AIB And Frontline Offer €200,000 VC

13 Sep 2017 | 02.10 pm

AIB And Frontline Offer €200,000 VC

Discovery fund wants to invest in 15 HPSUs

13 Sep 2017 | 02.10 pm

AIB and Frontline Ventures have launched the second AIB Discovery Programme to support the ‘next generation’ of Irish technology entrepreneurs. The programme will provide 15 high-potential startup founders with up to €200,000 in funding to validate a large, potential market need.

Ray Fitzpatrick, head of AIB’s Equity Investment unit, said: “As one of the largest seed capital providers in Ireland, AIB recognises the importance of supporting this vital sector and its future growth potential. We first developed the AIB Discovery Programme in 2013 to invest directly in Ireland’s brightest entrepreneurs at their earliest stage of development. Since then it has supported several companies which have brought real technology innovation to their customers from Ireland.”

The Discovery fund has invested in Pointy, which brought 600 Irish physical retailers online last year by making all of their products searchable online; Drop whose internet connected kitchen device is now sold in Apple stores worldwide; and Love & Robots, whose award winning customised jewellery is sold online.

Shay Garvey, partner in Frontline Ventures, commented: “Often the hardest stage to find finance is when a company is doing customer discovery and this is the area where the Programme has the biggest impact.  We have been very happy with the progress of the companies that have been supported to date and we are excited about broadening the programme for the coming years.”

The programme is now open and applications can be submitted through discovery@frontline.vc

To promote the fund, a series of meetings with the Frontline and AIB teams will be held in AIB branches around the country.  The first of these will focus on entrepreneurs in the fintech sector. Frontline and AIB will also be holding an open day exclusively for female entrepreneurs.

Comments are closed.