Act Venture Capital's investment team: Sarah Matthews, Andrew O'Neill, Lorraine Paton, John Flynn, Cathy McBride, Debbie Rennick, Shanice Callinan, John O'Sullivan, Conor Mills and Vaibhav Tandon. Photograph: Andrew WatchornIrish venture capital company Act has launched a new €140 million fund that will back early-stage technology companies, its sixth and largest such fund to date.
The fund intends to back about 35 companies, and can invest up to €10 million in a company, working as a long-term investment partner. It is looking to invest across a range of technology sectors, with artificial intelligence and machine learning, enterprise, deep tech, health and energy and climate among the areas of particular interest.
“In the seed area, the actual average size of the rounds has continued to increase. They’re more protected from the vagaries of the stock markets. At the earlier stage, you’re investing now for companies in five years’ time so it’s been a good start for us,” Mr Flynn said. “There is a bit of a reset going on in the later stage rounds. At the beginning of the fund, we’re probably more active on the seed side.