Your SlideShare is downloading. ×
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
A GUIDE TO VENTURE CAPITAL
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

A GUIDE TO VENTURE CAPITAL

2,746

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
2,746
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
95
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. A GUIDE TO VENTURE CAPITAL THIRD EDITION Irish Venture Capital Association in association with InterTradeIreland’s EquityNetwork The Old Gasworks Business Park Kilmorey Street, Newry BT34 2DE, Co. Down Tel: 028 3083 4151 3 Rectory Slopes, (RoI: 048 3083 4151) Bray, Co. Wicklow Fax: 028 3083 4155 Tel: 353 (0) 1 276 4647 (RoI: 048 3083 4155) Fax: 353 (0) 1 274 5915 Email: equity@intertradeireland.com Email: secretary@ivca.ie Web: www.intertradeireland.com Web: www.ivca.ie
  • 2. CONTENTS Foreword by Desmond Fahey, Chairman of the Irish Venture Capital Association 2 Foreword by Barry Fitzsimons, Chair of EquityNetwork 3 An Introduction to Venture Capital 4 • What is venture capital/private equity? 5 • How do I make my company attractive to a venture capitalist or an investor in general? 5 • Benefits of venture capital 7 • Questions to ask before approaching a venture capitalist 8 • The Business Plan 10 The Role of the Non-Executive Director 14 Sources of Venture Capital 15 Glossary of Terms 28 Irish Venture Capital Association Council 33 Irish Venture Capital Association – Associate Members 34 EquityNetwork – Steering Committee 38 – Executive 38 Useful Contacts 40 Third Edition 1
  • 3. A GUIDE TO VENTURE CAPITAL Foreword Foreword DESMOND FAHEY BARRY FITZSIMONS Chairman of the Irish Venture Capital Association EquityNetwork, Vice-Chair of InterTradeIreland The Irish Venture Capital Association represents members who IInterTradeIreland’s joint publication with the Irish Venture professionally manage over 95% of the €1 billion managed by Capital Association, A Guide to Venture Capital, was first venture capital funds in Ireland. The Irish VC industry is published in 2003. The Guide, the first of its kind, has become relatively young by comparison to the U.S.A and Europe but is the first point of contact for anyone seeking information on developing very well. During the last five years, our member venture capital on the island of Ireland. The Guide contains all VC companies invested over €1 billion into over several hundred the sources of funding on the island, it aims to enable the Irish enterprises. These companies today employ thousands of entrepreneur to see what funding is available and give pointers Irish graduates and technically qualified personnel. The value on how to go about sourcing funding. added to investee companies by experienced VC professionals is very important for developing enterprises. InterTradeIreland’s collaboration with the Irish Venture Capital Association in producing the Guide and in developing other During 2004 divestments by Irish VC companies yielded €190 initiatives has certainly strengthened the quality of the service million, achieved through trade sales, public offerings, debt InterTradeIreland is able to offer. As the industry body on the repayment and sales to other investors. While an increase in island the IVCA is an excellent partner for EquityNetwork divestment is to be expected at this stage of the venture across a range of venture capital initiatives. capital life cycle, it also demonstrates that an exit market is developing, providing the essential disposal mechanisms tothe InterTradeIreland now supports ‘Halo’ business angel networks venture capital industry. Over €150 million of VC money is in Northern Ireland and the Republic. In the north through still available for qualifying entrepreneurs however, the Irish Investment Belfast in collaboration with Invest NI and the NI venture capital industry will require significant funding in Bankers Association and in the south through Dublin Business 2006 if the level of investment in internationally focused Irish Innovation Centre with the collaboration of Enterprise Ireland enterprises is to continue at the rate required for our and the regional BICs. knowledge economy. Research undertaken in 1999 by InterTradeIreland into private This publication ‘A Guide to Venture Capital’ is published in equity provision on the island revealed a dramatic increase in collaboration with EquityNetwork, gives details of our the amounts of private equity raised and invested in the members, useful contacts, some other sources of financial previous decade. However, certain regions showed slower signs funding and a glossary of terms. It is an excellent resource for of growth and a low level of uptake – due primarily to a corporate financiers, accountants and lawyers as well as for shortage of quality deals rather than the availability of funds. those seeking venture equity. I hope you find it useful. The research also highlighted a gap in the supply of equity finance to early stage start up projects. This is not peculiar to the local market but reflects the high level of risk of funding such projects and the cost of managing the investment, relative to the actual funds invested. To address these shortfalls InterTradeIreland developed EquityNetwork. EquityNetwork provides the following services to the business community: • Value added information services to businesses to assist in making them ’investor ready’ • Signposting for businesses seeking equity finance • Support for business angel networks on the north and south of the island • An island-wide education programme to raise awareness of the availability and benefits of using private equity 2 I hope you continue to find the Guide useful. 3
  • 4. A GUIDE TO VENTURE CAPITAL An Introduction to Venture Capital Venture Capital/Private Equity is medium to long-term finance What is venture capital/private equity? provided in return for a shareholding in unquoted companies. For the purposes of this guide ‘Private Equity’ refers to Venture Capital/Private Equity; provides long-term, committed ‘Venture Capital’ and ‘Business Angel’ investments at stages share capital, to help unquoted companies grow and succeed. in a company’s development, from the seed to expansion If you are looking to start up, expand, buy into a business, stages, as well as management buy-outs and buy-ins. The terms buy out a division of your parent company, turnaround or Venture Capital and Private Equity should therefore be revitalise a company, Private Equity could help. regarded as interchangeable phrases. Obtaining private equity is very different from raising debt The purpose of this booklet is to encourage you to start or a loan from a lender, such as a bank. Lenders, who usually planning early when seeking finance to accelerate the growth seek security such as a charge over the assets of the company, of your business. It will explain how a Venture Capitalist will charge interest on a loan and seek repayment of the approaches the process of investing equity in a business and capital. Private equity is invested in exchange for a stake in what you need to do to improve your chances of raising your company and, as shareholders, the investors' returns equity. It gives guidance on what should be included in your are dependent on the growth and profitability of your business plan, the most important document you will produce business. The investment is unsecured, fully at risk and when searching for a private equity investor. The guide also usually does not have defined repayment terms. It is demonstrates the positive advantages that venture this flexibility which makes private equity an attractive capital/private equity will bring to your business. and appropriate form of finance for early stage and knowledge-based projects in particular. The main sources of private equity on the island are Venture Capital Funds, Business Angels (private individuals who provide smaller amounts of finance at an earlier stage than How do I make my company attractive to a many private equity firms are able to invest at), Government Venture Capitalist or an investor in general? Agencies (depending upon the sector your business operates in, the presence of other investors and where the business is Many small companies on the island do not grow and so in its development cycle) and Corporate Venturers. Corporate do not provide 'upside potential' for the owners other than Venturers can be product related or service companies that to provide a good standard of living and job satisfaction. provide funds and/or a partnering relationship between These businesses are not generally suitable for private equity mature and early stage companies which may operate investment, as they are unlikely to provide sufficient financial in the same industry sector. returns to make them of interest to an external investor. This Guide's principal focus is upon Venture Capital Funds. High potential businesses can be distinguished from others However, the investment criteria that both Venture Capital by their aspirations and potential for growth, rather than by Funds and Business Angels apply when assessing potential their current size. Such businesses are aiming to grow rapidly investee companies is often very similar - therefore the to a significant size. As a rule of thumb, unless a business can guide will benefit entrepreneurs and their advisers looking offer the prospect of significant turnover growth within three for private equity from both these sources. In short, the to five years, it is unlikely to be of interest to a private equity aim is to help you understand what Venture Capital Funds investor. This usually means that the market for the product are looking for in a potential business investment and and service will not solely be on the island. how to approach them. Private equity investors are interested in companies with high growth prospects, enjoy barriers to entry from competitors, are managed by experienced and ambitious teams and have an exit opportunity for investors which will provide returns commensurate with the risk taken. 4 5
  • 5. A GUIDE TO VENTURE CAPITAL Venture Capital Funds normally agree their investment Benefits of Venture Capital criteria with those who have invested in the fund, for example, preferred sectors and stages of development. In the current economic climate on the island, most fast Business Angels also usually prefer to invest in projects growth start-ups are knowledge based. Given that these which reflect their own skillsets or investment history. projects cannot offer tangible security to traditional debt When approaching a Venture Capitalist or a Business Angel, financiers or predictable cashflows to service loans, private it is important to understand if their investment criteria or equity is the obvious source of finance to fill the financing preferences match your project. gap. Investment executives working with Venture Capital Funds attempt to identify the best projects in order to Earlier stage projects normally reflect a higher level of risk minimize their investment risk. for equity investors, so it's important that entrepreneurs Research has shown that Venture Capital backed companies explore all possible sources of finance when fundraising. grow faster than other types of companies, employ more The diagram below highlights the likely sources of funds people and are more profitable when benchmarked against for businesses at different stages of development. their peers. This is made possible by a combination of capital, Venture Capitalists identifying and investing in the best investment opportunities and input from Non-Executive USE AND SOURCE OF PRIVATE EQUITY and Executive Directors introduced by the VC investor IN BUSINESS DEVELOPMENT (a key differentiator from other forms of finance) STAGE R&D START-UP EARLY ACCELERATING SUSTAINING MATURITY CYCLE GROWTH GROWTH GROWTH GROWTH Proof of Seed First Second Development Replacement Concept Corn Round Round Capital Capital TYPE OF Funding FUNDING MBO/ Development Capital Public Sector Founders, Family and Friends SOURCES Business Angles OF FUNDING Venture Capital Corporate Venturing Public Listing/IPO 6 7
  • 6. A GUIDE TO VENTURE CAPITAL Questions to ask before This usually includes debt finance from banks to finance approaching a Venture Capitalist working capital and asset purchases, grant aid from development agencies and, indeed, an equity investment Does my company have high growth prospects and from the promoters. Such an investment from the is my team ambitious to grow the company rapidly? promoters/management team can help demonstrate commitment to a project and may attract fiscal incentives Does my company have a product or service with in the form of the Business Expansion Scheme, Enterprise a competitive edge or unique selling point? Investment Scheme or Enterprise Management Incentives, Can it be protected by Intellectual Property Rights? depending upon the jurisdiction the company is based in and other criteria. Professional help should be sought to confirm Can I demonstrate relevant industry sector experience? eligibility and benefits of these schemes at an early opportunity. Does my team have the relevant skills to deliver The end result is likely to be a funding package which includes the business plan fully? a cocktail of funders secured with the assistance of the Am I willing to sell some of the company's shares to Venture Capitalist. It is this flexibility and value-added input a private equity investor? from a private equity investor which differentiates them from other funders. Is there a realistic exit opportunity for all shareholders in order to realise their investment? Venture Capitalists look for capital gains from their investments. They adopt a portfolio approach to their investments which Am I prepared to accept that my exiting this business reflects their strategy to mitigate the risk of investing unsecured may be in the best interest of all shareholders? funds in early stage companies. Before they invest, VC executives If your answers are 'yes', external equity is worth considering. will consider the likelihood of realising their investment. If 'no', it may be that your proposal is not suitable for venture After all, they are responsible for returning the cash invested capitalists and it may take additional work on your behalf to in their fund with interest to their investors. make the proposal 'investor ready'. The promoters ability to implement their business plan in When seeking to raise capital to accelerate the development full is the obvious question, but just as importantly, can the of a business idea, promoters must explore all possible company in question be sold to another trade player or find sources of funds. It is likely that an equity investor will another way to redeem the venture capitalist's investment usually help the promoters secure other sources of funds. within a reasonable time frame (usually between three and seven years)? 8 9
  • 7. A GUIDE TO VENTURE CAPITAL The Business Plan 1. The Product / Service The business plan is the most important document for a In simple language, this should explain what exactly the company seeking to raise finance from private equity investors. product / service offering is. This will clearly demonstrate It should demonstrate what the business opportunity is, the unique selling point of your offering, differentiation from the amount of funds required to deliver the business plan other products, barriers to entry etc and how your product / and a management team capable of implementing it. service will add value to the purchaser. Venture Capitalists read numerous business plans from a wide range of sources and they must invest in the best 2. The Market projects. Their first impression of your business plan will A common mistake that entrepreneurs make is to express determine whether they take their interest any further. It is their market in terms of a global figure representing all activity absolutely essential that your business plan demonstrates within their sector. The private investor requires comfort that an 'investor ready' project. there is a commercial opportunity for your product/service and that the management team has the ability to exploit The following section is intended to give you a summary this opportunity. of what the business plan should include: The marketing section should demonstrate who the customer base is likely to be, how the product / service will be priced, Executive Summary how it will be distributed to customers, an analysis of This is the key part of the document which must immediately competitors and how you will deal with competing goods and clearly articulate the investment opportunity for the reader. and services. The Executive Summary should make a potential investor It is unlikely that there will be no rivals in your market sector believe that your unique proposition has the potential to make and you should avoid comments like 'there is no competition' a good return on their investment and that you and your team or, 'our product is totally new'. If no one has thought of have the ability to deliver what the plan says. offering a similar or competing product, is it conceivable If this part of the Business Plan is not presented with that there is no demand for your product or that customers conviction and in clear language, you may miss the do not realise that they need it? opportunity of ensuring that a potential investor takes the time to read your entire plan. 3. Management Team Most venture capitalists will tell you that they invest in The detailed plan should give full details under the people not ideas. following headings: The management team must sell their experience to 1. The Product / Service investors as well as their understanding of the market which they are targeting. 2. The Market 3. Management Team This section must convey the message that the team has 4. Business Process / Operations the full complement of skills required to deliver the plan. Indeed, it is prudent to identify skill gaps which must be 5. Financial Projections addressed in order to deliver the plan as new investors in 6. Proposed Investment Opportunity a business can utilise their networks to fill the gaps. Non-Executive Directors (NEDs) are an obvious source of expertise for early stage companies to address this issue and and Venture Capital Fund managers usually appoint a NED to investor companies to help them avoid the pitfalls of growing a business. Further details on NEDs can be found in the next section of the guide. 10 11
  • 8. A GUIDE TO VENTURE CAPITAL 4. Business Processes / Operations 6. Proposed Investment Opportunity / Exit This section explains how the business operates, be that This is the opportunity to identify the level of funds required, manufacturing products, delivering a service, or both. how and when they will be spent, and an outline showing It should demonstrate that any necessary R&D can be fully how investors will receive a return on their investment. undertaken and that an appropriately skilled workforce As with the financial projections the exit opportunity should is available. be realistic and take account of current market conditions. The location of the business and the physical infrastructure It cannot be stressed too much that the Business Plan is the will also be detailed. Care should be taken to demonstrate single most important document that you will provide for that there is sufficient flexibility within systems, facilities and potential private equity investors. It must be coherent, well human resources to expand the business in line with its presented and of a length which maintains the interest of projected growth. the reader. It is essential that you strike a balance between providing the investor with sufficient information to evaluate Whilst there may be a market for the product/service being the investment opportunity while not overloading them with offered, you must ensure that the proposed location, process technical information. and utilisation of resources (human and physical) are the best available to exploit this opportunity. 5. Financial Projections An investor will always wish to review a detailed set of integrated financial projections which encompasses profit and loss accounts, balance sheets and cashflow statements. These figures will be supported by detailed assumptions which reflect the content of the business plan. The projections must be realistically achieveable, but they must also be sufficiently ambitious to demonstrate that there is an attractive investment opportunity. These projections will form the basis of any term sheet which an equity investor may issue. Negotiation with the Venture Capitalist over valuation, future milestones and ultimate exit opportunities will be influenced by the delivery of the financial projections. Much consideration should be given to this section to produce realistic projections and indicate an openness to work with the investor in the future to deliver a common goal – the maximising of value. 12 13
  • 9. A GUIDE TO VENTURE CAPITAL The Role of the Non-Executive Director Sources of Venture Capital The considerable amount of media attention on the issue Fund Managers/Funds of corporate governance has highlighted the role of ACT VENTURE CAPITAL Non-Executive Directors. It is well documented that Niall Carroll FUND SIZE Non-Executive Directors can make a significant contribution MANAGING DIRECTOR €300m to company performance regardless of size. The use of Richview Office Park, INVESTMENT RANGE Non-Executive Directors is one way of accelerating the Clonskeagh, Dublin 14 €750,000 – €15m development and growth of SMEs and whether it is a T. 01 260 0966 SECTORS longstanding traditional business or a start-up seeking equity F. 01 260 0538 Information and communications, E. info@actvc.ie finance, non-executives can bring added value with objectivity technologies, medical devices and w. www.actventure.com drawn from their own experience and skills. life sciences. NOTES It is normal for Venture Capital investors to place a ACT's funds are sourced from leading domestic and international financial Non-Executive Director on the Board of the investee company institutions. Investments are made in companies at all stages of their to represent their interests. This can either be one of its own growth, with a particular interest in early stage companies. With its fund managers or an individual who has sectoral, market, extensive contacts and widely experienced team, ACT plays an active supportive role in helping companies to expand into international markets. or management expertise which will help delivery of the corporate plan. AIB EQUITY Most Venture Capitalists, however, recognise that the chemistry Laurence Endersen FUND SIZE and teamwork between the non-executive and the existing DIRECTOR OF AIB EQUITY €25.4m management team is crucial. As a result, the VC's Non-Executive AIB Equity, AIB International Centre INVESTMENT RANGE IFSC, Dublin 1 Director is there to play an integral role in the development of €250,000 – €750,000 T. 01 641 7993 the company rather than act as a watchdog for their investment. F. 01 829 0269 SECTORS This availability of outside expertise to the management team Domestic Technology Sector E. laurence.c.enderson@aib.ie represents a valuable asset for most companies, particularly start-ups, and is one reason why Venture Capital is regarded as a value-added source of finance for SMEs. NOTES The fund is now closed to new investments. ALCHEMY PARTNERS Brian Stephens FUND SIZE 10 Fitzwilliam Square €1.4bn Dublin 2 INVESTMENT RANGE T. 01 661 2671 €15m.+ F. 01 661 3057 SECTORS E. info@alchemypartners.com All w. www.alchemypartners.com NOTES 14 15
  • 10. A GUIDE TO VENTURE CAPITAL ALLIANCE INVESTMENT CAPITAL BOI VENTURE CAPITAL Frank Traynor FUND SIZE Brendan Vaughan FUND SIZE MANAGING DIRECTOR €9.5m FUND MANAGER €19m CFI House, Clonskeagh Square INVESTMENT RANGE 40 Mespil Road INVESTMENT RANGE Dublin 14 €500,000 – €2m Dublin 4 Up to €2m T. 01 283 7656 T. 01 665 3443 SECTORS SECTORS F. 01 283 7256 F. 01 665 3484 All ICT E. frank.traynor@allinv.com E. Brendan.Vaughan@boimail.com w. www.alliance.ie W. www.boi.ie/venturecapital NOTES NOTES The first Alliance Investment Capital Venture Fund was launched in 1999. Dublin based fund with regional offices in Tullamore, Limited Partners are Royal Bank of Scotland Private Equity and Enterprise Galway, Limerick and Cork. Ireland. CFI Equity Fund Limited is a sister company to Dublin based corporate finance firm, Corporate Finance Ireland Ltd. The fund has invested in five companies and is now closed for futher investments. ANGLO IRISH CAPITAL PARTNERS CAMPUS COMPANIES VENTURE CAPITAL FUND Pat Walsh FUND SIZE Patrick Ryan FUND SIZE INVESTMENT DIRECTOR €15m CHIEF EXECUTIVE €7.6m Stephen Court, 18-21 INVESTMENT RANGE Office 107, Adelaide Chambers INVESTMENT RANGE St Stephens Green, Dublin 2 €500,000 – €2m Peter Street, Dublin 8 €100,000 – €600,000 T. 01 616 2705 T. 01 449 3200 SECTORS SECTORS F. 01 616 2895 F. 01 449 3299 Information Technology, Commun- All E. patwalsh@angloirishbank.ie E. info@campuscapital.com ications, Internet, Electronics, W. www.angloirishbank.ie W. www.campuscapital.com Biotechnology, Medical – Other, Consumer goods and other. NOTES NOTES The fund provides equity capital for development capital, management Specialise in seed and early stage for companies registered in Ireland buyouts/buyins and shareholder release. and promoted by graduates of Irish Universities. BOI KERNEL CAPITAL PARTNERS PRIVATE EQUITY FUND CRESCENT CAPITAL Niall Olden FUND SIZE Colin Walsh FUND SIZE MANGING DIRECTOR €19m MANAGING DIRECTOR £14m Unit 4, Westpoint Buildings, INVESTMENT RANGE 5 Crescent Gardens INVESTMENT RANGE Westpoint Business Park, €300,000 – €1.5m Belfast BT7 1NS £250,000 – £750,000 Ballincollig, Cork SECTORS T. 028 9023 3633 SECTORS T. 021 482 6030 All except property. F. 028 9032 9525 Manufacturing, tradable services F. 021 482 6034 E. mail@crescentcapital.co.uk and IT in Northern Ireland. E. niall.olden@kernelcapital.ie W. www.crescentcapital.co.uk W. www.kernelcapital.ie NOTES NOTES The Fund invests in all sectors and in companies at all stages of One half of funding is allocated to the expansion funding of younger development. From High Potential Start Ups to more mature MBO and companies. The balance of the fund is allocated to development capital MBI opportunities. The maximum investment per company is 3m. for mature companies, MBOs and MBIs. The Fund will also consider supporting high potential ‘pilot projects’ on case by case basis. 16 17
  • 11. A GUIDE TO VENTURE CAPITAL DELTA PARTNERS EMERGING BUSINESS TRUST Frank Kenny FUND SIZE Teresa Townsley FUND SIZE MANAGING PARTNER €130m PARTNER £1m Fujitsu Building, South County INVESTMENT RANGE 38-42 Hill Street INVESTMENT RANGE Business Pk, Leopardstown, Dublin 18 €500,000 + Belfast, BT1 2LB £25,000 – £150,000 T. 01 294 0870 T. 028 9031 1660 SECTORS SECTORS F. 01 294 0877 Communications technology, F. 028 9031 1880 Niche businesses E. venture@delta.ie software, life sciences. E. info@emergingbusinesstrust.com w. www.delta.ie W. www.emergingbusinesstrust.com NOTES NOTES This fund is currently investing. Niche businesses with an emphasis on technology. The fund is currently closed. DUBLIN BUSINESS INNOVATION CENTRE ENTERPRISE EQUITY VENTURE CAPITAL GROUP Alex Hobbs FUND SIZE Conor O'Connor FUND SIZE The Tower, TCD Enterprise Centre €6.4m CEO €25m Pearse Street, Dublin 2 INVESTMENT RANGE Dublin Road, Dundalk, Co. Louth INVESTMENT RANGE T. 01 671 3111 €65,000 – €250,000 Mervue Business Park, Galway €150,000 – €1,250,000 F. 01 671 3330 T. 042 933 3167 / 091764814 SECTORS SECTORS E. dscf@dbic.ie F. 042 933 4857 / 091764615 All sectors in the border, midlands Technology-led IT, Telecoms, W. www.dbic.ie E. info@enterpriseequity.ie and the west region with the exception Software and other sectors W. www.enterpriseequity.ie of property retail and hotels. NOTES NOTES Established by the International Fund for Ireland. Dublin Business Innovation Centre manages the Dublin Seed Capital Fund and Irish BICs Seed Capital Fund. The Funds were established by Dublin BIC to provide seed and early-stage equity capital to emerging, start up and developing companies across a range of technology-led sectors. EIRCOM ENTERPRISE FUND ENTERPRISE EQUITY VENTURE CAPITAL GROUP Maura Moore FUND SIZE Aidan Langan FUND SIZE EXECUTIVE DIRECTOR €2.54m CEO £16m 53 Merrion Square 78a Dublin Road INVESTMENT RANGE INVESTMENT RANGE Up to £2m Dublin 2 €38,000 – €508,000 Belfast, BT2 7HP T. 01 647 1866 T. 028 9024 2500 SECTORS F. 01 661 3897 SECTORS F. 028 9024 2487 High growth sectors Communications, other. throughout Northern Ireland E. mmoore@eircom.ie E. info@eeni.com W. www.eircom-enterprise-fund.ie W. www.eeni.com NOTES NOTES Established by the International Fund for Ireland. Eircom Enterprise Fund provides risk capital to young high growth companies operating in the 'tmt' sector. The fund is now committed. 18 19
  • 12. A GUIDE TO VENTURE CAPITAL ENTERPRISE EQUITY VENTURE CAPITAL GROUP GLANBIA ENTERPRISE FUND Tom Shinkwin FUND SIZE Joe Doddy FUND SIZE INVESTMENT EXECUTIVE €25m MANAGER OF INNOVATION SERVICES €6.3m National Software Centre, INVESTMENT RANGE 74 Pembroke Road INVESTMENT RANGE NSC Campus, Mahon, Cork €150,000 – €1,250,000 Ballsbridge, Dublin 4 Up to €750,000 T. 021 230 7127 SECTORS T. 01 660 9313 SECTORS F. 021 230 7070 All sectors in the border, midlands F. 01 660 7904 Food and Beverage E. info@enterpriseequity.ie and the west region with the exception E. dealman@eircom.net W. www.enterpriseequity.ie of property retail and hotels. W. www.glanbiaenterprisefund.com NOTES NOTES Established by the International Fund for Ireland. Financed by Enterprise Ireland and Glanbia, the fund is dedicated to investing in emerging food companies. ENTERPRISE 2000 FUND GROWCORP GROUP LIMITED Laurence Enderson FUND SIZE Michael Donnelly FUND SIZE FUND MANAGER €13m CEO €12.7m 40 Mespil Road INVESTMENT RANGE 3015 Lake Drive INVESTMENT RANGE N/A Dublin 4 City West Campus, Dublin 24 €100,000 – €1.27m T. 01 665 3494 SECTORS T. 01 466 1000 Fund fully invested SECTORS F. 01 665 3482 F. 01 466 1002 Life Sciences E. clare.shine@boimail.com E. grow@growcorp.net W. www.growcorp.net NOTES NOTES The Enterprise 2000 Fund, a seed capital fund set up in 1998 as a The fund is managed by Growcorp. result of a partnership between Bank of Ireland and Enterprise Ireland, is now fully invested. Funding is available for follow on investments where appropriate. EVP EARLY STAGE TECHNOLOGY FUND HIBERNIA CAPITAL PARTNERS LIMITED Gerry Jones FUND SIZE David Gavagan FUND SIZE PARTNER €5m SENIOR PARTNER €77m Arena House, Arena Road INVESTMENT RANGE Beech House, Beech Hill Office INVESTMENT RANGE Sandyford Industrial Estate €300,000 – €700,000 Campus, Clonskeagh, Dublin 4 Up to €16m Dublin 18 T. 01 205 7770 T. 01 213 0711 SECTORS SECTORS F. 01 205 7771 F. 01 213 0515 ICT General Ireland North and South E. equity@hcp.ie E. gerry.jones@evp.ie W. www.hcp.ie W. www.evp.ie NOTES NOTES The fund invests in early stage High Potential Start-ups (HPSUs). Part of the same group as Trinity Venture Capital. 20 21
  • 13. A GUIDE TO VENTURE CAPITAL HOT ORIGIN FUND I IRISH BIOSCIENCE VENTURE CAPITAL FUND SEROBA David Dalton FUND SIZE Peter Sandys FUND SIZE CEO €4.1m DIRECTOR €20m 64 Lower Mount Street, Dublin 2 Alma House, Alma Road, INVESTMENT RANGE INVESTMENT RANGE T. 01 678 8480 Monkstown, Co. Dublin F. 01 678 8477 €100,000 – €300,000m Up to €3m T. 01 214 0400 E. ventures@hotorigin.com SECTORS F. 01 214 0432 SECTORS W. www.hotorigin.com Technology including software, Therapeutics, biotechnology, E. info@seroba.ie hardware and bioinformatics medical devices, diagnostics, W. www.seroba.ie enabling technology platforms NOTES NOTES The fund invests at the seed and early stage in technology companies. The fund will invest in seed and early-stage projects, in the The investment is usually part of a bigger investment round. biotechnology, pharmaceutical and medical fields, emerging from leading research institutes, universities, research hospitals and from existing companies. Managed by Seroba BioVentures. ICC VENTURE CAPITAL MENTOR CAPITAL PARTNERS LIMITED PARTNERSHIP Joe Concannon FUND SIZE Mark Horgan FUND SIZE INVESTMENT DIRECTOR €230m CEO €16.5m ICC Venture Capital, INVESTMENT RANGE Mentec House, Pottery Road INVESTMENT RANGE Bank of Scotland (Ireland) Ltd, €1m – €10m Dun Laoghaire, Co Dublin €500,000 – €2.5m 72-74 Harcourt Street, T. 01 205 9716 SECTORS SECTORS Dublin 2 F. 01 205 9889 General ICT, microelectronics and software T. 01 415 5555 E. info@mentorcapital.ie F. 01 408 3516 with enabling functionality W. www.mentorcapital.ie E. info@bankofscotland.ie W. www.iccvc.ie NOTES NOTES The fund targets companies with high growth potential, MBO’s and Mentor Capital provides funding to companies who possess core, P2P operating in Ireland. enabling technology with potential for significant impact on global markets. ION EQUITY LIMITED NCB VENTURES LIMITED Neil O'Leary FUND SIZE Michael Murphy FUND SIZE CHAIRMAN & CEO N/A CEO 27m Fitzwilton House INVESTMENT RANGE 3 George’s Dock, IFSC INVESTMENT RANGE Wilton Place, Dublin 2 €500,000 – €1m Dublin 1 125,000 – 1.25m T. 01 611 0500 T. 01 611 5942 SECTORS SECTORS F. 01 611 0510 F. 01 611 5987 Technology, communications General E. info@ionequity.com E. patrick.claffey@ncb.ie and services W. www.ncbdirect.com W. www.ionequity.com NOTES NOTES Does not provide seed capital. The European Investment Fund is an investor in this fund. 22 23
  • 14. A GUIDE TO VENTURE CAPITAL NITECH GROWTH FUND UNIVERSITY CHALLENGE FUND (NI) Theresa Wallis FUND SIZE Panos Lioulias FUND SIZE PROJECT MANAGER €3m FUND MANAGER £2.75m ANGLE Technology Limited INVESTMENT RANGE Lanyon North, Queens University INVESTMENT RANGE 12 Cromac Place, Belfast BT7 2JB €20,000 – €200,000 Belfast, University Road £50,000 – £100,000 T. 028 9024 4424 Belfast, BT7 1NN SECTORS SECTORS F. 028 9032 6473 T. 028 9068 2321 R&D Seed-Technology related E. nitechgrowthfund@ F. 028 9027 3899 companies ANGLETechnology.com E. info@qubis.co.uk W. www.nitechgrowthfund.co.uk W. www.ucfni.org NOTES NOTES Established by Invest NI providing early stage funding to take an R&D Established by Queens and the University of Ulster. Project to proof of concept and commercialisation QUBIS LTD UU TECH LIMITED Panos Lioulias FUND SIZE Sean Nelson FUND SIZE CHIEF EXECUTIVE N/A MANAGER OF INNOVATION SERVICES N/A Lanyon North, Queens University INVESTMENT RANGE University of Ulster, Cromore Road INVESTMENT RANGE Belfast, University Road £10,000 – £50,000 Coleraine, BT52 1SA £20,000 – £250,000 Belfast, BT7 1NN SECTORS T. 028 7028 0073 SECTORS T. 028 9068 2321 Early stage Technology companies F. 028 7028 0050 Incubators and F. 028 9027 3899 E. snelson@uusrp.com Intellectual Property E. info@qubis.co.uk W. www.ulst.ac.uk/uusrp W. www.qubis.co.uk NOTES NOTES Established by Queens University. It has a portfolio of 34 technology Established by the University of Ulster. companies based in N.I. with combined sales of £42m employing over 653 people TRINITY VENTURE FUND VIRIDIAN GROWTH FUND John Tracey FUND SIZE Alan Mawson FUND SIZE CEO €162.8m CHAIRMAN £10m Trinity Venture Capital, Beech House INVESTMENT RANGE Clarendon Fund Mangers INVESTMENT RANGE Beech Hill Office Campus, €500,000 – €1.5m 12 Cromac Place £50,000 – £300,000 Clonskeagh , Dublin 4 Belfast, BT7 2JB SECTORS SECTORS T. 01 2057700 T. 028 9032 6465 Technology Manufacturing or tradeable F. 01 2057701 F. 028 9032 6473 services in Northern Ireland E. info@tvc.com E. info@clarendon-fm.co.uk W. www.tvc.com W. www.clarendon-fm.co.uk NOTES NOTES Trinity invests in early stage and expanding Irish technology companies. The fund is managed by Clarendon Fund Managers. It is actively seeking new investment opportunities. 24 25
  • 15. A GUIDE TO VENTURE CAPITAL WESTERN INVESTMENT FUND Other Sources of Funding Gillian Buckley FUND SIZE INVESTMENT MANAGER €32m ENTERPRISE IRELAND Dillon House INVESTMENT RANGE Ballaghadereen, Roscommon The mission of Enterprise Ireland is to accelerate Ireland’s €63,000 – €317,000 national and regional development by working with Irish T. 094 986 1441 SECTORS F. 094 986 1443 companies to develop and compete so that they can grow All sectors E. info@wdc.ie in world markets. W. www.wdc.ie Glasnevin, Dublin 9 Tel +353 1 808 2000 Fax +353 1 808 2020 NOTES The fund provides seed and venture capital to new and existing Merrion Hall, Strand Road, Sandymount, Dublin 4 businesses across a range of sectors in the western region. Tel +353 1 206 6000 Fax +353 1 206 6400 It will also consider MBOs/MBIs. Larger investments are considered on a syndicated basis with other private investors. Wilton Park House, Wilton Place, Dublin 2 Tel +353 1 808 2000 Fax +353 1 808 2992 4TH LEVEL VENTURES/ UNIVERSITY SEED FUND LIMITED PARTNERSHIP www.enterprise-ireland.com Dennis Jennings FUND SIZE FOUNDER €20m The Tower, TCD Enterprise Centre, INVESTMENT RANGE INVEST NORTHERN IRELAND Pearse Street, Dublin 2 €75,000 – €500,000 T. 01 671 1288 Invest NI is Northern Ireland's economic development agency. SECTORS T. 01 671 1339 Established in 2002 under the Industrial Development Act Life sciences, material sciences, E. dennis.jennings@4thLevelVentures.ie technology and ICT (Northern Ireland) 2002, its objectives are to: W. www.4thLevelVentures.ie • Promote innovation in all its aspects, stimulate higher NOTES The fund was established to commercialise the business opportunities levels of R&D and deign and improve knowledge transfer, that arise from university research. Investees will be high potential • Achieve higher levels of growth by indignenous and businesses in the seed or early stages of their development arising out externally-owned businesses, of research in Irish third level educational institutions. • Promote a more enterprising culture so as to raise the overall level of business starts, • Attract high-quality, knowledge based investment from outside Northern Ireland. www.investni.com 44-58 May Street Belfast BT1 4NN Tel 028 9023 9090 Fax 028 9049 0490 Please note that the authors of the guide have made every effort to ensure the accuracy of the information contained in this section of the guide. However we are not in a position to give any guarantee as to the accuracy of the information. 26 27
  • 16. A GUIDE TO VENTURE CAPITAL Glossary of Terms ACQUISITION – The act of one company taking over a DILUTION – The process by which an investor's ownership controlling interest in another company. Investors often look percentage in a company is reduced by the issue of new shares. for companies that are likely acquisition candidates, because the acquiring firms are usually willing to pay a premium on DUE DILIGENCE – The process by which VCs conduct the market price for the shares. This may be the most likely research on the market potential, competition, reference exit route for a VC investor. interviews, financial analysis, and technology assessment. Usually divided into commercial, financial, legal and ANGEL FINANCIERS – The first individuals to invest commercial due diligence. money in your company. For example, friends, family. They do not belong to a professional venture capital firm EARLY STAGE – A fund investment strategy involving and do not have similar monitoring processes. They often investments in companies to enable product development believe in the Entrepreneur more than the actual product. and initial marketing, manufacturing and sales activities. Early This capital is generally used as seed financing. stage investors can be influential in building a company’s management team and direction. While early stage venture ANTI-DILUTION PROTECTION – In the event a company capital investing involves more risk at the individual deal level sells shares in the future at a price lower than what the VC than later stage venture investing, investors are able to buy paid, an adjustment will be made to the % of shares held company stock at very low prices and these investments may by the VCs. have the ability to produce high returns. BOOTSTRAPPING – A means of finding creative ways EXIT STRATEGY – A fund’s intended method for to support a start-up business until it turns profitable. liquidating its holdings while achieving the maximum This method may include negotiating delayed payment to possible return. These strategies depend on the exit climates suppliers and advances from potential partners and customers. including market conditions and industry trends. Exit strategies can include selling or distributing the portfolio BRIDGING FINANCE – Type of financing used to fill an company’s shares after an initial public offering (IPO), a sale anticipated gap between more permanent rounds of capital of the portfolio company or a recapitalisation. investments. Usually structured to enable them to become (See Acquisition, Initial Public Offering) part of future rounds if successfully raised. FUND FOCUS (OR INVESTMENT STAGE) – The BURN RATE – The rate at which your company is indicated area of specialization of a venture capital fund consuming cash, usually expressed on a monthly basis. usually expressed as Balanced, Seed and Early Stage, Later CAPITAL GAINS – The difference between an asset’s Stage, Mezzanine or Leveraged Buyout (LBO). (See all of the purchase price and selling price when the selling price is stated fund types for further information) greater. Capital gains are usually subject to tax which may FUND SIZE – The total amount of capital committed by the be mitigated by careful tax planning. investors of a venture capital fund. CARRIED INTEREST – The portion of any gains realised “HOCKEY STICK” – Refers to a financial projection which by a Venture Capital Fund to which the fund managers are starts modestly for a number of months and rapidly entitled, generally without having to contribute capital to accelerates. “How much of a hockey stick is in the plan?” the fund. Carried interest payments are customary in the venture capital industry to create a significant economic INVESTMENT PHILOSOPHY – The stated investment incentive for venture capital fund managers to achieve approach or focus of a fund manager. capital gains. INITIAL PUBLIC OFFERING (IPO) – The sale or distribution CONVERTIBLE SECURITY – A financial security of a stock of a portfolio company to the public for the first (usually preference shares) that is exchangeable for another time. IPOs are often an opportunity for the existing investors type of security (usually ordinary shares) at a pre-stated (often venture capitalists) to receive significant returns on their price. Convertibles are appropriate for investors who want original investment. During periods of market downturns or higher income, or liquidation preference protection, than is corrections the opposite is true. available from ordinary shares, together with greater 28 appreciation potential than regular bonds offer. 29
  • 17. A GUIDE TO VENTURE CAPITAL LATER STAGE – A fund investment strategy involving NEW ISSUE – A stock or bond offered to the public for financing for the expansion of a company that is producing, the first time. New issues may be initial public offerings by shipping and increasing its sales volume. Later stage funds previously private companies or additional stock or bond often provide the financing to help a company achieve issues by companies already public. New public offerings critical mass in order to position itself for an IPO. Later are registered with the Securities and Exchange Commission. stage investing can have less risk than early stage financing (See Securities and Exchange Commission and Registration) because these companies have already established themselves in their market and generally have a management OPTION POOL – The number of shares set aside for team in place. Later stage and Mezzanine level financing are future issuance to employees of a private company. often used interchangeably. PORTFOLIO COMPANIES – Portfolio companies are LEAD INVESTOR – Each round of Venture Capital has companies in which a given fund has invested. a lead investor who negotiates the terms of the deal and POST-MONEY VALUATION – The valuation of a company usually commits to at least 50% of the round. immediately after the most recent round of financing. LEVERAGED BUYOUT (LBO) – A takeover of a company This value is calculated by multiplying the company’s total using a combination of equity and borrowed funds (or loans). number of shares by the share price of the latest financing. Generally, the target company’s assets act as the collateral PREFERENCE SHARES – Form of equity which has rights for the loans taken out by the acquiring group. The acquiring superior to ordinary shares. Most VC deals use preference group then repays the loan from the cash flow of the shares which may convert to ordinary shares upon an IPO acquired company. For example, a group of investors may or Acquisition. borrow funds using the assets of the company as collateral in order to take over a company. Or the management of the PRE-MONEY VALUATION – The value of the company company may use this vehicle as a means to regain control before VCs cash goes into the business. VCs use the of the company by converting a company from public to Pre-Money Valuation to determine what % ownership they private. In most LBOs, public shareholders receive a will have in your company. premium to the market price of the shares. PRIVATE EQUITY – Private equities are equity securities of LIMITED PARTNERSHIPS – An organization comprised of companies that have not “gone public” (in other words, a general partner, who manages a fund, and limited companies that have not listed their stock on a public partners, who invest money but have limited liability and are exchange). Private equities are generally illiquid and thought not involved with the day-to-day management of the fund. of as a long-term investment. As they are not listed on an In the typical venture capital fund, the general partner exchange, any investor wishing to sell securities in private receives a management fee and a percentage of the profits companies must find a buyer in the absence of a (or carried interest). The limited partners may receive both marketplace. income and capital gains as a return on their investment. PROPRIETARY INFORMATION – Any information MANAGEMENT FEE – Compensation for the management uniquely possessed by a company which is not generally of a venture fund’s activities, paid from the fund to the available to the public. general partner or investment advisor. This compensation PROSPECTUS – A formal written offer to sell securities generally includes an annual management fee. that provides an investor with the necessary information MANAGEMENT TEAM – The persons who oversee the to make an informed decision. A prospectus explains a activities of a venture capital fund. proposed or existing business enterprise and must disclose any material risks and information according to the securities laws. MEZZANINE FINANCING – Refers to the stage of A prospectus must be filed with the SEC and be given to all venture financing for a company immediately prior to its potential investors. Companies offering securities, mutual IPO. Investors entering in this round have lower risk of loss funds, and offerings of other investment companies than those investors who have invested in an earlier round. (including Business Development Companies) are required Mezzanine level financing can take the structure of to issue prospectuses describing their history, investment preference shares, convertible bonds or subordinated debt philosophy or objectives, risk factors and financial statements. (the level of financing senior to equity and below senior debt). Investors should carefully read them prior to investing. 30 31
  • 18. A GUIDE TO VENTURE CAPITAL Irish Venture Capital Association Council SECONDARY SALE – The sale of private or restricted • Desmond Fahey (Chairman) holdings in a portfolio company to other investors. • Niall Carroll (Vice-Chairman) SEED MONEY – The first round of capital for a start-up business. Seed money usually takes the structure of a loan • Michael Donnelly (Secretary) or an investment in preferred stock or convertible bonds, although sometimes it is common stock. Seed money provides start-up companies with the capital required for • Joe Concannon their initial development and growth. Business Angels and early-stage venture capital funds often provide seed money. • Shay Garvey STOCK OPTIONS – There are two definitions of stock options. • David Gavagan The right to purchase or sell a stock at a specified price within a stated period. Options are a popular investment medium, offering an opportunity to hedge positions in other • Michael Murphy securities, to speculate on stocks with relatively little investment, and to capitalize on changes in the market value of options • Conor O’Connor contracts themselves through a variety of options strategies. A widely used form of employee incentive and compensation. • Karl Schutte The employee is given an option to purchase its shares at a certain price (at or below the market price at the time the option is granted) for a specified period of years. IVCA TERM SHEET – Typically a 3-5 page document which outlines the fundamental business terms of a Venture Regina Breheny (Director General) Investment. This document serves to drive at the final Tel 087 051 7754 business agreement of closing the deal. If you receive a term sheet from a VC there is a high probability of closing Email reginabreheny@ivca.ie and funding the deal. Ciara Burrowes (Administrator) VENTURE CAPITAL – Money provided by investors to IVCA, 3 Rectory Slopes, Bray, Co. Wicklow privately held companies with perceived long-term growth Tel 01 276 46 47 Fax 01 274 59 15 potential. Professionally managed venture capital firms Email secretary@ivca.ie generally are limited partnerships funded by private and public pension funds, endowment funds, foundations, corporations, wealthy individuals, foreign investors, and the venture capitalists themselves. WRITE-OFF – The act of changing the value of an asset to an expense or a loss. A write-off is used to reduce or eliminate the value an asset and reduce profits. WRITE-UP/WRITE-DOWN – An upward or downward adjustment of the value of an asset. Usually based on events affecting the investee company or its securities beneficially or detrimentally. 32 33
  • 19. A GUIDE TO VENTURE CAPITAL Davy Corporate Finance Irish Venture Davy House, 49 Dawson Street, Dublin 2 Capital Association Tel: 01 679 6363 Fax: 01 679 6366 Contact: Hugh McCutcheon E-Mail: hugh.mccutcheon@davy.ie ASSOCIATE MEMBERS Deloitte & Touche AIB Corporate Finance Deloitte & Touche House, 85 Pembroke Road, Dublin 4 Earlsfort Terrace, Dublin 2 Tel: 01 667 0233 Fax: 01 667 0250 Tel: 01 417 2200 Fax: 01 417 2300 Contact: Mon O' Driscoll Contact: David O’Flanagan E-Mail: mon.m.o'driscoll@aib.ie E-Mail: doflanagan@deloitte.ie Aventura Venture Partners Dillon Eustace ICELT House/NCI International Financial Services Centre, Grand Canal House, 1 Upper Grand Canal Street, Dublin 4 Mayor Street, Dublin 1 Tel: 01 667 0022 Fax: 01 667 0042 Tel: 01 449 8715 Fax: 01 449 8749 Contact: Lorcan Tiernan Contact: Maura Moore E-Mail: lorcan.tiernan@dilloneustace.ie E-Mail: mmoore@aventura.ie Ernst & Young Baker Tilly O’Hare Ernst & Young Building, Harcourt Centre, Merchants House, 27/30 Merchants Quay, Dublin 8 Harcourt Street, Dublin 2 Tel: 01 677 1003 Fax: 01 677 1829 Tel: 01 475 0555 Fax: 01 475 0594 Contact: Dick Byrne Contact: Sinead Munnelly E-Mail: rbyrne@oha.ie E-Mail: sinead.munnelly@ie.ey.com BCM Hanby Wallace EquityNetwork 88 Harcourt Street, Dublin 2 The Old Gasworks Business Park Tel: 01 418 6900 Fax: 01 418 6805 Kilmoney Street, Newry, Co. Down BT34 2DE Contact: Colin Sainsbury Tel: 048 3083 4151 Fax: 048 3083 4155 E-Mail: csainsbury@bcmhw.com Contact: Gary Stokes E-Mail: gary.stokes@intertradeireland.com BDO Simpson Xavier Bow Lane House. Mercers Street Lower, Dublin 2 Farrell Grant Sparks Tel: 01 470 0000 Fax: 01 477 0000 Molyneux House, Contact: Paul Keenan Bride Street, Dublin 8 E-Mail: pkeenan@bdosx.ie Tel: 01 475 8137 Fax: 01 418 2050 Contact: Jim Mulqueen Eugene F. Collins E-Mail: jmulqueen@fgs.ie Temple Chambers, 3 Burlington Road, Dublin 4 Tel: 01 667 5111 Fax: 01 667 5200 William Fry Contact: Anthony E. Collins Fitzwilton House, E-Mail: aecollins@efc.ie Wilton Place, Dublin 2 Tel: 01 639 5000 Fax: 01 639 5333 Corporate Finance Ireland Contact: Alvin Price 1 Clonskeagh Square, Clonskeagh, Dublin 14 E-Mail: aprice@williamfry.ie Tel: 01 283 7144 Fax: 01 283 7256 Contact: Frank Traynor A&L Goodbody E- Mail: frank.traynor@allinv.com IFSC, North Wall Quay, Dublin 1 Tel: 01 649 2384 Fax: 01 649 2649 Arthur Cox Solicitors Contact: John Olden Earlsfort Centre, Earlsfort Terrace, Dublin 2 E-Mail: jolden@algoodbody.ie Tel: 01 618 0000 Fax: 01 618 0618 Contact: Kathleen Garrett Goodbody Stockbrokers E-Mail: kathleen.garrett@arthurcox.com Ballsbridge Park, Dublin 4 Tel: 01 667 0400 Fax: 01 667 0410 Contact: Brian O'Kelly E-Mail: brian.m.o'kelly@goodbody.ie 34 35
  • 20. A GUIDE TO VENTURE CAPITAL Grant Thornton Corporate Finance Matheson Ormsby Prentice 24-26 City Quay, Dublin 2 30 Herbert Street, Dublin 2 Tel: 01 680 5805 Fax: 01 6805 807 Tel: 01 619 9000 Fax: 01 619 9010 Contact: Michael Neary Contact: Colm Rafferty E-Mail: mneary@gt-irl.com E-Mail: colm.rafferty@mop.ie Horwath Bastow Charleton Mazars Chartered Accountants, Marine House, Block 3, Harcourt Centre, Harcourt Road, Dublin 2 Clanwilliam Court, Dublin 2 Tel: 01 449 4400 Fax: 01 475 0030 Tel: 01 676 0951 Fax: 01 662 5105 Contact: Martin Cole Contact: Justin O’B’Baily E-Mail: mcole@mazars.ie E-Mail: justin.baily@horbc.ie Merrion Corporate Finance IBI Corporate Finance 3rd Floor, Block C Sweepstakes Centre, 40 Mespil Road, Dublin 4 Ballsbridge, Dublin 4 Tel: 01 637 7800 Fax: 01 637 7801 Tel: 01 240 4100 Fax: 01 240 4101 Contact: Ulla R Nissen Contact: Dan Ennis E-Mail: ulla.nissen@ibicf.ie E-Mail: dan.ennis@merrion-capital.com IIB Bank O'Donnell Sweeney Merrion Square, Dublin 2 Earlsfort Centre, Earlsfort Tce, Dublin 2 Tel: 01 661 9744 Fax: 01 661 6821 Tel: 01 664 4200 Fax: 01 664 4300 Contact: Tom Foley Contact: Tony McGovern E-Mail: tom.foley@iib-bank.ie E-Mail: tmcgovern@odonnellsweeney.ie Investec PricewaterhouseCoopers The Harcourt Building, Harcourt Street Dublin 2 George’s Quay, Dublin 2 Tel: 01 421 0000 Fax: 01 421 0652 Tel: 01 704 8500 Fax: 01 704 8600 Contact: Austin Coughlan Contact: Aidan Walsh E-Mail: austin.coughlan@investec.ie E-Mail: aidan.walsh@ie.pwcglobal.com PricewaterhouseCoopers Belfast Ion Equity Waterfront Plaza, 8 Laganbank Road, Belfast BT1 3LR Fitzwilton House, Wilton Place, Dublin 2 Tel: 048 9024 5454 Fax: 048 9041 5600 Tel: 01 611 0500 Fax: 01 611 0510 Contact: Iain Lees Contact: Neil O’Leary E-Mail: iain.f.lees@uk.pwc.com E-Mail: neil@ionequity.com L K Shields KPMG 39/40 Upper Mount Street, Dublin 2 1 Stokes Place, St. Stephen's Green, Dublin 2 Tel: 01 661 0866 Fax: 01 661 0883 Tel: 01 410 1000 Fax: 01 412 1122 Contact: Justin McKenna Contact: Gerard Flood E-Mail: jmckenna@lkshields.ie E-Mail: gerard.flood@kpmg Ulster Bank Corporate Banking McCann Fitzgerald George’s Quay, Dublin 2 2 Harbourmaster Place, Tel: 01 608 4000 Fax: 01 608 4144 International Financial Services Centre, Dublin 1 Contact: Gervaise McAteer Tel: 01 829 0000 Fax: 01 829 0010 E-Mail: gervaise.mcateer@ulsterbank.com Contact: Vanessa Fitzgerald E- Mail: vanessa.fitzgerald@mccann-fitzgerald.ie Whitney Moore & Keller Wilton Park House, Wilton Place, Dublin 2 Mason Hayes & Curran Tel: 01 676 0631 Fax: 01 676 6462 6 Fitzwilliam Square, Dublin 2 Contact: Mark Ryan Tel: 01 614 5000 Fax: 01 614 5001 E-Mail: mark.ryan@wmk.ie Contact: David O'Donnell E-Mail: dodonnell@mhc.ie 36 37
  • 21. A GUIDE TO VENTURE CAPITAL The EquityNetwork Steering Committee EquityNetwork EquityNetwork is a major initiative of InterTradeIreland, Mary Ainscough Board Member – InterTradeIreland the Trade and Business Development Body. InterTradeIreland’s Director of Equality – Dublin City University mission is to lead the development of the island economy through distinctive knowledge-based interventions which will Edward Cartin Former CEO – QUBIS Ltd produce significant returns in the areas of cross-border trade Barry Fitzsimons Chairman – EquityNetwork and business development. Vice-Chairman – InterTradeIreland EQUITYNETWORK OFFERS Senior Director – Cunningham Coates THE FOLLOWING SERVICES: Stockbrokers • Value added information services to businesses to assist Charles Harding Executive Director in making them 'investor ready' – Corporate Finance & Restructuring Division – Invest Northern Ireland • Signposting for businesses seeking equity finance Denis Marnane Manager – • An annual private equity conference Equity/Venture Capital Enterprise Ireland • An annual all-island seedcorn competition for the best Feargal McCormack Board Member – InterTradeIreland business plans on the insland Managing Partner – FPM Chartered • An island-wide education programme to raise awareness Accountants of the availability and benefits of using private equity Liam Nellis Chief Executive – InterTradeIreland • EquityNetwork has supported the development of ‘Halo’ business angel networks in Northern Ireland and Ireland. Dr Martin Naughton Chairman – InterTradeIreland . In Northern Ireland through Investment Belfast and in Chairman – Glen Dimplex Ireland through Dublin Business Innovation Centre with the collaboration of Enterprise Ireland and the regional BICs. The EquityNetwork Executive For full details on all InterTradeIreland’s programmes visit www.intertradeireland.com • Catriona Regan InterTradeIreland, The Old Gasworks Business Park, • Margaret Hearty Kilmorey Street, Newry BT34 2DE Co. Down • Fergal McCann Tel: +44 28 3083 4151 (RoI: 048 3083 4151) • Gerry Moloney Fax: +44 28 3083 4155 (RoI: 048 3083 4155) • Gráinne Lennon Email: equity@intertradeireland.com Web: www.intertradeireland.com • Anne-Marie Kearns • Gary Stokes 38 39
  • 22. A GUIDE TO VENTURE CAPITAL Useful Contacts The Irish Venture Capital Association www.ivca.ie EquityNetwork www.intertradeireland.com The European Venture Capital Association www.evca.com The British Venture Capital Association www.bvca.co.uk The Institute of Directors in Ireland www.iodireland.ie The Institute of Directors Northern Ireland www.iod.com The Office of the Director of Corporate Enforcement www.odce.ie HALO – The Northern Ireland Business Angel Network www.haloni.com Business Angel Partnership www.businessangels.ie Acknowledgements The authors of the guide would like to acknowledge the contribution of the Council of the IVCA, the EquityNetwork Steering Committee and the British Venture Capital Association in preparing the Guide. 40

×