The Irish Venture Capital Association has named Nicola McClafferty, partner at Draper Esprit, as their new Chairperson.

Ms McClafferty is the second consecutive woman to be elected to the role, replacing Gillian Buckley, investment manager with the Western Development Commission (WDC), who has completed her term of office.

Ms McClafferty has been both an entrepreneur and investor.

She worked in venture capital in London before cofounding and heading up online retailer, Covetique, later sold to ASOS.

Ms McClafferty joined Draper Esprit in 2017 and in April 2020 was appointed partner.

"While Ireland's focus in the past has been on creating the environment to attract FDI investment, global pressures make it increasingly important that we look to policies that will boost local entrepreneurship and accelerate the development of the indigenous Irish tech sector," Ms McClafferty said.

The Irish Venture Capital Association is the representative organisation for venture capital and private equity firms in Ireland.

DCU research finds that between 2003 and 2018 in excess of 2,500 Irish SMEs have raised venture capital and private equity of €5bn.