Trinity Venture Capital closes tech fund

Irish VC investor Trinity Venture Capital has closed its latest technology fund, Trinity Venture Fund II, at €140 million. The fund will target early and growth stage technology companies in Ireland. Investors in the fund consist mainly of Irish financial institutions.

Seven investments totalling €30million have already been made from the fund in companies including Havok, LeT Systems, Network365, Norkom and Spero.

Trinity CEO John Tracey said: “This is the largest dedicated technology investment fund ever raised in Ireland. We look forward to working with investee companies to create value and continue the rapid development of the Irish software industry.”

In anticipation of an increased workload Trinity has also announced the appointment of Brian Caulfield as investment director. Prior to joining Trinity Caulfield co-founded a number of technology companies including Exceptis technologies, which was sold to Trintech Group for €26 million in November 2000.

Trinity Venture Capital was set up in September 1997 and currently has €165 million under management in Trinity Fund 1 and Trinity Fund 2. The firm typically invests between €1 million and €6 million in an initial investment with up to €15m available over a number of investment rounds.

Trinity Venture Capital is part of the Reihill Venture Capital Group, which also includes Hibernia Capital Partners, which is focused on management buyouts and restructuring opportunities. The Reihill Venture Capital Group currently has over €200 million under management.