Trinity Venture Capital today announced it has raised 100 million euros to invest in early and growth stage technology companies.
The sum is four times the size raised for Trinity's first fund in 1997 which went on to invest in companies such as Norkom Technologies, Network 365, and Buytel.
The new funding will be added to Trinity's second fund which has already made three investments since it launched in October, and will now be able to invest 15 million euros in any single transaction.
Trinity's chief executive John Tracey said the success of the first fund has encouraged the participation of large institutional investors in this round, including AIB, Bank of Ireland and Irish Life and Permanent.
Tracey remains confident in the long-term strength of Ireland's technology sector and said that the current downturn in sentiment is overdone. He said many investors were still prepared to share-in Trinity's long-term approach to new companies, taking a five to seven year time horizon and an active involvement in management.
Current market conditions have ruled out public flotations of a number of promising Irish technology companies at the moment, including Norkom Technologies, which raised $17 million from Norkom and Goodbodys Stockbrokers.
Tracey said it was unlikely that it would be possible to float Norkom this year, but said the company had strong management and was well-funded to weather current market conditions.
Trinity Venture Capital is part of the Reihill Venture Capital and its chairman and founder is Shane Reihill.
