Dublin firm Elkstone closes €100m early-stage fund to find more start-ups

18 May 2023

Alan Merriman. Image: Elkstone

Alan Merriman, CEO of Elkstone said that now is a ‘good time’ to be investing as the firm teams up with ISIF for its final round.

Elkstone, the Dublin-headquartered investment firm, has closed its €100m Early-Stage Irish Venture Fund. The fund is to be co-anchored by the Ireland Strategic Investment Fund (ISIF) for its final round.

It is also getting support from Enterprise Ireland. To date, it has deployed more than €10m, with initial investments to be completed by 2026.

Elkstone’s €100m fund is one of the largest early-stage venture funds in Ireland. It was initially launched last April with the firm saying at the time that investments would amount to €1m or €2m.

It was an early seed investor in Irish businesses such as Flipdish and LetsGetChecked, both of which are now unicorns. Altogether, the firm’s venture arm has invested in more than 50 start-ups.

“Our fund investor base, comprising both entrepreneurs and private capital alongside Enterprise Ireland and ISIF, is a key edge in helping us bring meaningful value to Irish founders as they look to fulfil their businesses’ potential and scale internationally,” said Elkstone’s CEO Alan Merriman.

Merriman added that “Whilst the macro backdrop is undoubtedly challenging, it is a good time to be investing”.

Merriman spoke to SiliconRepublic.com in 2020 about the rollercoaster nature of entrepreneurship.

Nick Ashmore, the director of ISIF, said the partnership with Elkstone would expand its own reach in early-stage venture capital.

“ISIF is a strong supporter of indigenous Irish businesses that have ambitions to scale and target international markets. This fund expands our reach in early-stage venture capital and gives Irish businesses a valuable new option for attracting the capital they need to grow. Our new partnership with Elkstone will fuel the success of a range of fast-growing Irish businesses and we aim to build on these success stories in the coming years.”

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Blathnaid O’Dea was a Careers reporter at Silicon Republic until 2024.