Irish venture capital firm, Frontline Ventures, has raised $200m in new funding for its two funds.
Frontline Growth and Frontline Seed are being backed by Limited Partners EIF and the Ireland Strategic Investment Fund.
The funding will be aimed at growing "globally ambitious" business to business software companies which are on track to be sector leaders and eventually IPO.
Over the past decade the seed fund has invested in more than 80 European startups who are moving from pre-seed or seed stage towards Series A, with a view to expanding into the US.
Over 70% of those have moved on to Series A funding, with 60% expanding into the US market.
Among the companies it has injected seed capital into are Signal AI, Finbourne, Insify.
A number of firms it has invested in have been sold, including Workvivo which was bought by Zoom and Pointy which was acquired by Google.
"The US and Europe account for the lion's share of global software spend and global venture capital dollars. Frontline Seed’s mission over the past decade has been to help ambitious founders capture this critical transatlantic market and set them on the path to IPO," said Will Prendergast, Partner at Frontline Seed.
"This has led us to become an integral partner for the highest-potential B2B software businesses in Europe, who we support through our network on everything from fundraising to their US go to market."
"Our success is demonstrated by the high proportion of our portfolio companies that have graduated to Series A and expanded into the US market – with more yet to come."
Frontline Growth, which targets companies at Series B and C stages, has invested in more than a dozen North American businesses with aspirations to grow into Europe during the five years since it was founded.
MosaicML, Lattice, Vanta, Attentive and Navan are among the firms it has funded.
The fund expects to see the first IPO by a business it has supported within the next year.
"Though it is a traditionally overlooked market by U.S. entrepreneurs, Europe accounts for over 30% of the global revenues of top performing B2B software companies at IPO," said Brennan O’Donnell, Partner at Frontline Growth.
"Our goal at Frontline is to bridge the gap between the U.S. and European markets, providing a platform for B2B software companies to become global category leaders."
Frontline Seed is led by partners Will Prendergast, Zoe Chambers and William McQuillan, while Frontline Ventures is led by Brennan O’Donnell and Stephen McIntyre.
