The Ireland Strategic Investment Fund has announced its first two investments from its €50m initiative to promote female-led investment firms.
The two investments total €36m and will target the climate-tech and health-tech sectors.
A €15m commitment will be provided to a fund managed by Blume Equity, a climate-tech investor.
Blume invests in businesses addressing climate and environmental challenges by focusing on sustainable food systems, responsible consumption and production, and healthy environment.
It is led by Michelle Capiod, Eleanor Blagbrough, and Clare Murray.
Another €21m will go to Norrsken Venture Capital, a climate and health tech investor.
Core investment themes include sustainable food systems, electrification, energy efficiency, and responsible consumption and it is led by Tove Larsson and Agate Freimane.
It aims to invest in portfolio companies headquartered in, or having material business operations or projects in, Ireland.
Nick Ashmore, ISIF Director, said the two investments represent over 70% of its initial ambition for committing €50m to investment firms that are founded by or led by women.
"Women have been under-represented at senior levels in finance for too long and these investments show that our commitment to changing this is now being matched by tangible action," Mr Ashmore said.
"These commitments align with ISIF's double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland," he said.
"They also demonstrate the importance ISIF places on supporting high-quality, female majority owned investment firms, to deliver greater diversity in decision-making and more opportunities for women to pursue and succeed in senior investment roles," he added.
The Minister for Finance Michael McGrath said today's investment is part of a €50m commitment to addressing gender inequality and promoting greater diversity at senior levels within ISIF itself and both the companies and funds in which it invests.
"We must never lose sight of the potential benefits that come with greater diversity and inclusion such as better decision making and also economic outcomes for companies," the Minister added.
Clare Murray, co-founding partner at Blume Equity, said with its partnership with ISIF, an investor with a clear commitment to climate change space, it was excited to work with Irish climate related companies - a country where it sees significant innovation in climate-tech.
Tove Larsson at Norrsken said they were thrilled to partner with ISIF in driving impactful investments in companies building solutions for the 17 Sustainable Development Goals.
"This commitment not only underscores ISIF's dedication to fostering diversity but also aligns with our mission at Norrsken VC to support force of nature founders that address the biggest challenges of our time while building massive businesses," she added.
