Furthr VC grows seed fund to €32M

Furthr VC, previously DBIC Ventures has announced its new name and that its latest fund has grown to €32M, up from €23M. The growth comes from additional funding from existing investors, as well as the addition of 20 new investors to the fund.

Furthr VC launched its latest fund in October 2019 with the aim of investing in up to 30 globally scalable software and medical device companies. Since then, it has invested in 15 companies, including IVR testing SaaS company, Klearcom; construction computer vision company, Evercam; and diabetes medical device company, Bluedrop Medical.

Initially backed by an investment from Enterprise Ireland as well as 15 technology entrepreneurs, business leaders and private investors, the fund now has 35 private backers. 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 €3M through subsequent follow-on investment rounds.

Furthr VC changed its name in line with the rebrand of Dublin BIC to Furthr. By forming close, active partnerships with founders, Furthr VC plays a significant role in supporting the innovative entrepreneurs and businesses it backs, while also maximising returns for investors. 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.

Richard Watson, Managing Partner, Furthr VC, commented: “We are highly active with our current fund and have completed seven new investments to date in 2022. We are continuously on the lookout for new software and MedTech start-ups as investment opportunities for the fund.  

“This is our fourth fund, having launched the first seed fund in Ireland in the 1990s. By working closely with investee companies, we help them to navigate the scaling journey and in doing so, create significant shareholder value. We are proud to have the backing of so many top Irish tech entrepreneurs and business leaders, as well as Enterprise Ireland.”

Colm O’Sullivan, Partner, Furthr VC, said: “The growth of this fund is testament to the quality of the portfolio we are building and the companies in our pipeline, as well as our strong track record and deep network that includes many of Ireland’s leading technology entrepreneurs and business leaders. At Furthr VC, we have a founder-friendly approach, enabling us to form close partnerships with start-ups and provide them with key strategic input to help drive success, which in turn ensures that we are generating strong returns for our investors.

“Our new name reflects the ambitious plans that we have for our investors and the start-ups that we are investing in. We are backing companies from seed to Series A stage, with a strong ability to follow on in subsequent rounds, ensuring that we are a vital part of businesses’ success stories and Ireland’s economic future.”

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