A guide to Venture Capital - · PDF fileA Guide to Venture Capital, ... on the island seeking...

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A guide toVenture Capital

FOURTH EDITION

The Trade and Business Development BodyThe Old Gasworks Business ParkKilmorey StreetNewryCo DownBT34 2DE

Telephone: +44 (0)28 3083 4100Fax: +44 (0)28 3083 4155Textphone:+44 (0)28 3083 4164Email: [email protected]: www.intertradeireland.com

Irish Venture Capital Association3 Rectory SlopesBrayCo. Wicklow

Telephone: +353 1 276 46 47Fax: +353 1 274 59 15Email: [email protected]: www.ivca.ie

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ContentsForewords by:Regina Breheny, Director General of the Irish Venture Capital Association 2andBarry Fitzsimons, Chair of EquityNetwork, Vice-Chair of InterTradeIreland 4

An Introduction to Venture Capital 5

• What is venture capital? 6

• How do I make my company attractive to a venture capitalist or an investor in general? 7

• Benefits of venture capital 9

• Questions to ask before approaching a venture capitalist 10

• The Business Plan 13

The Role of the Non-Executive Director 18

Sources of Venture Capital 19

Glossary of Terms 49

Irish Venture Capital Association Council and Associate Members 57

EquityNetwork Steering Committee and Executive 67

Useful Contacts 70

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Inside Front Cover

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ForewordREGINA BREHENYDirector General of the Irish Venture Capital Association

The Irish Venture Capital Association (IVCA) is the representative body of the venture capitalindustry in Ireland. With approximately 55 membersin Ireland, IVCA’s role includes representing theinterests of the industry to regulators andstandard setters; developing professional standards;providing industry research; professional developmentand forums; facilitating interaction between itsmembers and key industry participants includinginstitutional investors, entrepreneurs, policy makersand academics.

The vibrant Irish economy has a technology sector that consists of global multinationals(mainly American) and an increasing number of young and fast growing domestic companies.Ireland exhibits some of the characteristics of the “Silicon Valley” type clusters of innovation. The Irish venture capital industry has evolved to exploit the flow of opportunities created byfocussing on early stage companies in this sector.The annual study of The Economic Impact ofVenture Capital in Ireland shows that the venturecapital industry continues to be a major drivingforce in the development of this knowledge-basedsector. Venture backed companies are increasingtheir R&D spend and graduate employment byvery significant rates indicating that this sectorwill play a major role in meeting the STI targetslaid down in the NDP 2007-2013.

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The US venture capital industry has deliveredsuperior returns compared with its counterpart in Europe. The more focussed sector approachadopted in America would appear to be a keyreason for this superior investment performance.The Irish venture capital model is more closelyaligned to the successful American model and it has now built up the crucial specialist skills tosuccessfully execute an investment strategy thatcan deliver high long-term investment returns.

A Guide to Venture Capital, published in collaborationwith Equity Network, provides information to thoseseeking venture capital and is a key component in the range of IVCA publications and research.For further details see www.ivca.ie. It providesdetails of our members, useful contacts, othersources of early stage funding and a glossary of terms. It is an excellent resource also forcorporate financiers, accountants and lawyers.

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An Introduction to Venture CapitalPrivate Equity investment, and Venture Capital in particular, is concerned with the commitmentof monies to unquoted, developing and immaturecompanies. Private Equity may be divided intoVenture Capital and Buyouts.

Venture Capital refers to the provision of capitalfor growth and expansion to companies withunderdeveloped or developing products andrevenues at an early stage in their corporate lifecycle.It also refers to the provision of developmentcapital to mature companies at a later stage in theircorporate life cycle. Typically, investee companiesare unquoted, small to medium sized enterprises.

Buyouts refer to the investment, through the useof leverage, in mature cash generative companieswith established business models, to financeexpansion, consolidation, turnaround and disposal.

The purpose of this booklet is to encourage youto start planning early when seeking finance toaccelerate the growth of your business. It willexplain how a Venture Capitalist approaches the process of investing equity in a business andwhat you need to do to improve your chances ofraising equity. It gives guidance on what should beincluded in your business plan, the most importantdocument you will produce when searching for aventure capital investor. The guide also demonstratesthe positive advantages that venture capital willbring to your business.

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ForewordBARRY FITZSIMONSChair of EquityNetwork, Vice-Chair of InterTradeIreland

A Guide to Venture Capital seemed liked like quitea novel concept back in 2003 when InterTradeIrelandand the Irish Venture Capital Association firstcame up with the idea. The objective was to havein one accessible volume a complete list of all themajor sources of venture capital on the island ofIreland. Now in its fourth edition it would seemvery strange not to have a publication that hasbecome the first port of call for many businesseson the island seeking to raise venture capital. Not only does it list the sources of funds but also attempts to explain the terminology that is used in the venture capital world.

We are delighted as always to continue our co-operation with the Irish Venture CapitalAssociation the industry body on the island.

I hope you continue to find the Guide useful.

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Lenders, who usually seek security such as a chargeover the assets of the company, will charge intereston a loan and seek repayment of the capital.Venture capital is invested in exchange for a stake in your company and, as shareholders, the investors' returns are dependent on the growthand profitability of your business. The investmentis unsecured, fully at risk and usually does not have defined repayment terms. It is this flexibilitywhich makes venture capital an attractive andappropriate form of finance for early stage and knowledge-based projects in particular.

How do I make my company attractiveto a Venture Capitalist or an investor in general?

Many small companies on the island do not growand so do not provide 'upside potential' for theowners other than to provide a good standard of living and job satisfaction. These businesses are not generally suitable for venture capitalinvestment, as they are unlikely to providesufficient financial returns to make them ofinterest to an external investor.

High potential businesses can be distinguished fromothers by their aspirations and potential for growth,rather than by their current size. Such businessesare aiming to grow rapidly to a significant size. As a rule of thumb, unless a business can offerthe prospect of significant turnover growth withinthree to five years, it is unlikely to be of interestto a venture capital investor. This usually meansthat the market for the product and service willnot solely be on the island.

The main sources of venture capital on the islandare Venture Capital Funds, Business Angels(private individuals who provide smaller amountsof finance at an earlier stage than many venturecapital firms are able to invest at), GovernmentAgencies (depending upon the sector yourbusiness operates in, the presence of other investorsand where the business is in its development cycle)and Corporate Venturers. Corporate Venturers canbe product related or service companies that providefunds and/or a partnering relationship betweenmature and early stage companies which mayoperate in the same industry sector.

This Guide's principal focus is upon VentureCapital Funds. However, the investment criteriathat both Venture Capital Funds and BusinessAngels apply when assessing potential investeecompanies is often very similar - therefore theguide will benefit entrepreneurs and their adviserslooking for venture capital from both these sources.In short, the aim is to help you understand whatVenture Capital Funds are looking for in a potentialbusiness investment and how to approach them.

What is venture capital?

Venture Capital; provides long-term, committedshare capital, to help unquoted companies growand succeed. If you are looking to start up, expand,buy into a business, buy out a division of yourparent company, turnaround or revitalise acompany, venture capital could help.

Obtaining venture capital is very different fromraising debt or a loan from a lender, such as a bank.

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Benefits of Venture Capital

In the current economic climate on the island,most fast growth start-ups are knowledge based.Given that these projects cannot offer tangiblesecurity to traditional debt financiers or predictablecashflows to service loans, venture capital is theobvious source of finance to fill the financing gap.Investment executives working with Venture CapitalFunds attempt to identify the best projects inorder to minimize their investment risk.

Research has shown that Venture Capital backedcompanies grow faster than other types ofcompanies, employ more people and are moreprofitable when benchmarked against their peers.This is made possible by a combination of capital,Venture Capitalists identifying and investing in thebest investment opportunities and input fromNon-Executive and Executive Directors introducedby the VC investor (a key differentiator from otherforms of finance).

Venture capital investors are interested in companieswith high growth prospects, enjoy barriers to entryfrom competitors, are managed by experiencedand ambitious teams and have an exit opportunityfor investors which will provide returnscommensurate with the risk taken.

Venture Capital Funds normally agree their investmentcriteria with those who have invested in the fund,for example, preferred sectors and stages ofdevelopment. Business Angels also usually preferto invest in projects which reflect their ownskillsets or investment history. When approachinga Venture Capitalist or a Business Angel, it isimportant to understand if their investmentcriteria or preferences match your project.

Earlier stage projects normally reflect a higherlevel of risk for equity investors, so it's importantthat entrepreneurs explore all possible sources of finance when fundraising. The diagram belowhighlights the likely sources of funds forbusinesses at different stages of development.

Use and source of Venture Capital in Business Development

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Public Sector

Founders, Family and Friends

Business Angles

Venture Capital

Corporate Venturing

Public Listing/IPO

STAGE R&D START-UP EARLY ACCELERATING SUSTAINING MATURITYHTWORGHTWORGHTWORG HTWORGELCYC

Proof of Seed First Second Development ReplacementConcept Corn Round Round Capital Capital

TYPE OF FundingFUNDING MBO/

DevelopmentCapital

SOURCESOF

FUNDING


When seeking to raise capital to accelerate thedevelopment of a business idea, promoters mustexplore all possible sources of funds. It is likely thatan equity investor will usually help the promoterssecure other sources of funds. This usually includesdebt finance from banks to finance working capitaland asset purchases, grant aid from developmentagencies and, indeed, an equity investment fromthe promoters. Such an investment from thepromoters/management team can help demonstratecommitment to a project and may attract fiscalincentives in the form of the Business ExpansionScheme, Enterprise Investment Scheme orEnterprise Management Incentives, dependingupon the jurisdiction the company is based in and other criteria. Professional help should besought to confirm eligibility and benefits of these schemes at an early opportunity.

The end result is likely to be a funding packagewhich includes a cocktail of funders secured withthe assistance of the Venture Capitalist. It is thisflexibility and value-added input from a venturecapital investor which differentiates them fromother funders.

Venture Capitalists look for capital gains from theirinvestments. They adopt a portfolio approach to theirinvestments which reflects their strategy to mitigatethe risk of investing unsecured funds in early stagecompanies. Before they invest, VC executives willconsider the likelihood of realising their investment.After all, they are responsible for returning the cashinvested in their fund with interest to their investors.

Questions to ask before approaching a Venture Capitalist

• Does my company have high growth prospects and is my team ambitious to grow the company rapidly?

• Does my company have a product or service with a competitive edge or unique selling point?

• Can it be protected by Intellectual Property Rights?

• Can I demonstrate relevant industry sector experience?

• Does my team have the relevant skills to deliver the business plan fully?

• Am I willing to sell some of the company'sshares to a venture capital investor?

• Is there a realistic exit opportunity for all shareholders in order to realise their investment?

• Am I prepared to accept that my exiting this business may be in the best interest of all shareholders?

If your answers are 'yes', external equity is worthconsidering. If 'no', it may be that your proposal is not suitable for venture capitalists and it maytake additional work on your behalf to make theproposal 'investor ready'.

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The Business Plan

The business plan is the most important documentfor a company seeking to raise finance fromventure capital investors. It should demonstratewhat the business opportunity is,the amount offunds required to deliver the business plan and a management team capable of implementing it.Venture Capitalists read numerous business plansfrom a wide range of sources and they mustinvest in the best projects. Their first impressionof your business plan will determine whether they take their interest any further. It is absolutelyessential that your business plan demonstrates an 'investor ready' project.

The following section is intended to give you asummary of what the business plan should include:

Executive Summary

This is the key part of the document which mustimmediately and clearly articulate the investmentopportunity for the reader. The Executive Summaryshould make a potential investor believe that yourunique proposition has the potential to make a goodreturn on their investment and that you and yourteam have the ability to deliver what the plan says.

If this part of the Business Plan is not presentedwith conviction and in clear language, you maymiss the opportunity of ensuring that a potentialinvestor takes the time to read your entire plan.

The promoters ability to implement their businessplan in full is the obvious question, but just asimportantly, can the company in question be soldto another trade player or find another way toredeem the venture capitalist's investment withina reasonable time frame (usually between threeand seven years)?

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It is unlikely that there will be no rivals in yourmarket sector and you should avoid commentslike 'there is no competition' or, 'our product istotally new'. If no one has thought of offering asimilar or competing product, is it conceivablethat there is no demand for your product or thatcustomers do not realise that they need it?

3. Management Team

Most venture capitalists will tell you that they investin people not ideas.

The management team must sell their experienceto investors as well as their understanding of themarket which they are targeting.

This section must convey the message that the teamhas the full complement of skills required to deliverthe plan. Indeed, it is prudent to identify skill gapswhich must be addressed in order to deliver theplan as new investors in a business can utilise theirnetworks to fill the gaps. Non-Executive Directors(NEDs) are an obvious source of expertise forearly stage companies to address this issue andand Venture Capital Fund managers usually appointa NED to investor companies to help them avoidthe pitfalls of growing a business. Further detailson NEDs can be found in the next section of the guide.

4. Business Processes / Operations

This section explains how the business operates,be that manufacturing products, delivering a service,or both.

The detailed plan should give full details underthe following headings:

1. The Product / Service2. The Market3. Management Team4. Business Process / Operations5. Financial Projections6. Proposed Investment Opportunity

1. The Product / Service

In simple language, this should explain whatexactly the product / service offering is. This willclearly demonstrate the unique selling point ofyour offering, differentiation from other products,barriers to entry etc and how your product /service will add value to the purchaser.

2. The Market

A common mistake that entrepreneurs make is to express their market in terms of a globalfigure representing all activity within their sector.The investor requires comfort that there is acommercial opportunity for your product/serviceand that the management team has the ability to exploit this opportunity.

The marketing section should demonstrate who the customer base is likely to be, how theproduct / service will be priced, how it will bedistributed to customers, an analysis ofcompetitors and how you will deal withcompeting goods and services.

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Negotiation with the Venture Capitalist over valuation,future milestones and ultimate exit opportunitieswill be influenced by the delivery of the financialprojections. Much consideration should be givento this section to produce realistic projections andindicate an openness to work with the investor in the future to deliver a common goal – the maximising of value.

6. Proposed Investment Opportunity / Exit

This is the opportunity to identify the level offunds required, how and when they will be spent,and an outline showing how investors will receivea return on their investment. As with the financialprojections the exit opportunity should be realisticand take account of current market conditions.

It cannot be stressed too much that the Business Plan is the single most importantdocument that you will provide for potentialventure capital investors. It must be coherent,well presented and of a length which maintainsthe interest of the reader. It is essential that youstrike a balance between providing the investorwith sufficient information to evaluate theinvestment opportunity while not overloadingthem with technical information.

It should demonstrate that any necessary R&Dcan be fully undertaken and that an appropriatelyskilled workforce is available.

The location of the business and the physicalinfrastructure will also be detailed. Care should betaken to demonstrate that there is sufficientflexibility within systems, facilities and humanresources to expand the business in line with its projected growth.

Whilst there may be a market for the product /service being offered, you must ensure that theproposed location, process and utilisation ofresources (human and physical) are the bestavailable to exploit this opportunity.

5. Financial Projections

An investor will always wish to review a detailedset of integrated financial projections whichencompasses profit and loss accounts, balancesheets and cashflow statements. These figureswill be supported by detailed assumptions whichreflect the content of the business plan.

The projections must be realistically achieveable,but they must also be sufficiently ambitious todemonstrate that there is an attractive investmentopportunity. These projections will form the basisof any term sheet which an equity investor may issue.

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The Role of the Non-Executive DirectorThe considerable amount of media attention onthe issue of corporate governance has highlightedthe role of Non-Executive Directors. It is welldocumented that Non-Executive Directors canmake a significant contribution to companyperformance regardless of size. The use of Non-Executive Directors is one way of acceleratingthe development and growth of SMEs and whetherit is a longstanding traditional business or a start-up seeking equity finance, non-executivescan bring added value with objectivity drawn from their own experience and skills.

It is normal for Venture Capital investors to place aNon-Executive Director on the Board of the investeecompany to represent their interests. This can eitherbe one of its own fund managers or an individualwho has sectoral, market, or management expertisewhich will help delivery of the corporate plan.

Most Venture Capitalists, however, recognise that the chemistry and teamwork between thenon-executive and the existing management teamis crucial. As a result, the VC's Non-ExecutiveDirector is there to play an integral role in thedevelopment of the company rather than act as a watchdog for their investment. This availabilityof outside expertise to the management teamrepresents a valuable asset for most companies,particularly start-ups, and is one reason whyVenture Capital is regarded as a value-addedsource of finance for SMEs.

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Sources of Venture Capital

4TH LEVEL VENTURE UNIVERSITY SEED FUND LIMITED PARTNERSHIP

Dennis Jennings - Founder

The Tower, TCD Enterprise CentrePearse Street, Dublin 2Telephone: +353 1 6711288Fax: +353 1 671 1339Email: [email protected]: www.4thLevelVentures.ie

Fund Size: €17millionInvestment Range: €75,000 to €500,000Sectors: Life Sciences, Material Sciences, Technology and ICT

Notes: The fund was established tocommercialise the business opportunities thatarise from university research. Investees will be high potential businesses in the seed or early stages of their development arising out of research in Irish third level educationalinstitutions


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AIB SEED CAPITAL FUND

Éanna Dáibhis - Administrator

NovaUCD, Belfield Innovation Park,University College Dublin, Belfield, Dublin 4Telephone: +353 1 286 6766Fax: +353 1 286 6766Email: [email protected]: www.aibseedcapitalfund.ie

Fund Size: €30millionInvestment Range: Up to approximately €500,000Sectors: Companies at the seed and early stagesof development across a range of sectorsthroughout the Republic of Ireland.

Notes: Enterprise Equity will evaluate allinvestments outside the city and county ofDublin, as well as investments that require inexcess of €250,000 from the fund within Dublin.Dublin Business Innovation Centre (DBIC) willevaluate all investments within the city andcounty of Dublin when the initial investmentamount required from the Fund does not exceed €250,000

ACT VENTURE CAPITAL LIMITED

Niall Carroll - Managing Director

Richview Office Park, Clonskeagh, Dublin 14Telephone: +353 1 260 0966Fax: +353 1 260 0538Email: [email protected]: www.actventure.com

Fund Size: €200millionInvestment Range: €750,000 to €15millionSectors: Information and communications,technologies, medical devices, life sciences, new business and consumer services

Notes: ACT's funds are sourced from leadingdomestic and international financial institutions.Investments are made in companies at all stagesof their growth, with a particular interest in earlystage companies. With its extensive contacts andwidely experienced team, ACT plays an activesupportive role in helping companies to expandinto international markets


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ALCHEMY PARTNERS

Pierce Casey - Director

18 Fitzwilliam Place, Dublin 2Telephone: +353 1 661 2671Fax: +353 1 661 3057Email: [email protected]: www.alchemypartners.com

Fund Size: €1.4billionInvestment Range: €25million + equity requirementSectors: All

Notes: Alchemy Partners specialises in buyouts,buy-ins and the provision of later stagedevelopment capital

ANGLO IRISH CAPITAL PARTNERS LIMITED

Pat Walsh - Director

Stephen Court, 18-21 St Stephens Green, Dublin 2Telephone: +353 1 616 2000Fax: +353 1 616 2421Email: [email protected]: www.angloirishbank.ie

Fund Size: €50millionInvestment Range: €1million to €5millionSectors: Development Capital for matureCompanies Buyouts – Management Buy Ins andManagement Buy Outs. Acquisition Finance NoSectoral Bias.

Notes: AICP provides private equity capital for the development of mature companies, the funding of MBOs/MBIs, acquisition finance,recapitalisations and shareholder equity releases.Preference to provide fully integrated financepackages in support of the above. i.e. whereappropriate provide a finance package of debtand equity.AICP do not provide seed capital


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ATLANTIC BRIDGE VENTURES

Mark Horgan - Venture Partner

31 Kildare Street, Dublin 2Telephone: +353 1 603 4450Fax: +353 1 642 5661Email: [email protected]: www.abven.com

Fund Size: €100millionInvestment Range: Our focus is on making early and mid stage technology investments in semiconductors and software across Europe of up to €15millionSectors: We focus on companies with strongtechnical leadership in the following sectors;Semiconductors, Semiconductor processtechnologies and capital equipment, Enterprise and Mobile Communication Software,Communications Equipment, TelecommunicationsNetwork Management Software, Internetinfrastructure and Services

Notes: Atlantic Bridge comprises a unique team of technology entrepreneurs, corporate financeand investment experts with a wealth ofinternational business experience across Europe,US and Asia. We have worked together in variouscapacities for the last 5-10 years and bring apartnership approach to our team and ourinvestments

BANK OF SCOTLAND VENTURE CAPITAL

Joe Concannon - Investment Director

Bank of Scotland House124-127 St. Stephen’s Green, Dublin 2Telephone: +353 1 267 4700Fax: +353 1 267 4730Email: [email protected]: www.bankofscotland.ie

Fund Size: UnlimitedInvestment Range: €1million to €10millionSectors: All sectors are considered

Notes: Bank of Scotland will invest in companiesrequiring expansion/development capital orwhere equity funding is required for acquisitions,MBO/MBI, restructuring/replacement capital,pre-flotation and equity release


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CRESCENT CAPITAL

Colin Walsh - Managing Director

7 Upper Crescent, Belfast, BT7 1NTTelephone: +44 (0)28 9023 3633Fax: +44 (0)28 9032 9525Email: [email protected]: www.crescentcapital.co.uk

Fund Size: £36.5millionInvestment Range: £250,000 to £1.5millionSectors: Manufacturing, tradable services and IT in Northern Ireland.

Notes: One half of funding is allocated to the expansion funding of younger companies. The balance of the fund is allocated todevelopment capital for mature companies,MBOs and MBIs

CLARENDON FUND MANAGERS

Dr Alan Mawson - Executive Chairman

12 Cromac Place, Belfast, BT7 2JBTelephone: +44 (0)28 9032 6465Fax: +44 (0)28 9032 6473Email: [email protected]: www.clarendon-fm.co.uk

Fund Size: £10million Viridian Growth Fund.£3million Nitech Growth FundInvestment Range: Viridian Growth Fund£50,000 to £700,000. Nitech Growth Fund£20,000 to £250,000Sectors: Viridian Growth Fund – High growthsectors throughout Northern Ireland. NitechGrowth Fund – Research – intensive businesses

Notes: Viridian Growth Fund - Established toprovide early stage equity Finance for theentrepreneurial SME sector in Northern Ireland.Nitech Growth Fund - Established by Invest Northern Ireland, providing early stageFunding to take an R&D project to proof of concept and commercialisation


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DELTA PARTNERS

Shay Garvey - Partner

Media House, South County Business ParkLeopardstown, Dublin 18Telephone: +353 1 294 0870Fax: +353 1 294 0877Email: [email protected]: www.delta.ie

Fund Size: €250millionInvestment Range: €1/2million +Sectors: ICT and health care

Notes: Delta continues to invest in early stage companies in the ICT and Health Caresector where it has made over 50 investmentssince 1994

DUBLIN BUSINESS INNOVATION CENTRE

Alex Hobbs

The Tower, TCD Enterprise CentrePearse Street, Dublin 2Telephone: +353 1 671 3111Fax: +353 1 671 3330Email: [email protected]: www.dbic.ie

Fund Size: €36.5millionInvestment Range: First round up to €250,000- maximum aggregate investment in any one company is €1.5million- will participate also as co-investor in largerinvestment roundsSectors: Technology-led IT, Telecoms, Software and other sectors

Notes: Dublin BIC is an investment generalpartner in €30million AIB Seed Capital Fund.Dublin BIC also manages Dublin Seed CapitalFund and Irish BICs Seed Capital Fund. These Funds provide investment to start-up and early stage companies


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ENTERPRISE EQUITY VENTURE CAPITAL GROUP

Conor O'Connor - CEO

Dublin Rd, Dundalk, Co. LouthMervue Business Park, GalwayNSC Campus, Mahon, CorkArena House, Arena Road, Sandyford, Dublin 18Telephone: +353 42 933 3167, +353 91 764 614,+353 21 230 7127, +353 1 213 0720Fax: +353 42 933 4857, +353 91 764615, +353 21 230 7070, +353 1 213 0868Email: [email protected]: www.enterpriseequity.ie

Fund Size: €22millionInvestment Range: €250,000 to €1.5millionSectors: All areas outside Dublin and all sectors other than property, retail and hotels.

Notes: EEVC invests equity capital in wellmanaged early stage and growth orientatedcompanies across a wide range of sectorsincluding software, medical devices, food,biotech (diagnostics), and integrated circuit designers

ENTERPRISE EQUITY VENTURE CAPITALGROUP AIB SEED CAPITAL FUND

Tom Shinkwin - Investment Executive

Dublin Rd, Dundalk, Co. LouthMervue Business Park, GalwayNSC Campus, Mahon, CorkArena House, Arena Road, Sandyford, Dublin 18Telephone: +353 42 933 3167, +353 91 764 614,+353 21 230 7127, +353 1 213 0720Fax: +353 42 933 4857, +353 91 764615,+353 21 230 7070, +353 1 213 0868Email: [email protected]: www.enterpriseequity.ie

Fund Size: €30millionInvestment Range: 1st round €250,000 to€500,000Sectors: All geographic areas and all sectorsother than property, retail and hotels.

Notes: Investments will be made in start up and early stage enterprises with a primary focus in the technology, technology services,multimedia, wireless, financial services, foodsectors & medical devices where there is alikelihood of a realisation of investment withinapproximately five years


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ETV CAPITAL LIMITED

David Bateman - Director

1 Tenterden Street, London, W1S 1TATelephone: +44 (0)20 7907 2378Fax: +44 (0)20 7907 2399Email: [email protected]: www.etvcapital.com

Fund Size: €150million (Evergreen)Investment Range: €1 to €15 millionSectors: IT, Life Sciences, Materials Sciences, Precision / Specialist Engineering

Notes: ETV Capital provides venture debt to Irish and other European-based technologycompanies. The firm was founded in 1999 and has completed over 100 venture debttransactions, with 13 of these being in theRepublic of Ireland or Northern Ireland

EVP EARLY STAGE TECHNOLOGY FUND

Gerry Jones - Partner

Arena House, Arena RoadSandyford Industrial Estate, Dublin 18Telephone: +353 1 213 0711Fax: +353 1 213 0515Email: [email protected]: www.evp.ie

Fund Size: €10millionInvestment Range: €400,000 to €800,000Sectors: High Potential Start ups (HPSU’s) in the ICT sector with emphasis on wirelessapplications

Notes: The fund invests in early stage High Potential Start-ups (HPSUs)


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GLANBIA ENTERPRISE FUND

Joe Doddy - Manager

Longboat, 56 Sir John Rogersons Quay, Dublin 2Telephone: +353 1 677 0365Fax: +353 1 677 0483Email: [email protected]: www.glanbiaenterprisefund.com

Fund Size: €6.5millionInvestment Range: €250,000 to €500,000Sectors: Food and food related including certain life science ventures

Notes: Funding available for follow oninvestments where appropriate

GROWCORP GROUP

Michael Donnelly - Chairman

3015 Lake Drive, City West Campus, Dublin 24Telephone: +353 1 466 1000Fax: +353 1 466 1002Email: [email protected]: www.growcorp.net

Fund Size: N/AInvestment Range: Up to €10million in anysingle investmentSectors: Product driven technologies withparticular interest in life/bioscience, all stages of development, early stage to pre-IPO, MBO and MBI

Notes: Funds managed are the EuropeanBioscience Fund I, Growcorp I and Growcorp II.The fund will consider product driven opportunisticbusinesses with a defined customer base whichhas unmet needs. Growcorp has led syndicatesin excess of €25million to take businesses tocommercial launch


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ION EQUITY LTD

Dee Carr - Office Manager

Huguenot House, 35-38 St Stephen’s Green,Dublin 2Telephone: +353 1 611 0500Fax: +353 1 611 0510Email: [email protected]: www.ionequity.com

Fund Size: Bespoke Fund – Filled on a deal bydeal basisInvestment Range: Target Range €50million to€500millionSectors: Energy, Infrastructure, Property, Hospitality & Leisure, Media, Food, General

Notes: Ion Equity is currently Irelands leading Private Equity House having led the Acquisitionof businesses in the past two years which nowhave an enterprise value in excess of €1billion

INTEL CAPITALA DIVISION OF INTEL CORPORATION

Damien Callaghan - Director

MS- IR5-2-1, Intel CorporationCollinstown Industrial Park, Leixlip, Co. KildareTelephone: +353 1 606 7017Email: [email protected]: www.intelcapital.com

Fund Size: No limitInvestment Range: We invest in all stages of the funding process from seed to private equity.Hence our investments can range from €1millionto €500million per fundingSectors: Our Sectors Include- Communications(including WiMax), Consumer Internet, Digital Health, Enterprise Platforms,Manufacturing/Memory/Emerging Technologies,Mobility and Software & Solutions

Notes: Intel Capital seeks out and invests inpromising technology companies worldwide. We are among the largest venture capitalentities, with offices in established and emergingmarkets around the world. In 2006, Intel Capitalinvested about US$1.07billion in 163 deals withapproximately 60 percent of funds (excludingClearwire) invested outside the United States


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NCB VENTURES

Michael Murphy - CEO

3 George's Dock, IFSC, Dublin 1Telephone: +353 1 611 5983Fax: +353 1 611 5750Email: [email protected]: www.ncb-ventures.com

Fund Size: €27millionInvestment Range: €500,000 to €1.25millionSectors: General fund investing in information and communications technologies, engineering,nanotechnology, semiconductor, life sciences,support-services, and leisure and fitness

Notes: The funds are targeted at small andmedium sized enterprises in Ireland withsignificant growth potential. We invest across all stages of development from start up toexpansion through to management buy-out

KERNEL CAPITAL PARTNERS

Niall Olden - Managing Director

Rubicon Centre, Rossa Avenue,Bishopstown, CorkEagle House, WenthworthLower Grand Canal, Dublin 2Telephone: +353 21 492 8974Fax: +353 21 492 8977Email: [email protected]: www.kernelcapital.ie

Fund Size: €100millionInvestment Range: €750,000 to €10millionSectors: All, except property

Notes: Kernel Capital Partners manage the Bank of Ireland Kernel Capital Partners PrivateEquity Fund I & II. All sectors except propertyand companies at all stages of development are considered for investment


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QUBIS LTD

Panos Lioulias - Chief Executive

Lanyon North, Queens University BelfastUniversity Road, Belfast, BT7 1NNTelephone: +44 (0)28 9068 2321Fax: +44 (0)28 9066 3015Email: [email protected]: www.qubis.co.uk

Investment Range: £10,000 to £50,000Sectors: Early stage Technology companies

Notes: Established by Queens University. It has a portfolio of 44 technology Companies based in Northern Ireland with combined sales of £66million employing over 1000 people

POWERSCOURT INVESTMENTS

Sean Melly - Chairman

46 Upper Mount Street Dublin 2Telephone: +353 1 247 4000Email: [email protected]

Fund Size: n/aInvestment Range: €250,000 to €5millionSectors: Communications (Services & Software),Medical Devices, General

Notes:


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TVC HOLDINGS PLC

John Tracey - CEO

Beech House, Beech Hill Office CampusClonskeagh, Dublin 4Telephone: +353 1 205 7700Fax: +353 1 205 7701Email: [email protected]: www.tvc.com

Fund Size: n/aInvestment Range: Can invest up to €40million from own resources. Can invest larger sums by bringing in syndicate partnersSectors: All sectors

Notes: TVC Holdings plc is a publicly quoted company which provide equity capital andstrategic expertise to companies. We areparticularly interested in companies seeking togrow by acquisition, in management buy-outsand in restructurings

SEROBA BIOVENTURES

Peter Sandys - Partner

Alma House, Alma Place, Monkstown, Co. DublinTelephone: +353 1 214 0400Fax: +353 1 214 0432Email: [email protected]: www.seroba.ie

Fund Size: €20millionInvestment Range: Up to €3millionSectors: Therapeutics, biotechnology, medical devices, diagnostics, enabling technology platforms

Notes: The fund will invest in seed and early-stage projects, in the biotechnology,pharmaceutical and medical fields, emergingfrom leading research institutes, universities,research hospitals and from existing companies.Managed by Seroba BioVentures


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UNIVERSITY CHALLENGE FUND (NI)

Panos Lioulias - Fund Manager

Lanyon North, Queens University BelfastUniversity Road, Belfast, BT7 1NNTelephone: +44 (0)28 9068 2321Fax: +44 (0)28 9027 3899Email: [email protected]: www.ucfni.org

Fund Size: £2.75millionInvestment Range: £50,000 to £100,000Sectors: Seed-Technology related companies

Notes: Established by Queens and the University of Ulster

UU TECH LIMITED

Sean Nelson - Manager of Innovation Services

University of Ulster, Cromore RoadColeraine, BT52 1SATelephone: +44 (0)28 7028 0073Fax: +44 (0)28 7028 0050Email: [email protected]: www.uutech.co.uk

Fund Size: n/aInvestment Range: £20,000 to £250,000Sectors: Incubators and Intellectual Property

Notes: Established by the University of Ulster. Only applicaple to university spin-outs


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WESTERN DEVELOPMENT COMMISSION

Geraldine McLoughlin - InvestmentManager

Dillon House, Ballaghaderreen, RoscommonTelephone: +353 94 98 61441Fax: +353 94 98 61443Email: [email protected]: www.wdc.ie

Fund Size: €34.4millionInvestment Range: €100,000 to €1millionSectors: All sectors

Notes: The fund provides seed and venturecapital to new and existing businesses across arange of sectors in the Western Region. It willalso consider MBOs/MBIs. Larger investmentsare considered on a syndicated basis with otherprivate investors

Other Sources of Funding

Enterprise Ireland

The mission of Enterprise Ireland is to accelerateIreland’s national and regional development byworking with Irish companies to develop andcompete so that they can grow in world markets.

Head Office, GlasnevinGlasnevin, Dublin 9Telephone: +353 1 808 2000Fax: +353 1 808 2020

Merrion Hall, SandymountMerrion Hall, Strand Road, Sandymount, Dublin 4Telephone: +353 1 206 6000Fax: +353 1 206 6400

Shelbourne Road39 Shelbourne Road, Dublin 4Telephone: +353 1 609 2150Fax: +353 1 609 2111

Wilton Park HouseWilton Park House, Wilton Place, Dublin 2Telephone: +353 1 808 2000Fax: +353 1 808 2802

www.enterprise-ireland.com


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Invest Northern Ireland

Invest NI is Northern Ireland's economicdevelopment agency. Established in 2002 underthe Industrial Development Act (Northern Ireland)2002, its objectives are to:

• Promote innovation in all its aspects, stimulatehigher levels of R&D and deign and improveknowledge transfer,

• Achieve higher levels of growth by indignenousand externally-owned businesses,

• Promote a more enterprising culture so as toraise the overall level of business starts,

• Attract high-quality, knowledge basedinvestment from outside Northern Ireland.

Bedford SquareBedford StreetBelfast BT2 7ES

Telephone: +44 (0)28 9023 9090Fax: +44 (0)28 9049 0490

www.investni.com

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.

Glossary of TermsACQUISITION – The act of one company takingover a controlling interest in another company.Investors often look for companies that are likelyacquisition candidates, because the acquiringfirms are usually willing to pay a premium on the market price for the shares. This may be the most likely exit route for a VC investor.

ANGEL FINANCIERS – The first individuals toinvest money in your company. For example,friends, family. They do not belong to a professionalventure capital firm and do not have similarmonitoring processes. They often believe in the Entrepreneur more than the actual product.This capital is generally used as seed financing.

ANTI-DILUTION PROTECTION – In the event acompany sells shares in the future at a price lowerthan what the VC paid, an adjustment will bemade to the % of shares held by the VCs.

BOOTSTRAPPING – A means of finding creativeways to support a start-up business until it turnsprofitable. This method may include negotiatingdelayed payment to suppliers and advances frompotential partners and customers.

BRIDGING FINANCE – Type of financing used tofill an anticipated gap between more permanentrounds of capital investments. Usually structuredto enable them to become part of future roundsif successfully raised.

BURN RATE – The rate at which your company isconsuming cash, usually expressed on a monthly basis.


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CAPITAL GAINS – The difference between anasset’s purchase price and selling price when theselling price is greater. Capital gains are usuallysubject to tax which may be mitigated by carefultax planning.

CARRIED INTEREST – The portion of any gainsrealised by a Venture Capital Fund to which thefund managers are entitled, generally withouthaving to contribute capital to the fund. Carriedinterest payments are customary in the venturecapital industry to create a significant economicincentive for venture capital fund managers toachieve capital gains.

CONVERTIBLE SECURITY – A financial security(usually preference shares) that is exchangeable foranother type of security (usually ordinary shares) ata pre-stated price. Convertibles are appropriate forinvestors who want higher income, or liquidationpreference protection, than is available fromordinary shares, together with greater appreciationpotential than regular bonds offer.

DILUTION – The process by which an investor'sownership percentage in a company is reduced by the issue of new shares.

DUE DILIGENCE – The process by which VCsconduct research on the market potential,competition, reference interviews, financial analysis,and technology assessment. Usually divided intocommercial, financial, legal and commercial due diligence.

EARLY STAGE – A fund investment strategyinvolving investments in companies to enableproduct development and initial marketing,

manufacturing and sales activities. Early stageinvestors can be influential in building a company’smanagement team and direction. While early stageventure capital investing involves more risk at theindividual deal level than later stage venture investing,investors are able to buy company stock at verylow prices and these investments may have theability to produce high returns.

EXIT STRATEGY – A fund’s intended method forliquidating its holdings while achieving the maximumpossible return. These strategies depend on theexit climates including market conditions andindustry trends. Exit strategies can include sellingor distributing the portfolio company’s sharesafter an initial public offering (IPO), a sale of the portfolio company or a recapitalisation. (See Acquisition, Initial Public Offering)

FUND FOCUS (OR INVESTMENT STAGE) – The indicated area of specialization of a venturecapital fund usually expressed as Balanced, Seed and Early Stage, Later Stage, Mezzanine or Leveraged Buyout (LBO). (See all of the stated fund types for further information)

FUND SIZE – The total amount of capital committedby the investors of a venture capital fund.

“HOCKEY STICK” – Refers to a financial projectionwhich starts modestly for a number of monthsand rapidly accelerates. “How much of a hockeystick is in the plan?”

INVESTMENT PHILOSOPHY – The statedinvestment approach or focus of a fund manager.


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INITIAL PUBLIC OFFERING (IPO) – The sale ordistribution of a stock of a portfolio company tothe public for the first time. IPOs are often anopportunity for the existing investors (often venturecapitalists) to receive significant returns on theiroriginal investment. During periods of marketdownturns or corrections the opposite is true.

LATER STAGE – A fund investment strategyinvolving financing for the expansion of a companythat is producing, shipping and increasing its salesvolume. Later stage funds often provide thefinancing to help a company achieve critical massin order to position itself for an IPO. Later stageinvesting can have less risk than early stagefinancing because these companies have alreadyestablished themselves in their market andgenerally have a management team in place. Later stage and Mezzanine level financing areoften used interchangeably.

LEAD INVESTOR – Each round of Venture Capitalhas a lead investor who negotiates the terms ofthe deal and usually commits to at least 50% ofthe round.

LEVERAGED BUYOUT (LBO) – A takeover of a company using a combination of equity andborrowed funds (or loans). Generally, the targetcompany’s assets act as the collateral for the loanstaken out by the acquiring group. The acquiringgroup then repays the loan from the cash flow of the acquired company. For example, a group of investors may borrow funds using the assets of the company as collateral in order to take overa company. Or the management of the companymay use this vehicle as a means to regain control of

the company by converting a company from publicto private. In most LBOs, public shareholders receivea premium to the market price of the shares.

LIMITED PARTNERSHIPS – An organizationcomprised of a general partner, who manages a fund, and limited partners, who invest moneybut have limited liability and are not involved withthe day-to-day management of the fund. In thetypical venture capital fund, the general partnerreceives a management fee and a percentage ofthe profits (or carried interest). The limited partnersmay receive both income and capital gains as areturn on their investment.

MANAGEMENT FEE – Compensation for the management of a venture fund’s activities,paid from the fund to the general partner orinvestment advisor. This compensation generallyincludes an annual management fee.

MANAGEMENT TEAM – The persons whooversee the activities of a venture capital fund.

MEZZANINE FINANCING – Refers to the stageof venture financing for a company immediatelyprior to its IPO. Investors entering in this roundhave lower risk of loss than those investors whohave invested in an earlier round. Mezzanine levelfinancing can take the structure of preference shares,convertible bonds or subordinated debt (the levelof financing senior to equity and below senior debt).

NEW ISSUE – A stock or bond offered to thepublic for the first time. New issues may be initialpublic offerings by previously private companiesor additional stock or bond issues by companiesalready public. New public offerings are registered


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with the Securities and Exchange Commission.(See Securities and Exchange Commission andRegistration)

OPTION POOL – The number of shares set asidefor future issuance to employees of a private company.

PORTFOLIO COMPANIES – Portfolio companiesare companies in which a given fund has invested.

POST-MONEY VALUATION – The valuation of acompany immediately after the most recent roundof financing. This value is calculated by multiplyingthe company’s total number of shares by the shareprice of the latest financing.

PREFERENCE SHARES – Form of equity whichhas rights superior to ordinary shares. Most VCdeals use preference shares which may convert to ordinary shares upon an IPO or Acquisition.

PRE-MONEY VALUATION – The value of thecompany before VCs cash goes into the business.VCs use the Pre-Money Valuation to determinewhat % ownership they will have in your company.

PRIVATE EQUITY – Private equities are equitysecurities of companies that have not “gone public”(in other words, companies that have not listedtheir stock on a public exchange). Private equitiesare generally illiquid and thought of as a long-terminvestment. As they are not listed on an exchange,any investor wishing to sell securities in privatecompanies must find a buyer in the absence of a marketplace.

PROPRIETARY INFORMATION – Any informationuniquely possessed by a company which is notgenerally available to the public.

PROSPECTUS – A formal written offer to sellsecurities that provides an investor with thenecessary information to make an informed decision.A prospectus explains a proposed or existingbusiness enterprise and must disclose anymaterial risks and information according to thesecurities laws. A prospectus must be filed withthe SEC and be given to all potential investors.Companies offering securities, mutual funds, and offerings of other investment companies(including Business Development Companies) are required to issue prospectuses describing their history, investment philosophy or objectives,risk factors and financial statements. Investorsshould carefully read them prior to investing.

SECONDARY SALE – The sale of private orrestricted holdings in a portfolio company toother investors.

SEED MONEY – The first round of capital for astart-up business. Seed money usually takes thestructure of a loan or an investment in preferredstock or convertible bonds, although sometimes it is common stock. Seed money provides start-upcompanies with the capital required for their initialdevelopment and growth. Business Angels andearly-stage venture capital funds often provideseed money.

STOCK OPTIONS – There are two definitions of stock options. The right to purchase or sell astock at a specified price within a stated period.Options are a popular investment medium,offering an opportunity to hedge positions inother securities, to speculate on stocks with


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relatively little investment, and to capitalize onchanges in the market value of options contractsthemselves through a variety of options strategies.

A widely used form of employee incentive andcompensation. The employee is given an option to purchase its shares at a certain price (at orbelow the market price at the time the option is granted) for a specified period of years.

TERM SHEET – Typically a 3-5 page documentwhich outlines the fundamental business terms of a Venture Investment. This document serves to drive at the final business agreement of closingthe deal. If you receive a term sheet from a VCthere is a high probability of closing and fundingthe deal.

VENTURE CAPITAL – Money provided by investorsto privately held companies with perceived long-termgrowth potential. Professionally managed venturecapital firms generally are limited partnershipsfunded by private and public pension funds,endowment funds, foundations, corporations,wealthy individuals, foreign investors, and theventure capitalists themselves.

WRITE-OFF – The act of changing the value of an asset to an expense or a loss. A write-off isused to reduce or eliminate the value an asset and reduce profits.

WRITE-UP/WRITE-DOWN – An upward ordownward adjustment of the value of an asset.Usually based on events affecting the investeecompany or its securities beneficially or detrimentally.

Irish Venture Capital AssociationCOUNCIL

• Michael Donnelly (Chairman)

• Joe Concannon (Vice-Chairman)

• Niall Carroll

• Desmond Fahey

• Shay Garvey

• Michael Murphy

• Conor O'Connor

• Peter Sandys

• John Tracey

IVCA

Regina Breheny (Director General)Telephone: +353 87 051 7754Email: [email protected]

Ciara Burrowes (Administrator)IVCA, 3 Rectory Slopes, Bray, Co. WicklowTelephone: +353 1 276 46 47Fax: +353 1 274 59 15Email: [email protected]


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ASSOCIATE MEMBERS

AIB Corporate Finance85 Pembroke Road, Ballsbridge, Dublin 4Telephone: +353 1 667 0233Fax: +353 1 667 0250Contact: Alan DohertyEmail: [email protected]: www.aibcf.ie

Arthur Cox SolicitorsEarlsfort Centre, Earlsfort Terrace, Dublin 2Telephone: +353 1 618 0000Fax: +353 1 618 0618Contact: Kathleen GarrettEmail: [email protected]: www.arthurcox.com

Aventura Venture PartnersNCI Business Centre,Mayor Street, IFSC, Dublin 1Telephone: +353 1 449 8715/6Fax: +353 1 449 8749Contact: Maura MooreEmail: [email protected]: www.aventura.ie

Baker Tilly Ryan GlennonTrinity House, Charleston Road,Ranelagh, Dublin 6Telephone: +353 1 496 5388Fax: +353 1 496 9226Contact: George MaloneyEmail: [email protected]: www.bakertillyrg.ie

BCM Hanby Wallace88 Harcourt Street, Dublin 2Telephone: +353 1 418 6900Fax: +353 1 4186805Contact: Feargal BrennanEmail: [email protected]: www.bcmhw.com

BDO Simpson XavierBeaux Lane House,Mercer Street Lower, Dublin 2Telephone: +353 1 470 0000Fax: +353 1 477 0000Contact: Louis O’NeillEmail: [email protected]: www.bdosx.ie

BeauchampsRiverside Two, Sir John Rogerson’s Quay, Dublin 2Telephone: +353 1 418 0956Fax: +353 1 617 7056Contact: Máire CunninghamEmail: [email protected]: www.beauchamps.ie

CFM Capital (Mazars)Harcourt Centre, Block 3,Harcourt Road, Dublin 2Telephone: +353 1 449 6463Fax: +353 1 475 0030Contact: John CoolicanEmail: [email protected]: www.cfmcapital.com


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Corporate Finance Ireland1 Clonskeagh Square,Clonskeagh, Dublin 14Telephone: +353 1 283 7144Fax: +353 1 283 7256Contact: Frank TraynorEmail: [email protected]: www.cfi.ie

Davy Corporate FinanceDavy House, 49 Dawson Street, Dublin 2Telephone: +353 1 679 6363Fax: +353 1 679 6366Contact: Hugh McCutcheonEmail: [email protected]: www.davy.ie

Deloitte & ToucheDeloitte & Touche House,Earlsfort Terrace, Dublin 2Telephone: +353 1 417 2200Fax: +353 1 417 2300Contact: David O’FlanaganEmail: [email protected]: www.deloitte.ie

Dillon Eustace33 Sir John Rogerson’s Quay, Dublin 2Telephone: +353 1 667 0022Fax: +353 1 667 0042Contact: Adrian BensonEmail: [email protected]: www.dilloneustace.ie

EquityNetworkThe Old Gasworks Business Park,Kilmorey Street, NewryCo. Down, BT34 2DETelephone: +44 (0)28 3083 4151Fax: +44 (0)28 3083 4155Contact: Gary StokesEmail: [email protected]: www.intertradeireland.com

Ernst & YoungHarcourt Centre, Harcourt Street, Dublin 2Telephone: +353 1 221 2395Fax: +353 1 4750590Contact: Sinead MunnellyEmail: [email protected]: www.ey.com/ie

Eugene F. CollinsTemple Chambers, 3 Burlington Road, Dublin 4Telephone: +353 1 667 5111Fax: +353 1 667 5200Contact: Anthony E. CollinsEmail: [email protected]: www.efc.ie

FGSMolyneux House, Bride Street, Dublin 8Telephone: +353 1 418 2000Fax: +353 1 418 2044Contact: Jim MulqueenEmail: [email protected]: www.fgspartnership.com


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William FryFitzwilton House, Wilton Place, Dublin 2Telephone: +353 1 639 5000Fax: +353 1 639 5333Contact: Alvin PriceEmail: [email protected]: www.williamfry.ie

A & L GoodbodyIFSC, North Wall Quay, Dublin 1Telephone: +353 1 649 2384Fax: +353 1 649 2649Contact: Eithne FitzgeraldEmail: [email protected]: www.algoodbody.ie

Goodbody StockbrokersBallsbridge Park, Ballsbridge, Dublin 4Telephone: +353 1 667 0400Fax: +353 1 667 0410Contact: Brian O'KellyEmail: brian.m.o’[email protected]: www.goodbody.ie

Grant Thornton Corporate Finance24-26 City Quay, Dublin 2Telephone: +353 1 680 5805Fax: +353 1 680 5806Contact: Michael NearyEmail: [email protected]: www.grantthornton.ie

Horwath Bastow CharletonMarine House, Clanwilliam Court, Dublin 2Telephone: +353 1 676 0951Fax: +353 1 662 5105Contact: Justin BailyEmail: [email protected]: www.hbc.ie

IBI Corporate Finance40 Mespil Road, Dublin 4Telephone: +353 1 637 7800Fax: +353 1 637 7801Contact: Deirdre McEvoyEmail: [email protected]: www.ibicf.ie

Ion EquityHuguenot House,35/38 St Stephen's Green, Dublin 2Telephone: +353 1 611 0500Fax: +353 1 611 0510Contact: Neil O’ LearyEmail: [email protected]: www.ionequity.com

KPMG Corporate FinanceRussell Court, St. Stephen's Green, Dublin 2Telephone: +353 1 410 1599Fax: +353 1 412 1599Contact: Gerard FloodEmail: [email protected]: www.kpmg.ie


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LK Shields39/40 Upper Mount Street, Dublin 2Telephone: +353 1 661 0866Fax: +353 1 661 0833Contact: John OldenEmail: [email protected]: www.lkshields.ie

Maples and Calder75 St Stephens Green, Dublin 2Telephone: +353 1 619 2000Fax: +353 1 6192001Contact: Colm RaffertyEmail: [email protected]: www.maplesandcalder.com

Mason Hayes+CurrranSouth Bank House, Barrow Street, Dublin 2Telephone: +353 1 6145000Fax: +353 1 6145001Contact: David O'DonnellEmail: [email protected]: www.mhc.ie

Matheson Ormsby Prentice70 Sir John Rogerson’s Quay, Dublin 2Telephone: +353 1 232 2000Fax: +353 1 232 3333Contact: Edward MillerEmail: [email protected]: www.mop.ie

McCann FitzGeraldRiverside One,Sir John Rogerson’s Quay, Dublin 2Telephone: +353 1 829 0000Fax: +353 1 829 0010Contact: Ben GaffikinEmail: [email protected]: www.mccannfitzgerald.ie

Merrion Corporate Finance3rd Floor, Block C, Sweepstakes Centre,Ballsbridge, Dublin 4Telephone: +353 1 240 4100Fax: +353 1 240 4101Contact: Dan EnnisEmail: [email protected]: www.merrion-capital.com

O'Donnell Sweeney EvershedsOne Earlsfort Centre, Earlsfort Terrace, Dublin 2Telephone: +353 1 664 4200Fax: +353 1 664 4300Contact: Tony McGovernEmail: [email protected]: www.odse.ie

PricewaterhouseCoopersOne Spencer Dock, North Wall Quay, Dublin 1Telephone:+353 1 792 6000Fax: +353 1 792 6200Contact: Aidan WalshEmail: [email protected]: www.pwc.com/ie


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Ulster Bank Corporate BankingGeorge’s Quay, Dublin 2Telephone: +353 1 608 4000Fax: +353 1 608 4144Contact: Gervaise McAteerEmail: [email protected]: www.ulsterbank.com

Whitney MooreWilton Park House, Dublin 2Telephone: +353 1 611 0000Fax: +353 1 611 0090Contact: Mark RyanEmail: [email protected]: www.whitneymoore.ie

EquityNetworkSTEERING COMMITTEE

Edward CartinFormer CEO-QUBIS Ltd

Barry FitzsimonsChairman – Equity NetworkVice-Chairman – InterTradeIrelandSenior Director – Cunningham Coates

Charles HardingExecutive Director- Corporate Finance & Restructuring Division- Invest Northern Ireland

Fergal McCormackBoard Member – InterTradeIrelandManaging Partner – FPM Chartered Accountants

Liam NellisChief Executive – InterTradeIreland

Willie O’BrienManager Venture Capital DevelopmentEnterprise Ireland

Dr Martin NaughtonChairman InterTradeIrelandChairman – Glen Dimplex

EXECUTIVE

• Catriona Regan • Patricia Doran

• Margaret Hearty • Maura Moore

• Gráinne Lennon • Caroline Sweeny

• Gary Stokes


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EquityNetwork

EquityNetwork is a major initiative ofInterTradeIreland, the Trade and BusinessDevelopment Body. InterTradeIreland’s mission isto lead the development of the island economythrough distinctive knowledge-based interventionswhich will produce significant returns in the areasof cross-border trade and business development.

EquityNetwork offers the following services:

• Value added information services to businessesto assist in making them 'investor ready'

• Signposting for businesses seeking equity finance

• An annual private equity conference

• An annual all-island seedcorn competition for the best business plans on the insland

• An island-wide education programme to raiseawareness of the availability and benefits ofusing private equity

• EquityNetwork has supported the developmentof ‘Halo’ business angel networks in NorthernIreland and Ireland. In Northern Ireland throughInvestment Belfast and in Ireland throughDublin Business Innovation Centre with thecollaboration of Enterprise Ireland and theregional BICs.

For full details on all InterTradeIreland’sprogrammes visit www.intertradeireland.com

InterTradeIreland, The Old Gasworks Business ParkKilmorey Street, Newry, Co. Down, BT34 2DETelephone: +44 (0)28 3083 4151Fax: +44 (0)28 3083 4155Email: [email protected]: www.intertradeireland.com


Inside Back Cover

This publication is available on request in alternative formats including Irish language, Ulster Scots, Braille, disk and audio cassette.

For more information, please contact:Communications DepartmentTelephone: +44 (0)28 3083 4100Textphone: +44 (0)28 3083 4169Email: [email protected]

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Useful ContactsThe Irish Venture Capital Associationwww.ivca.ie

EquityNetworkwww.intertradeireland.com

The European Venture Capital Associationwww.evca.com

The British Venture Capital Associationwww.bvca.co.uk

The Institute of Directors in Irelandwww.iodireland.ie

The Institute of Directors Northern Irelandwww.iod.com

The Office of the Director of CorporateEnforcementwww.odce.ie

HALO – The Northern Ireland Business Angel Networkwww.haloni.com

Business Angel Partnershipwww.businessangels.ie

AcknowledgementsThe authors of the guide would like toacknowledge the contribution of the Council ofthe IVCA, the EquityNetwork Steering Committeeand the British Venture Capital Association inpreparing the Guide.


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