Atlantic Bridge confirms €140m fund in European technology companies
Global Technology Fund Atlantic Bridge has launched a €140 million fund aimed at European technology companies with potential global market scalability. The Dublin-based company plans to invest in up to 20 European companies.
The fund called Atlantic Bridge III, will focus on scaling Irish and European companies in high growth enterprise technology in the areas of big data, internet of things, robotics and cloud computing.
The fund is backed by AIB, the Ireland Strategic Investment Fund and the Department of Jobs through Enterprise Ireland.
“We already have a number of pipeline investments identified for the Fund and are confident that this will build on the track record of success of our previous Funds,” explained Brian Long, managing partner of Atlantic Bridge.
“As a growth equity stage Fund, Atlantic Bridge III will focus on taking companies with a solid and exciting business model to the next level, scaling them into key international markets like the US and China.”
Atlantic Bridge is the largest indigenous Irish and one of the largest European technology funds, with offices in Dublin, London, Silicon Valley, Beijing and Hong Kong. It has led investment of over €100m inIrish companies. The latest Fund brings the total assets under management of Atlantic Bridge to €400m. Atlantic Bridge also co-manages, with its Chinese partners West Summit Capital, Summit Bridge Capital – a US$100m China Ireland Technology Fund.
Atlantic Bridge currently has over 20 companies in its funds’ portfolio and has achieved 12 realisations with proceeds totaling over €1.7bn.
Welcoming the announcement, Minister for Jobs, Enterprise and Innovation Richard Bruton TD said: “A key part of our jobs plans for the past five years has been increasing the level of funding available to fast-growing Irish companies, supporting more of them to create the jobs we need. Atlantic Bridge has been part of the suite of new funds that our plans have helped to deliver, and I have seen first-hand how the previous funds have been successful in supporting high-potential fast-growing Irish companies to expand. I am delighted to welcome this important new fund, and I wish Brian and the team every success”.
