Venture capital firm Delta Partners has launched a new fund that aims to raise €70m.

The Dublin based company is targeting 30 investments in seed and early-stage Irish technology companies over the next 3-4 years.

Both Bank of Ireland and Enterprise Ireland are already contributors to the new fund, with support also coming from financial services provider Fexco and several family offices.

Delta Partners plans to invest at both seed and Series A stages.

"This fund is aimed directly at the funding gap for early-stage companies in Ireland," said Delta Partners existing partners, Dermot Berkery and Maurice Roche.

"Great Irish entrepreneurs are succeeding across the technology spectrum and the main thing they lack is capital to help them to achieve their ambitions."

The VC has also hired Amy Neale from Mastercard and Digit Games founder Richard Barnwell to support its growth.

"This fund will increase the availability of capital to early-stage companies to deliver on their business plans and compete with international peers," said Leo Clancy, CEO of Enterprise Ireland.

"Enterprise Ireland's focus on seed-stage investments, which enhance diversity and experience in the ecosystem, is underpinned by this excellent launch and we look forward to working with the team at Delta over the coming years."

Delta has previously invested in more than 120 companies, including Luzern and Sirius XT, with €1.8bn realised from exits from businesses such as Clavis, Sensl and Neuravi.