Dublin’s Frontline Ventures raises new $83.8M seed fund for European B2B startups

Dublin-based Frontline Ventures has released details of its new €70 million ($83.8M) Frontline Seed fund III which will be aimed at European B2B startups. The new fund will bring Frontline’s total funds under management to €250 million, deployed out of its offices in London, Dublin and San Francisco. Backers of the fund include the European Investment Fund (EIF), Ireland Strategic Investment Fund (ISIF) and Irish banking giant AIB, along with 10 tech angels, largely post-exit entrepreneurs, from Europe and the US.
The new fund has already begun to invest in early-stage companies, and is aiming at investing in up to 45 companies over the next four years. Investments will range from €250,000 to €2.5 million. It follows Frontline’s recent new $70m US-based growth-stage fund, Frontline X, which is geared to US startups wanting to expand to Europe and the EU region, given that Ireland is an EU member, and well placed to benefit from the ramifications of Brexit.
William McQuillan, Partner, said the fund would invest about 50 percent of the fund into new early-stage companies. The remaining funds will be delayed for later investments in existing portfolio companies.
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