Ireland-based bank AIB Group is reportedly preparing to raise a €22m ($32m) corporate venturing fund for early-stage companies. News provider Sunday Business Post said AIB would provide most of the money, with the remainder coming from Enterprise Ireland, the state investment agency. ACT Venture Capital, which is led by former AIB executive Niall Carroll, will manage the fund. In December, AIB peer Bank of Ireland started a €17m seed fund for young companies, managed by venture capital firm Delta Partners, and Kernel Capital runs a €26m early-stage fund on behalf of Bank of Ireland, Enterprise Ireland and the University of Limerick Foundation. The Kernel-managed Bank of Ireland Seed and Early Stage Equity Fund last week invested in ServiceFrame’s, a local developer of software for managing the quality of outsourcing deals, €950,000 round. Kernel invested €450,000, with the remainder sourced from Enterprise Ireland and ServiceFrame’s executives. The company was formed in 2009 and is based out of the NovaUCD business incubation centre.
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AIB reportedly eyes fund
Apr 12, 2011 • James Mawson
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