Elkstone raises €5m to create client-focused digital platform

4 May 2023

Elkstone CEO Alan Merriman. Image: James Parker

The company is expanding its services across the island of Ireland and said it is well positioned to boost the Irish venture ecosystem.

Dublin-based investment company Elkstone has raised €5m to expand its impact-funding services to a wider client base and open a new office in Northern Ireland.

The €5m in strategic capital came from a range of leading investors and clients, including Dalata hotel group founder Pat McCann.

Elkstone provides services such as wealth management, venture capital and real estate opportunities to its Irish and international clients.

The company believes it is best known for its early-stage investment. Elkstone announced a €75m venture fund in January 2022, which was expanded to reach €100m when it launched in April 2022.

Elkstone’s venture arm has invested in more than 50 start-ups to date, supporting the creation of more than 1,000 jobs.

The new funding will be used to help the company continue to invest in housing, venture and other impact areas. Elkstone also plans to enhance their services through the creation of a client-focused digital platform and expand their team.

The new office in Northern Ireland will add to Elkstone’s existing network of regional offices across Dublin, Cork and Galway.

Elkstone CEO Alan Merriman said the company’s clients have demonstrated “added trust” by becoming shareholders. He also said Elkstone is positioned to help with ongoing housing challenges, boost the Irish venture ecosystem and improve access to “sophisticated wealth management and impact investing”.

“This is the best possible endorsement we can get and reflects both on the robustness of our collaborative open investment architecture and the faith our clients have in our vision and stellar team,” Merriman said. “We want to build a special Irish business with lasting positive impact,”

Elkstone’s existing investment portfolio includes big names in the Irish tech start-up community, including LetsGetChecked, Manna, SoapBox Labs, HealthBeacon and Flipdish.

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

Leigh Mc Gowran is a journalist with Silicon Republic