Enterprise Equity Venture Capital, Ireland’s longest established VC, has teamed up with US accelerator programme 500 Startups
to help Irish technology companies gain better access to the Silicon Valley ecosystem.
The alliance will offer Irish start-ups the opportunity to fast-track through the process required to take part in one of the accelerator programmes run by 500 Startups each year.
Approximately 1,000 applications are received for each programme. Of these, just 100 proceed to the interview stage.
500 Startups has agreed to fast-track Irish applicants recommended by Enterprise Equity to interview stage – offering a significant head start to Irish start-up companies.
With just 30 places available on each programme, EEVC partner Frank Walsh said competition for inclusion is extremely high.
He said the chance for Irish start-ups to be fast-tracked could be a potential game- changer for the right Irish companies.
“We are trying to increase access to 500 Startups for Irish companies,” he said. “It’s not limited to companies we have invested in. We won’t have a bias for our portfolio companies.”
The programme, which runs four times a year, provides 30 selected start-ups with office space, access to staff and mentors to help them grow their business, plus an investment of $100,000 upon completion.
EEVC manages three funds totalling some €84 million, including the AIB Seed Capital Fund, the largest and most active seed investor in the country.
Operating for more than 25 years, Enterprise Equity Venture Capital has invested in excess of €50 million in more than 80 companies including Swrve, Phorest, Huggity, Movidius and Zartis.
The VC firm recently appointed Philip McNamara as its US venture partner, based in San Francisco. Mr McNamara is managing director of Voxpro USA.
He previously co-founded Inspire Nation, TapMap,and GrokLabs.
“It was through him [McNamara)] that we developed our excellent relationship with 500 Startups, which, in turn, will now offer significant opportunities for Irish companies to get right to the heart of Silicon Valley,” said EEVC managing partner Conor O’Connor.
