Trinity Venture Capital raises largest technology fund in Ireland

AIB Bank, Arnotts Staff Pension Fund, Bank of Ireland Asset Management, Eircom Superannuation Fund and Montgomery Oppenheim are among the contributors to the fund.

Trinity Venture Capital, part of the Reihill Venture Capital Group, has raised E100m in its second Fund. Named Trinity Fund II, it is the largest technology fund raised in Ireland to date.

John Tracey, chief executive of Trinity, said that the firm had received strong support from institutional investors for the fund. “This is a strong vote of confidence in the long term potential of the Irish technology sector. We continue to see a large number of high quality, early stage technology companies in Ireland. With our new Fund, we can now provide very large financial support to the companies we invest in as well as continuing to work closely with them,” he added.

The company will primarily invest in early and growth stage technology companies in Ireland. Three investments have already been made from the fund. These are Norkom Technologies(which raised US$17.0m from Trinity Venture Capital and Goodbody Stockbrokers); Network 365 (which raised US$13.5M from Trinity Venture Capital, Amadeus and Jafco); and ChangingWorlds (which recently raised US$4.0M from Trinity Venture Capital and Flanders Language Valley Fund). Trinity can invest up to E15m in any one transaction from its own resources.

Trinity’s first fund was an E24m fund, which was established in September 1997. Trinity Fund 1 invested in companies such as Norkom Technologies (business intelligence software), Network365 (mobile commerce platforms), Gradient Solutions (booking systems for the travel industry), and Anshe (financial services software). The firm has already sold its stakes in Gradient and Anshe and made what it describes as “a substantial profit” last year.

The Reihill Venture Capital Group, which includes both Trinity Venture Capital and Hibernia Capital Partners, now has in excess of E200m under management.