projects which reflect their own skillsets or investment history. When approaching a Venture Capitalist or a Business Angel, it is important to understand if their investment criteria orpreferences match your project.

Earlier stage projects normally reflect a higher level of risk for equity investors, so it's important that entrepreneursexplore all possible sources of finance when fundraising. The diagram below highlights the likely sources of funds for businesses at different stages of development.

STAGE R&D START-UP EARLY ACCELERATING SUSTAINING MATURITYCYCLE GROWTH GROWTH GROWTH GROWTH

Proof of Seed First Second Development ReplacementConcept Corn Round Round Capital Capital

TYPE OF FundingFUNDING MBO/

DevelopmentCapital

SOURCES OF

FUNDING


Benefits of Venture Capital

In the current economic climate on the island, most fastgrowth start-ups are knowledge based. Given that theseprojects cannot offer tangible security to traditional debtfinanciers or predictable cashflows to service loans, privateequity is the obvious source of finance to fill the financinggap. Investment executives working with Venture CapitalFunds attempt to identify the best projects in order tominimize their investment risk.

Research has shown that Venture Capital backed companiesgrow faster than other types of companies, employ morepeople and are more profitable when benchmarked againsttheir peers. This is made possible by a combination of capital,Venture Capitalists identifying and investing in the bestinvestment opportunities and input from Non-Executive and Executive Directors introduced by the VC investor (a key differentiator from other forms of finance)

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USE AND SOURCE OF PRIVATE EQUITY IN BUSINESS DEVELOPMENT


Questions to ask before approaching a Venture Capitalist

Does my company have high growth prospects and is my team ambitious to grow the company rapidly?

Does my company have a product or service with a competitive edge or unique selling point?

Can it be protected by Intellectual Property Rights?

Can I demonstrate relevant industry sector experience?

Does my team have the relevant skills to deliver the business plan fully?

Am I willing to sell some of the company's shares to a private equity investor?

Is there a realistic exit opportunity for all shareholders in order to realise their investment?

Am I prepared to accept that my exiting this business may be in the best interest of all shareholders?

If your answers are 'yes', external equity is worth considering.If 'no', it may be that your proposal is not suitable for venturecapitalists and it may take additional work on your behalf tomake the proposal 'investor ready'.

When seeking to raise capital to accelerate the developmentof a business idea, promoters must explore all possiblesources of funds. It is likely that an equity investor will usually help the promoters secure other sources of funds.

This usually includes debt finance from banks to financeworking capital and asset purchases, grant aid fromdevelopment agencies and, indeed, an equity investmentfrom the promoters. Such an investment from the promoters/management team can help demonstratecommitment to a project and may attract fiscal incentivesin the form of the Business Expansion Scheme, EnterpriseInvestment Scheme or Enterprise Management Incentives,depending upon the jurisdiction the company is based in andother criteria. Professional help should be sought to confirmeligibility and benefits of these schemes at an early opportunity.

The end result is likely to be a funding package which includesa cocktail of funders secured with the assistance of theVenture Capitalist. It is this flexibility and value-added inputfrom a private equity investor which differentiates them fromother funders.

Venture Capitalists look for capital gains from their investments.They adopt a portfolio approach to their investments whichreflects their strategy to mitigate the risk of investing unsecuredfunds in early stage companies. Before they invest, VC executiveswill consider the likelihood of realising their investment. After all, they are responsible for returning the cash investedin their fund with interest to their investors.

The promoters ability to implement their business plan in full is the obvious question, but just as importantly, can thecompany in question be sold to another trade player or findanother way to redeem the venture capitalist's investmentwithin a reasonable time frame (usually between three andseven years)?

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The Business Plan

The business plan is the most important document for acompany seeking to raise finance from private equity investors.It should demonstrate what the business opportunity is, the amount of funds required to deliver the business plan and a management team capable of implementing it. Venture Capitalists read numerous business plans from a wide range of sources and they must invest in the bestprojects. Their first impression of your business plan willdetermine whether they take their interest any further. It isabsolutely essential that your business plan demonstrates an 'investor ready' project.

The following section is intended to give you a summary of what the business plan should include:

Executive Summary

This is the key part of the document which must immediatelyand clearly articulate the investment opportunity for the reader.The Executive Summary should make a potential investorbelieve that your unique proposition has the potential to makea good return on their investment and that you and your teamhave the ability to deliver what the plan says.

If this part of the Business Plan is not presented withconviction and in clear language, you may miss theopportunity of ensuring that a potential investor takes the time to read your entire plan.

The detailed plan should give full details under the following headings:

1. The Product / Service2. The Market3. Management Team4. Business Process / Operations 5. Financial Projections6. Proposed Investment Opportunity

1. The Product / Service

In simple language, this should explain what exactly theproduct / service offering is. This will clearly demonstrate the unique selling point of your offering, differentiation fromother products, barriers to entry etc and how your product /service will add value to the purchaser.

2. The Market

A common mistake that entrepreneurs make is to expresstheir market in terms of a global figure representing all activitywithin their sector. The private investor requires comfort thatthere is a commercial opportunity for your product/serviceand that the management team has the ability to exploit this opportunity.

The marketing section should demonstrate who the customerbase is likely to be, how the product / service will be priced,how it will be distributed to customers, an analysis ofcompetitors and how you will deal with competing goods and services.

It is unlikely that there will be no rivals in your market sectorand you should avoid comments like 'there is no competition'or, 'our product is totally new'. If no one has thought ofoffering a similar or competing product, is it conceivable that there is no demand for your product or that customersdo not realise that they need it?

3. Management Team

Most venture capitalists will tell you that they invest inpeople not ideas.

The management team must sell their experience to investors as well as their understanding of the market whichthey are targeting.

This section must convey the message that the team has the full complement of skills required to deliver the plan.Indeed, it is prudent to identify skill gaps which must beaddressed in order to deliver the plan as new investors in a business can utilise their networks to fill the gaps. Non-Executive Directors (NEDs) are an obvious source ofexpertise for early stage companies to address this issue andand Venture Capital Fund managers usually appoint a NED toinvestor companies to help them avoid the pitfalls of growinga business. Further details on NEDs can be found in the nextsection of the guide.

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4. Business Processes / Operations

This section explains how the business operates, be thatmanufacturing products, delivering a service, or both.It should demonstrate that any necessary R&D can be fullyundertaken and that an appropriately skilled workforce is available.

The location of the business and the physical infrastructurewill also be detailed. Care should be taken to demonstratethat there is sufficient flexibility within systems, facilities andhuman resources to expand the business in line with itsprojected growth.

Whilst there may be a market for the product/service beingoffered, you must ensure that the proposed location, processand utilisation of resources (human and physical) are the bestavailable to exploit this opportunity.

5. Financial Projections

An investor will always wish to review a detailed set ofintegrated financial projections which encompasses profit and loss accounts, balance sheets and cashflow statements.These figures will be supported by detailed assumptionswhich reflect the content of the business plan.

The projections must be realistically achieveable, but theymust also be sufficiently ambitious to demonstrate that thereis an attractive investment opportunity. These projections willform the basis of any term sheet which an equity investormay issue.

Negotiation with the Venture Capitalist over valuation, futuremilestones and ultimate exit opportunities will be influencedby the delivery of the financial projections. Much considerationshould be given to this section to produce realistic projectionsand indicate an openness to work with the investor in thefuture to deliver a common goal – the maximising of value.

6. Proposed Investment Opportunity / Exit

This is the opportunity to identify the level of funds required, how and when they will be spent, and an outline showinghow investors will receive a return on their investment. As with the financial projections the exit opportunity shouldbe realistic and take account of current market conditions.

It cannot be stressed too much that the Business Plan is thesingle most important document that you will provide forpotential private equity investors. It must be coherent, wellpresented and of a length which maintains the interest of the reader. It is essential that you strike a balance betweenproviding the investor with sufficient information to evaluatethe investment opportunity while not overloading them withtechnical information.


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The Role of theNon-Executive Director

The considerable amount of media attention on the issue of corporate governance has highlighted the role of Non-Executive Directors. It is well documented that Non-Executive Directors can make a significant contribution to company performance regardless of size. The use of Non-Executive Directors is one way of accelerating thedevelopment and growth of SMEs and whether it is alongstanding traditional business or a start-up seeking equityfinance, non-executives can bring added value with objectivitydrawn from their own experience and skills.

It is normal for Venture Capital investors to place a Non-Executive Director on the Board of the investee companyto represent their interests. This can either be one of its ownfund managers or an individual who has sectoral, market, or management expertise which will help delivery of thecorporate plan.

Most Venture Capitalists, however, recognise that the chemistryand teamwork between the non-executive and the existingmanagement team is crucial. As a result, the VC's Non-ExecutiveDirector is there to play an integral role in the development ofthe company rather than act as a watchdog for their investment.This availability of outside expertise to the management teamrepresents a valuable asset for most companies, particularlystart-ups, and is one reason why Venture Capital is regardedas a value-added source of finance for SMEs.

Sources of Venture CapitalFund Managers/Funds

Niall CarrollMANAGING DIRECTOR

Richview Office Park,Clonskeagh, Dublin 14T. 01 260 0966F. 01 260 0538E. [email protected]. www.actventure.com

FUND SIZE

€300mINVESTMENT RANGE

€750,000 – €15mSECTORSInformation and communications,technologies, medical devices andlife sciences.

NOTESACT's funds are sourced from leading domestic and international financialinstitutions. Investments are made in companies at all stages of theirgrowth, with a particular interest in early stage companies. With itsextensive contacts and widely experienced team, ACT plays an activesupportive role in helping companies to expand into international markets.

ACT VENTURE CAPITAL

Laurence EndersenDIRECTOR OF AIB EQUITY

AIB Equity, AIB International CentreIFSC, Dublin 1T. 01 641 7993F. 01 829 0269E. [email protected]

FUND SIZE

€25.4mINVESTMENT RANGE

€250,000 – €750,000SECTORSDomestic Technology Sector

NOTESThe fund is now closed to new investments.

AIB EQUITY

Brian Stephens10 Fitzwilliam SquareDublin 2T. 01 661 2671F. 01 661 3057E. [email protected]. www.alchemypartners.com

FUND SIZE

€1.4bnINVESTMENT RANGE

€15m.+SECTORSAll

NOTES

ALCHEMY PARTNERS


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Brendan VaughanFUND MANAGER

40 Mespil RoadDublin 4T. 01 665 3443F. 01 665 3484E. [email protected]. www.boi.ie/venturecapital

FUND SIZE


Up to €2m

SECTORS

ICT

NOTESDublin based fund with regional offices in Tullamore, Galway, Limerick and Cork.

BOI VENTURE CAPITAL

Patrick RyanCHIEF EXECUTIVE

Office 107, Adelaide ChambersPeter Street, Dublin 8T. 01 449 3200F. 01 449 3299E. [email protected]. www.campuscapital.com

FUND SIZE


€100,000 – €600,000SECTORSInformation Technology, Commun-ications, Internet, Electronics, Biotechnology, Medical – Other,Consumer goods and other.

NOTESSpecialise in seed and early stage for companies registered in Irelandand promoted by graduates of Irish Universities.

CAMPUS COMPANIES VENTURE CAPITAL FUND

Colin WalshMANAGING DIRECTOR

5 Crescent GardensBelfast BT7 1NST. 028 9023 3633F. 028 9032 9525E. [email protected]. www.crescentcapital.co.uk

FUND SIZE £14mINVESTMENT RANGE £250,000 – £750,000SECTORSManufacturing, tradable servicesand IT in Northern Ireland.

NOTESOne half of funding is allocated to the expansion funding of youngercompanies. The balance of the fund is allocated to development capitalfor mature companies, MBOs and MBIs.

CRESCENT CAPITAL

Frank TraynorMANAGING DIRECTOR

CFI House, Clonskeagh SquareDublin 14T. 01 283 7656F. 01 283 7256E. [email protected]. www.alliance.ie

FUND SIZE


€500,000 – €2mSECTORSAll

ALLIANCE INVESTMENT CAPITAL

Pat WalshINVESTMENT DIRECTOR

Stephen Court, 18-21 St Stephens Green, Dublin 2T. 01 616 2705F. 01 616 2895E. [email protected]. www.angloirishbank.ie

FUND SIZE


€500,000 – €2mSECTORSAll

NOTES

The fund provides equity capital for development capital, managementbuyouts/buyins and shareholder release.

ANGLO IRISH CAPITAL PARTNERS

Niall OldenMANGING DIRECTOR

Unit 4, Westpoint Buildings,Westpoint Business Park, Ballincollig, CorkT. 021 482 6030F. 021 482 6034E. [email protected]. www.kernelcapital.ie

FUND SIZE


€300,000 – €1.5mSECTORS

All except property.

NOTESThe Fund invests in all sectors and in companies at all stages ofdevelopment. From High Potential Start Ups to more mature MBO andMBI opportunities. The maximum investment per company is €3m.The Fund will also consider supporting high potential ‘pilot projects’ oncase by case basis.

BOI KERNEL CAPITAL PARTNERS PRIVATE EQUITY FUND

NOTESThe first Alliance Investment Capital Venture Fund was launched in 1999.Limited Partners are Royal Bank of Scotland Private Equity and EnterpriseIreland. CFI Equity Fund Limited is a sister company to Dublin basedcorporate finance firm, Corporate Finance Ireland Ltd. The fund hasinvested in five companies and is now closed for futher investments.

Frank KennyMANAGING PARTNER

Fujitsu Building, South CountyBusiness Pk, Leopardstown, Dublin 18T. 01 294 0870F. 01 294 0877E. [email protected]. www.delta.ie

FUND SIZE


€500,000 +SECTORSCommunications technology,software, life sciences.

NOTESThis fund is currently investing.

DELTA PARTNERS

Alex HobbsThe Tower, TCD Enterprise CentrePearse Street, Dublin 2T. 01 671 3111F. 01 671 3330E. [email protected]. www.dbic.ie

FUND SIZE


€65,000 – €250,000SECTORSTechnology-led IT, Telecoms,Software and other sectors

NOTESDublin Business Innovation Centre manages the Dublin Seed CapitalFund and Irish BICs Seed Capital Fund. The Funds were established byDublin BIC to provide seed and early-stage equity capital to emerging,start up and developing companies across a range of technology-led sectors.

DUBLIN BUSINESS INNOVATION CENTRE

Maura MooreEXECUTIVE DIRECTOR

53 Merrion SquareDublin 2T. 01 647 1866F. 01 661 3897 E. [email protected]. www.eircom-enterprise-fund.ie

FUND SIZE


€38,000 – €508,000SECTORSCommunications, other.

NOTESEircom Enterprise Fund provides risk capital to young high growthcompanies operating in the 'tmt' sector. The fund is now committed.

EIRCOM ENTERPRISE FUND

Teresa TownsleyPARTNER

38-42 Hill StreetBelfast, BT1 2LBT. 028 9031 1660F. 028 9031 1880E. [email protected]. www.emergingbusinesstrust.com

FUND SIZE £1mINVESTMENT RANGE £25,000 – £150,000SECTORSNiche businesses

NOTESNiche businesses with an emphasis on technology. The fund iscurrently closed.

EMERGING BUSINESS TRUST

Conor O'ConnorCEO

Dublin Road, Dundalk, Co. LouthMervue Business Park, GalwayT. 042 933 3167 / 091764814F. 042 933 4857 / 091764615E. [email protected]. www.enterpriseequity.ie

FUND SIZE


€150,000 – €1,250,000SECTORS

All sectors in the border, midlands and the west region with the exceptionof property retail and hotels.

NOTES

Established by the International Fund for Ireland.

ENTERPRISE EQUITY VENTURE CAPITAL GROUP

Aidan LanganCEO

78a Dublin RoadBelfast, BT2 7HPT. 028 9024 2500F. 028 9024 2487 E. [email protected]. www.eeni.com

FUND SIZE £16mINVESTMENT RANGE Up to £2mSECTORSHigh growth sectors throughout Northern Ireland

NOTESEstablished by the International Fund for Ireland.


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Laurence EndersonFUND MANAGER

40 Mespil RoadDublin 4T. 01 665 3494F. 01 665 3482E. [email protected]

FUND SIZE

€13mINVESTMENT RANGE N/ASECTORS

Fund fully invested

NOTESThe Enterprise 2000 Fund, a seed capital fund set up in 1998 as aresult of a partnership between Bank of Ireland and Enterprise Ireland,is now fully invested. Funding is available for follow on investmentswhere appropriate.

ENTERPRISE 2000 FUND

Gerry JonesPARTNER

Arena House, Arena RoadSandyford Industrial EstateDublin 18T. 01 213 0711F. 01 213 0515E. [email protected]. www.evp.ie

FUND SIZE


€300,000 – €700,000

SECTORS

ICT

NOTESThe fund invests in early stage High Potential Start-ups (HPSUs).

EVP EARLY STAGE TECHNOLOGY FUND

Joe DoddyMANAGER OF INNOVATION SERVICES

74 Pembroke RoadBallsbridge, Dublin 4T. 01 660 9313F. 01 660 7904E. [email protected]. www.glanbiaenterprisefund.com

FUND SIZE


Up to €750,000SECTORSFood and Beverage

NOTESFinanced by Enterprise Ireland and Glanbia, the fund is dedicated toinvesting in emerging food companies.

GLANBIA ENTERPRISE FUND

Michael DonnellyCEO

3015 Lake Drive City West Campus, Dublin 24T. 01 466 1000F. 01 466 1002E. [email protected]. www.growcorp.net

FUND SIZE


€100,000 – €1.27mSECTORSLife Sciences

NOTESThe fund is managed by Growcorp.

GROWCORP GROUP LIMITED

David GavaganSENIOR PARTNER

Beech House, Beech Hill OfficeCampus, Clonskeagh, Dublin 4T. 01 205 7770F. 01 205 7771E. [email protected]. www.hcp.ie

FUND SIZE


Up to €16mSECTORSGeneral Ireland North and South

NOTESPart of the same group as Trinity Venture Capital.

HIBERNIA CAPITAL PARTNERS LIMITED

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NOTESEstablished by the International Fund for Ireland.

Tom ShinkwinINVESTMENT EXECUTIVE

National Software Centre, NSC Campus, Mahon, CorkT. 021 230 7127F. 021 230 7070E. [email protected]. www.enterpriseequity.ie

FUND SIZE


€150,000 – €1,250,000SECTORS

All sectors in the border, midlands and the west region with the exceptionof property retail and hotels.


Michael MurphyCEO

3 George’s Dock, IFSCDublin 1T. 01 611 5942F. 01 611 5987E. [email protected]. www.ncbdirect.com

FUND SIZE


€125,000 – €1.25mSECTORSGeneral

NOTESThe European Investment Fund is an investor in this fund.

NCB VENTURES LIMITED

Joe ConcannonINVESTMENT DIRECTOR

ICC Venture Capital, Bank of Scotland (Ireland) Ltd, 72-74 Harcourt Street,Dublin 2T. 01 415 5555F. 01 408 3516E. [email protected]. www.iccvc.ie

FUND SIZE


€1m – €10mSECTORSGeneral

NOTESThe fund targets companies with high growth potential, MBO’s andP2P operating in Ireland.

ICC VENTURE CAPITAL

Neil O'LearyCHAIRMAN & CEO

Fitzwilton HouseWilton Place, Dublin 2T. 01 611 0500F. 01 611 0510E. [email protected]. www.ionequity.com

FUND SIZE N/AINVESTMENT RANGE

€500,000 – €1mSECTORSTechnology, communications and services

NOTESDoes not provide seed capital.

ION EQUITY LIMITED

Mark HorganCEO

Mentec House, Pottery RoadDun Laoghaire, Co DublinT. 01 205 9716F. 01 205 9889E. [email protected]. www.mentorcapital.ie

FUND SIZE


€500,000 – €2.5mSECTORSICT, microelectronics and softwarewith enabling functionality

NOTESMentor Capital provides funding to companies who possess core,enabling technology with potential for significant impact on global markets.

MENTOR CAPITAL PARTNERS LIMITED PARTNERSHIP

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Peter SandysDIRECTOR

Alma House, Alma Road,Monkstown, Co. DublinT. 01 214 0400F. 01 214 0432E. [email protected]. www.seroba.ie

FUND SIZE


Up to €3mSECTORSTherapeutics, biotechnology,medical devices, diagnostics,enabling technology platforms

NOTESThe fund will invest in seed and early-stage projects, in thebiotechnology, pharmaceutical and medical fields, emerging fromleading research institutes, universities, research hospitals and fromexisting companies. Managed by Seroba BioVentures.

IRISH BIOSCIENCE VENTURE CAPITAL FUND SEROBA

David DaltonCEO64 Lower Mount Street, Dublin 2T. 01 678 8480F. 01 678 8477E. [email protected]. www.hotorigin.com

FUND SIZE


€100,000 – €300,000mSECTORSTechnology including software,hardware and bioinformatics

NOTESThe fund invests at the seed and early stage in technology companies.The investment is usually part of a bigger investment round.

HOT ORIGIN FUND I

Sean NelsonMANAGER OF INNOVATION SERVICES

University of Ulster, Cromore RoadColeraine, BT52 1SAT. 028 7028 0073F. 028 7028 0050E. [email protected]. www.ulst.ac.uk/uusrp

FUND SIZE N/AINVESTMENT RANGE£20,000 – £250,000SECTORSIncubators and Intellectual Property

NOTES

Established by the University of Ulster.

UU TECH LIMITED

Alan MawsonCHAIRMAN

Clarendon Fund Mangers12 Cromac PlaceBelfast, BT7 2JBT. 028 9032 6465F. 028 9032 6473E. [email protected]. www.clarendon-fm.co.uk

FUND SIZE

£10mINVESTMENT RANGE

£50,000 – £300,000SECTORSManufacturing or tradeableservices in Northern Ireland

NOTESThe fund is managed by Clarendon Fund Managers.

VIRIDIAN GROWTH FUND

John TraceyCEO

Trinity Venture Capital, Beech HouseBeech Hill Office Campus,Clonskeagh , Dublin 4T. 01 2057700F. 01 2057701E. [email protected]. www.tvc.com

FUND SIZE


€500,000 – €1.5mSECTORSTechnology

NOTESTrinity invests in early stage and expanding Irish technology companies.It is actively seeking new investment opportunities.

TRINITY VENTURE FUND

Panos LiouliasFUND MANAGERLanyon North, Queens UniversityBelfast, University RoadBelfast, BT7 1NNT. 028 9068 2321F. 028 9027 3899E. [email protected]. www.ucfni.org

FUND SIZE

£2.75mINVESTMENT RANGE

£50,000 – £100,000SECTORSSeed-Technology relatedcompanies

NOTESEstablished by Queens and the University of Ulster.

UNIVERSITY CHALLENGE FUND (NI)

24 25


Panos LiouliasCHIEF EXECUTIVE

Lanyon North, Queens UniversityBelfast, University RoadBelfast, BT7 1NNT. 028 9068 2321F. 028 9027 3899E. [email protected]. www.qubis.co.uk

FUND SIZE

N/AINVESTMENT RANGE £10,000 – £50,000SECTORSEarly stage Technology companies

NOTESEstablished by Queens University. It has a portfolio of 34 technologycompanies based in N.I. with combined sales of £42m employing over 653 people

QUBIS LTD

Theresa WallisPROJECT MANAGER

ANGLE Technology Limited12 Cromac Place, Belfast BT7 2JBT. 028 9024 4424F. 028 9032 6473E. nitechgrowthfund@

ANGLETechnology.comW. www.nitechgrowthfund.co.uk

FUND SIZE


€20,000 – €200,000SECTORSR&D

NOTESEstablished by Invest NI providing early stage funding to take an R&DProject to proof of concept and commercialisation

NITECH GROWTH FUND

27

Dennis JenningsFOUNDER

The Tower, TCD Enterprise Centre,Pearse Street, Dublin 2T. 01 671 1288T. 01 671 1339E. [email protected]. www.4thLevelVentures.ie

FUND SIZE


€75,000 – €500,000SECTORSLife sciences, material sciences,technology and ICT

NOTESThe fund was established to commercialise the business opportunitiesthat arise from university research. Investees will be high potentialbusinesses in the seed or early stages of their development arising outof research in Irish third level educational institutions.

4TH LEVEL VENTURES/ UNIVERSITY SEED FUND LIMITED PARTNERSHIP

26

Other Sources of Funding

ENTERPRISE IRELAND

The mission of Enterprise Ireland is to accelerate Ireland’snational and regional development by working with Irishcompanies to develop and compete so that they can grow in world markets.

Glasnevin, Dublin 9Tel +353 1 808 2000 Fax +353 1 808 2020

Merrion Hall, Strand Road, Sandymount, Dublin 4Tel +353 1 206 6000 Fax +353 1 206 6400

Wilton Park House, Wilton Place, Dublin 2Tel +353 1 808 2000 Fax +353 1 808 2992

www.enterprise-ireland.com

INVEST NORTHERN IRELAND

Invest NI is Northern Ireland's economic development agency.Established in 2002 under the Industrial Development Act(Northern Ireland) 2002, its objectives are to:

• Promote innovation in all its aspects, stimulate higherlevels of R&D and deign and improve knowledge transfer,

• Achieve higher levels of growth by indignenous andexternally-owned businesses,

• Promote a more enterprising culture so as to raise the overall level of business starts,

• Attract high-quality, knowledge based investment from outside Northern Ireland.

www.investni.com

44-58 May StreetBelfast BT1 4NNTel 028 9023 9090 Fax 028 9049 0490

Please note that the authors of the guide have made every effort toensure the accuracy of the information contained in this section of theguide. However we are not in a position to give any guarantee as to the accuracy of the information.


Gillian BuckleyINVESTMENT MANAGER

Dillon HouseBallaghadereen, RoscommonT. 094 986 1441F. 094 986 1443E. [email protected] W. www.wdc.ie

FUND SIZE


€63,000 – €317,000SECTORSAll sectors

NOTESThe fund provides seed and venture capital to new and existingbusinesses across a range of sectors in the western region. It will also consider MBOs/MBIs. Larger investments are considered on a syndicated basis with other private investors.

WESTERN INVESTMENT FUND

28 29

Glossary of Terms

ACQUISITION – The act of one company taking over acontrolling interest in another company. Investors often lookfor companies that are likely acquisition candidates, becausethe acquiring firms are usually willing to pay a premium onthe market price for the shares. This may be the most likelyexit route for a VC investor.

ANGEL FINANCIERS – The first individuals to invest money in your company. For example, friends, family.They do not belong to a professional venture capital firmand do not have similar monitoring processes. They oftenbelieve in the Entrepreneur more than the actual product.This capital is generally used as seed financing.

ANTI-DILUTION PROTECTION – In the event a companysells shares in the future at a price lower than what the VCpaid, an adjustment will be made to the % of shares held by the VCs.

BOOTSTRAPPING – A means of finding creative ways to support a start-up business until it turns profitable. This method may include negotiating delayed payment tosuppliers and advances from potential partners and customers.

BRIDGING FINANCE – Type of financing used to fill ananticipated gap between more permanent rounds of capitalinvestments. Usually structured to enable them to becomepart of future rounds if successfully raised.

BURN RATE – The rate at which your company isconsuming cash, usually expressed on a monthly basis.

CAPITAL GAINS – The difference between an asset’spurchase price and selling price when the selling price isgreater. Capital gains are usually subject to tax which may be mitigated by careful tax planning.

CARRIED INTEREST – The portion of any gains realised by a Venture Capital Fund to which the fund managers areentitled, generally without having to contribute capital to the fund. Carried interest payments are customary in theventure capital industry to create a significant economicincentive for venture capital fund managers to achieve capital gains.

CONVERTIBLE SECURITY – A financial security (usually preference shares) that is exchangeable for another type of security (usually ordinary shares) at a pre-statedprice. Convertibles are appropriate for investors who want higher income, or liquidation preference protection, than isavailable from ordinary shares, together with greater appreciation potential than regular bonds offer.

DILUTION – The process by which an investor's ownershippercentage in a company is reduced by the issue of new shares.

DUE DILIGENCE – The process by which VCs conductresearch on the market potential, competition, referenceinterviews, financial analysis, and technology assessment.Usually divided into commercial, financial, legal andcommercial due diligence.

EARLY STAGE – A fund investment strategy involvinginvestments in companies to enable product developmentand initial marketing, manufacturing and sales activities. Earlystage investors can be influential in building a company’smanagement team and direction. While early stage venturecapital investing involves more risk at the individual deal levelthan later stage venture investing, investors are able to buycompany stock at very low prices and these investments mayhave the ability to produce high returns.

EXIT STRATEGY – A fund’s intended method forliquidating its holdings while achieving the maximumpossible return. These strategies depend on the exit climatesincluding market conditions and industry trends. Exitstrategies can include selling or distributing the portfoliocompany’s shares after an initial public offering (IPO), a saleof the portfolio company or a recapitalisation. (See Acquisition, Initial Public Offering)

FUND FOCUS (OR INVESTMENT STAGE) – Theindicated area of specialization of a venture capital fundusually expressed as Balanced, Seed and Early Stage, LaterStage, Mezzanine or Leveraged Buyout (LBO). (See all of thestated fund types for further information)

FUND SIZE – The total amount of capital committed by theinvestors of a venture capital fund.

“HOCKEY STICK” – Refers to a financial projection whichstarts modestly for a number of months and rapidlyaccelerates. “How much of a hockey stick is in the plan?”

INVESTMENT PHILOSOPHY – The stated investmentapproach or focus of a fund manager.

INITIAL PUBLIC OFFERING (IPO) – The sale or distributionof a stock of a portfolio company to the public for the firsttime. IPOs are often an opportunity for the existing investors(often venture capitalists) to receive significant returns on theiroriginal investment. During periods of market downturns orcorrections the opposite is true.



30 31

NEW ISSUE – A stock or bond offered to the public for the first time. New issues may be initial public offerings bypreviously private companies or additional stock or bondissues by companies already public. New public offeringsare registered with the Securities and Exchange Commission.(See Securities and Exchange Commission and Registration)

OPTION POOL – The number of shares set aside for future issuance to employees of a private company.

PORTFOLIO COMPANIES – Portfolio companies arecompanies in which a given fund has invested.

POST-MONEY VALUATION – The valuation of a companyimmediately after the most recent round of financing. This value is calculated by multiplying the company’s totalnumber of shares by the share price of the latest financing.

PREFERENCE SHARES – Form of equity which has rightssuperior to ordinary shares. Most VC deals use preferenceshares which may convert to ordinary shares upon an IPO or Acquisition.

PRE-MONEY VALUATION – The value of the companybefore VCs cash goes into the business. VCs use the Pre-Money Valuation to determine what % ownership theywill have in your company.

PRIVATE EQUITY – Private equities are equity securities ofcompanies that have not “gone public” (in other words,companies that have not listed their stock on a publicexchange). Private equities are generally illiquid and thoughtof as a long-term investment. As they are not listed on anexchange, any investor wishing to sell securities in privatecompanies must find a buyer in the absence of amarketplace.

PROPRIETARY INFORMATION – Any informationuniquely possessed by a company which is not generallyavailable to the public.

PROSPECTUS – A formal written offer to sell securities that provides an investor with the necessary information to make an informed decision. A prospectus explains aproposed or existing business enterprise and must disclose anymaterial risks and information according to the securities laws. A prospectus must be filed with the SEC and be given to allpotential investors. Companies offering securities, mutualfunds, and offerings of other investment companies(including Business Development Companies) are required to issue prospectuses describing their history, investmentphilosophy or objectives, risk factors and financial statements.Investors should carefully read them prior to investing.

LATER STAGE – A fund investment strategy involvingfinancing for the expansion of a company that is producing,shipping and increasing its sales volume. Later stage fundsoften provide the financing to help a company achievecritical mass in order to position itself for an IPO. Laterstage investing can have less risk than early stage financingbecause these companies have already establishedthemselves in their market and generally have a managementteam in place. Later stage and Mezzanine level financing areoften used interchangeably.

LEAD INVESTOR – Each round of Venture Capital has a lead investor who negotiates the terms of the deal andusually commits to at least 50% of the round.

LEVERAGED BUYOUT (LBO) – A takeover of a companyusing a combination of equity and borrowed funds (or loans).Generally, the target company’s assets act as the collateralfor the loans taken out by the acquiring group. The acquiringgroup then repays the loan from the cash flow of theacquired company. For example, a group of investors mayborrow funds using the assets of the company as collateralin order to take over a company. Or the management of thecompany may use this vehicle as a means to regain controlof the company by converting a company from public toprivate. In most LBOs, public shareholders receive apremium to the market price of the shares.

LIMITED PARTNERSHIPS – An organization comprised ofa general partner, who manages a fund, and limitedpartners, who invest money but have limited liability and arenot involved with the day-to-day management of the fund.In the typical venture capital fund, the general partnerreceives a management fee and a percentage of the profits(or carried interest). The limited partners may receive bothincome and capital gains as a return on their investment.

MANAGEMENT FEE – Compensation for the managementof a venture fund’s activities, paid from the fund to thegeneral partner or investment advisor. This compensationgenerally includes an annual management fee.

MANAGEMENT TEAM – The persons who oversee theactivities of a venture capital fund.

MEZZANINE FINANCING – Refers to the stage of venture financing for a company immediately prior to itsIPO. Investors entering in this round have lower risk of lossthan those investors who have invested in an earlier round.Mezzanine level financing can take the structure ofpreference shares, convertible bonds or subordinated debt(the level of financing senior to equity and below senior debt).



32 33

Irish Venture CapitalAssociation Council

SECONDARY SALE – The sale of private or restrictedholdings in a portfolio company to other investors.

SEED MONEY – The first round of capital for a start-upbusiness. Seed money usually takes the structure of a loanor an investment in preferred stock or convertible bonds,although sometimes it is common stock. Seed moneyprovides start-up companies with the capital required fortheir initial development and growth. Business Angels andearly-stage venture capital funds often provide seed money.

STOCK OPTIONS – There are two definitions of stock options. The right to purchase or sell a stock at a specified pricewithin a stated period. Options are a popular investmentmedium, offering an opportunity to hedge positions in othersecurities, to speculate on stocks with relatively little investment,and to capitalize on changes in the market value of optionscontracts themselves through a variety of options strategies.

A widely used form of employee incentive and compensation.The employee is given an option to purchase its shares at acertain price (at or below the market price at the time theoption is granted) for a specified period of years.

TERM SHEET – Typically a 3-5 page document whichoutlines the fundamental business terms of a VentureInvestment. This document serves to drive at the finalbusiness agreement of closing the deal. If you receive a term sheet from a VC there is a high probability of closingand funding the deal.

VENTURE CAPITAL – Money provided by investors toprivately held companies with perceived long-term growthpotential. Professionally managed venture capital firmsgenerally are limited partnerships funded by private andpublic pension funds, endowment funds, foundations,corporations, wealthy individuals, foreign investors, and the venture capitalists themselves.

WRITE-OFF – The act of changing the value of an asset to an expense or a loss. A write-off is used to reduce oreliminate the value an asset and reduce profits.

WRITE-UP/WRITE-DOWN – An upward or downwardadjustment of the value of an asset. Usually based on eventsaffecting the investee company or its securities beneficiallyor detrimentally.

• Desmond Fahey (Chairman)

• Niall Carroll (Vice-Chairman)

• Michael Donnelly (Secretary)

• Joe Concannon

• Shay Garvey

• David Gavagan

• Michael Murphy

• Conor O’Connor

• Karl Schutte

IVCA

Regina Breheny (Director General)Tel 087 051 7754 Email [email protected]

Ciara Burrowes (Administrator)IVCA, 3 Rectory Slopes, Bray, Co. WicklowTel 01 276 46 47 Fax 01 274 59 15 Email [email protected]


34 35

Davy Corporate FinanceDavy House, 49 Dawson Street, Dublin 2Tel: 01 679 6363 Fax: 01 679 6366Contact: Hugh McCutcheonE-Mail: [email protected]

Deloitte & ToucheDeloitte & Touche House, Earlsfort Terrace, Dublin 2Tel: 01 417 2200 Fax: 01 417 2300Contact: David O’FlanaganE-Mail: [email protected]

Dillon EustaceGrand Canal House, 1 Upper Grand Canal Street, Dublin 4Tel: 01 667 0022 Fax: 01 667 0042Contact: Lorcan TiernanE-Mail: [email protected]

Ernst & YoungErnst & Young Building, Harcourt Centre, Harcourt Street, Dublin 2Tel: 01 475 0555 Fax: 01 475 0594Contact: Sinead MunnellyE-Mail: [email protected]

EquityNetworkThe Old Gasworks Business ParkKilmoney Street, Newry, Co. Down BT34 2DE Tel: 048 3083 4151 Fax: 048 3083 4155Contact: Gary StokesE-Mail: [email protected]

Farrell Grant SparksMolyneux House, Bride Street, Dublin 8Tel: 01 475 8137 Fax: 01 418 2050Contact: Jim MulqueenE-Mail: [email protected]

William FryFitzwilton House, Wilton Place, Dublin 2Tel: 01 639 5000 Fax: 01 639 5333Contact: Alvin PriceE-Mail: [email protected]

A&L GoodbodyIFSC, North Wall Quay, Dublin 1Tel: 01 649 2384 Fax: 01 649 2649Contact: John OldenE-Mail: [email protected]

Goodbody StockbrokersBallsbridge Park, Dublin 4Tel: 01 667 0400 Fax: 01 667 0410Contact: Brian O'KellyE-Mail: brian.m.o'[email protected]

Irish Venture Capital Association

ASSOCIATE MEMBERS

AIB Corporate Finance85 Pembroke Road, Dublin 4Tel: 01 667 0233 Fax: 01 667 0250Contact: Mon O' DriscollE-Mail: mon.m.o'[email protected]

Aventura Venture PartnersICELT House/NCI International Financial Services Centre,Mayor Street, Dublin 1Tel: 01 449 8715 Fax: 01 449 8749Contact: Maura MooreE-Mail: [email protected]

Baker Tilly O’HareMerchants House, 27/30 Merchants Quay, Dublin 8Tel: 01 677 1003 Fax: 01 677 1829Contact: Dick ByrneE-Mail: [email protected]

BCM Hanby Wallace88 Harcourt Street, Dublin 2Tel: 01 418 6900 Fax: 01 418 6805Contact: Colin SainsburyE-Mail: [email protected]

BDO Simpson XavierBow Lane House. Mercers Street Lower, Dublin 2Tel: 01 470 0000 Fax: 01 477 0000Contact: Paul KeenanE-Mail: [email protected]

Eugene F. CollinsTemple Chambers, 3 Burlington Road, Dublin 4Tel: 01 667 5111 Fax: 01 667 5200Contact: Anthony E. CollinsE-Mail: [email protected]

Corporate Finance Ireland1 Clonskeagh Square, Clonskeagh, Dublin 14Tel: 01 283 7144 Fax: 01 283 7256Contact: Frank TraynorE- Mail: [email protected]

Arthur Cox SolicitorsEarlsfort Centre, Earlsfort Terrace, Dublin 2Tel: 01 618 0000 Fax: 01 618 0618Contact: Kathleen GarrettE-Mail: [email protected]

Grant Thornton Corporate Finance24-26 City Quay, Dublin 2Tel: 01 680 5805 Fax: 01 6805 807Contact: Michael NearyE-Mail: [email protected]

Horwath Bastow CharletonChartered Accountants, Marine House, Clanwilliam Court, Dublin 2Tel: 01 676 0951 Fax: 01 662 5105Contact: Justin O’B’BailyE-Mail: [email protected]

IBI Corporate Finance40 Mespil Road, Dublin 4Tel: 01 637 7800 Fax: 01 637 7801Contact: Ulla R NissenE-Mail: [email protected]

IIB BankMerrion Square, Dublin 2Tel: 01 661 9744 Fax: 01 661 6821Contact: Tom FoleyE-Mail: [email protected]

InvestecThe Harcourt Building, Harcourt Street Dublin 2Tel: 01 421 0000 Fax: 01 421 0652Contact: Austin CoughlanE-Mail: [email protected]

Ion EquityFitzwilton House, Wilton Place, Dublin 2Tel: 01 611 0500 Fax: 01 611 0510Contact: Neil O’LearyE-Mail: [email protected]

KPMG1 Stokes Place, St. Stephen's Green, Dublin 2Tel: 01 410 1000 Fax: 01 412 1122Contact: Gerard FloodE-Mail: gerard.flood@kpmg

McCann Fitzgerald2 Harbourmaster Place, International Financial Services Centre, Dublin 1Tel: 01 829 0000 Fax: 01 829 0010Contact: Vanessa FitzgeraldE- Mail: [email protected]

Mason Hayes & Curran6 Fitzwilliam Square, Dublin 2Tel: 01 614 5000 Fax: 01 614 5001Contact: David O'DonnellE-Mail: [email protected]


36 37

Matheson Ormsby Prentice30 Herbert Street, Dublin 2Tel: 01 619 9000 Fax: 01 619 9010Contact: Colm RaffertyE-Mail: [email protected]

MazarsBlock 3, Harcourt Centre, Harcourt Road, Dublin 2Tel: 01 449 4400 Fax: 01 475 0030Contact: Martin ColeE-Mail: [email protected]

Merrion Corporate Finance3rd Floor, Block C Sweepstakes Centre, Ballsbridge, Dublin 4Tel: 01 240 4100 Fax: 01 240 4101Contact: Dan EnnisE-Mail: [email protected]

O'Donnell SweeneyEarlsfort Centre, Earlsfort Tce, Dublin 2Tel: 01 664 4200 Fax: 01 664 4300Contact: Tony McGovernE-Mail: [email protected]

PricewaterhouseCoopersGeorge’s Quay, Dublin 2Tel: 01 704 8500 Fax: 01 704 8600Contact: Aidan WalshE-Mail: [email protected]

PricewaterhouseCoopers BelfastWaterfront Plaza, 8 Laganbank Road, Belfast BT1 3LRTel: 048 9024 5454 Fax: 048 9041 5600Contact: Iain LeesE-Mail: [email protected]

L K Shields39/40 Upper Mount Street, Dublin 2Tel: 01 661 0866 Fax: 01 661 0883Contact: Justin McKennaE-Mail: [email protected]

Ulster Bank Corporate BankingGeorge’s Quay, Dublin 2Tel: 01 608 4000 Fax: 01 608 4144Contact: Gervaise McAteerE-Mail: [email protected]

Whitney Moore & KellerWilton Park House, Wilton Place, Dublin 2Tel: 01 676 0631 Fax: 01 676 6462Contact: Mark RyanE-Mail: [email protected]


38 39

The EquityNetwork Steering Committee

Mary Ainscough Board Member – InterTradeIreland

Director of Equality – Dublin City University

Edward Cartin Former CEO – QUBIS Ltd

Barry Fitzsimons Chairman – EquityNetwork

Vice-Chairman – InterTradeIreland

Senior Director – Cunningham Coates

Stockbrokers

Charles Harding Executive Director

– Corporate Finance & Restructuring Division

– Invest Northern Ireland

Denis Marnane Manager –

Equity/Venture Capital Enterprise Ireland

Feargal McCormack Board Member – InterTradeIreland

Managing Partner – FPM CharteredAccountants

Liam Nellis Chief Executive – InterTradeIreland

Dr. Martin Naughton Chairman – InterTradeIreland

Chairman – Glen Dimplex

The EquityNetwork Executive

• Catriona Regan

• Margaret Hearty

• Fergal McCann

• Gerry Moloney

• Gráinne Lennon

• Anne-Marie Kearns

• Gary Stokes

EquityNetworkEquityNetwork is a major initiative of InterTradeIreland, the Trade and Business Development Body. InterTradeIreland’smission is to lead the development of the island economythrough distinctive knowledge-based interventions which willproduce significant returns in the areas of cross-border tradeand business development.

EQUITYNETWORK OFFERS THE FOLLOWING SERVICES:

• Value added information services to businesses to assist in making them 'investor ready'

• Signposting for businesses seeking equity finance

• An annual private equity conference

• An annual all-island seedcorn competition for the best business plans on the insland

• An island-wide education programme to raise awareness of the availability and benefits of using private equity

• EquityNetwork has supported the development of ‘Halo’ business angel networks in Northern Ireland and Ireland. In Northern Ireland through Investment Belfast and in Ireland through Dublin Business Innovation Centre with the collaboration of Enterprise Ireland and the regional BICs.

For full details on all InterTradeIreland’s programmes visitwww.intertradeireland.com

InterTradeIreland, The Old Gasworks Business Park, Kilmorey Street, Newry BT34 2DE Co. Down

Tel: +44 28 3083 4151 (RoI: 048 3083 4151)Fax: +44 28 3083 4155 (RoI: 048 3083 4155)Email: [email protected] Web: www.intertradeireland.com


40

The Irish Venture Capital Associationwww.ivca.ie

EquityNetworkwww.intertradeireland.com

The European Venture Capital Associationwww.evca.com

The British Venture Capital Associationwww.bvca.co.uk

The Institute of Directors in Irelandwww.iodireland.ie

The Institute of Directors Northern Irelandwww.iod.com

The Office of the Director of Corporate Enforcementwww.odce.ie

HALO – The Northern Ireland Business Angel Networkwww.haloni.com

Business Angel Partnershipwww.businessangels.ie

Acknowledgements

The authors of the guide would like to acknowledge the contribution of the Council of the IVCA, the EquityNetwork Steering Committee andthe British Venture Capital Association in preparing the Guide.

Useful Contacts

Guide Venture Capital

Documents

Transcript of Guide Venture Capital