Kernel Capital Partners, a Cork-based venture capital fund, has completed first closing of its Kernel Capital Partners Venture Capital Fund, raising E12.5m. The fund has a final closing target of E25m, which it plans to invest in early stage information and communications technology and life science companies.
The fund has received E6.35m in investment from Enterprise Ireland, the Irish government’s venture capital initiative. The remainder of the funding has come from private sector companies in Ireland.
Mary Harney, Tánaiste and Minister for Enterprise Trade and Employment said that the fund's objective was to invest in early stage companies, with investments in the region of E300,000 to E1.5m. “Kernel Capital Partners will work with investee management teams to accelerate their value creation proposition and ensure a successful exit, most probably by trade sale on the international stage.”
Niall Olden, chief executive of Kernel Capital Partners said that the fund will concentrate on investments south of a line from Galway to Dublin. “There is a growing market of investment opportunities in this region. Only three years ago venture capital backed companies outside of Dublin were few in number. In the Fund's target market today they account for almost 30 per cent of Irish Venture Capital Association members' recent investments.”
Kernel Capital Partners was established in March 1999. The company has been involved in securing over E60m in venture capital and venture debt for Irish technology companies. The company has four full time executives in addition to an advisory board of six.