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Minister Martin Launches €70m Bank of Ireland Kernel
Capital Partners Fund II, based in Cork
November 22, 2007: First Fund Launched outside of Dublin under Enterprise
Ireland’s €175m Seed and Venture Capital Programme
Today Minister for Enterprise Trade and
Employment Micheál Martin T.D. announced the establishment of the
€70m Bank of Ireland Kernel Capital Partners Fund II, managed by Kernel
Capital Partners and bringing their investment funds to €110m. It is first
fund to be established outside of Dublin under Enterprise Ireland's €175m
Seed and Venture Capital Scheme 2007-2012. This new fund comprises a
€20m investment from Enterprise Ireland, €20m from Bank of Ireland and
a further €30m investment from private sector investors.
Making the announcement the Minister said:
"I am delighted to announce the creation of the €70m Bank of Ireland
Kernel Capital Partners Fund II. The fund is targeted at dynamic Irish
companies at all growth stages, across a broad range of industry sectors.
I would like to congratulate Kernel Capital Partners, Bank of Ireland,
Enterprise Ireland and the individual investors who contributed significant
finance and resources in making this new fund a reality."
Commenting on the announcement Frank Ryan, CEO Enterprise Ireland
said:
"I am particularly pleased to welcome this fund and the significant private
sector investment involved in it. Furthermore I would like to acknowledge
Bank of Ireland’s continuing commitment to the venture capital sector."
Commenting on the announcement Niall Olden, Founder and Managing
Director of Kernel Capital Partners said:
"What makes Kernel Capital Partners different is our streamlined
approach to investment appraisal, speed of decision and the experience
and guidance that our team brings to our investee companies. We are
pleased that Bank of Ireland, Enterprise Ireland and our private sector
partners, who all invested in our previous funds, have substantially
increased their commitment to this new fund."
Commenting on Bank of Ireland’s involvement in the fund, Damian Young,
Head of Small Business Segments said:
"This latest investment from Bank of Ireland demonstrates our
commitment to investing in innovative business ventures. We are
particularly pleased to increase our investment with Kernel Capital
Partners, as this rapidly expanding company provides a mechanism for
new and growing businesses to secure additional financing."
--ENDS—
For Further Information Contact:
Sarah O'Callaghan
Press Officer
Enterprise Ireland,
Tel: +353 (0) 1 808 2755
Mob: +353 (0) 87 125 3221
E-mail: sarah.ocallaghan@enterprise-ireland.com
€70m Bank of Ireland Kernel Capital Partners Fund II
The funds have been sourced from Bank of Ireland (€20m), Enterprise
Ireland (€20m) and private investors (€30m), Tom Jones, Ralph Parkes
and Michael Parkes. The amount invested per company is expected to be
in the range of €2m - €10m (smaller amounts available where appropriate
and larger amounts available in syndication). For more details on the fund
see: http://www.kernelcapital.ie
Kernel Capital Partners
Kernel Capital Partners is one of Ireland’s largest and most active venture
capital firms. The €70m Bank of Ireland Kernel Capital Partners Fund II
has confirmed Kernel Capital Partners as one of the largest venture capital
firms in the country. The firm has invested across a wide range of industry
sectors throughout Ireland. Technology investments include, Cork based
Farran Technology (Sold), and MP Stor, Clare based Chip Sensors &
Dublin based Yuroe Broadband (T/A Smart Telecom). Life Science
investments include Limerick based Stokes Bio and Dublin based Merrion
Pharmaceuticals while more general investments include Dublin based
Therapie Group and Cork based Mini Storage. In addition to the above
funds Kernel Capital Partners have been engaged to monitor the
investment portfolio of Bank of Ireland Venture Capital Ltd.
About Bank of Ireland Business Banking
Bank of Ireland Business Banking offers a business start-up package, with
specialist propositions for the franchising, intermediary, food and
beverage sectors, comprehensive business finance options and access to
an award winning Business On Line internet service. Bank Of Ireland also
provide a switching pack to facilitate business customers switching
business current accounts. Services are delivered through a network of
85 Senior Business Managers, 175 Business Managers, 270 Branch
Managers and a dedicated Enterprise Support Unit committed to funding
Start-Ups and developing SMEs. Bank of Ireland also provides a Business
Adviser based in every branch nationwide.
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