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Climate Venture Capital Fund Launched by Irish IT Veterans for €30 Million

Alan Costello and David Scanlon, two seasoned veterans of the state startup accelerator NDRC, have established a €30 million venture capital fund to support climate tech companies.

In the coming weeks, their company, Resolve Ventures, is scheduled to conclude its fundraising for the Climate Impact Fund. The €90 million Irish Innovation Seed Fund Programme and the Ireland Strategic Investment Fund (Isif) will provide funding for the project.

In a second phase, the two eventually want to grow their fund to at least €50 million, they stated. The fund is supported by a number of angel investors, Irish family offices, and some corporations, though the fund stated it could not yet reveal who its backers were.

The fund is made up of both public and private funds. Corporate backers are aspirational, well-targeted individuals who can aid in the growth and profitability of startups. Through their networks, they and the other investors will support our investees’ growth and add to our ecosystem, according to Mr. Costello.

He and Mr. Scanlon worked together on Bord na Mona’s SME accelerator Accelerate Green programme last year. Prior to this, Mr. Scanlon was employed by Enterprise Ireland as a Start in Ireland programme manager for high-potential startups.

Prior to founding Ruby Consulting, Mr. Costello oversaw investments and strategy for funders, governments, startups, development organisations, and multinational corporations.

Pre-seed, seed, and subsequent investments will be made by Resolve Ventures, with an emphasis on the energy, agricultural, transportation, building, smart consumer goods, and resource management industries.

“Government recognises that if new companies are not supported at the seed and early stage, there will not be enough scalable indigenous companies available later in the development cycle,” Enterprise Minister Simon Coveney said in response to the investment.

Despite being impacted by the general decline in venture capital funding, climate tech startups stand out as they draw both funding and skilled personnel, according to recent reports from PwC and Atomico. Investment in the industry was down 40%, according to PwC.