June 29 (UPI) — Two members of the Grammy-winning band U2 are backing a new technology fund in Ireland dedicated to raising about $ 112 million for companies in the country that produce “technology for good.”
Adam Clayton and David Howell Evans, also known as “The Edge,” are listed as investors into the Impact Ireland fund, which will support cloud-based technologies in sectors that include education, healthcare, food, agriculture, energy and the environment.
Clayton and Evans were part of the first wave of investment into the fund, which ended in May. The second round of funding has started.
Dublin-based VentureWave Capital is the investment firm that is driving the new Impact Ireland Fund. Former Ireland leader Enda Kenny chairs the fund’s Global Advisory Council, which is providing expertise for VentureWave Capital to promote Ireland.
“It will be a powerful corps of advocates for developing the next generation of successful Irish businesses and accelerating the impact that they will have,” Kenny said about Impact Ireland.
Kieran McLoughlin, the managing partner for VentureWave, said the fund will target Irish businesses that benefit society in Ireland.
“We are delighted to launch Impact Ireland with its focus on supporting highly scalable companies which benefit society from one of the best investment global locations there is, Ireland,” McLoughlin said.
“We are privileged to be able to draw on the experience and insights of such a remarkable group of people in the Global Advisory Council, especially in promoting Ireland.”