Bank of America invests in Impact Ireland fund for Irish start-ups

1 day ago

From left: Paul Donofrio and Kieran McLoughlin. Image: VentureWave

As part of the deal, Paul Donofrio of Bank of America will join VentureWave Impact Ireland’s Global Advisory Council chaired by former Taoiseach Enda Kenny.

Irish private equity firm VentureWave Capital said today (28 September) that Bank of America has invested in its Impact Ireland USA fund to support ‘technology-for-good’ start-ups.

The Impact Ireland fund focuses on start-ups that are having a high impact across industries ranging from food and agriculture, energy and environment, education, healthcare and sustainable finance.

The aim is to deliver social and environmental benefits while also ensuring financial returns for the stakeholders. This is the first time Bank of America is collaborating with VentureWave.

As part of the deal, the value of which has not been disclosed, Paul Donofrio of the Bank of America will join VentureWave Impact Ireland’s Global Advisory Council. Donofrio is the bank’s vice-chair and chair of its European banking entity, Bank of America Europe

The Global Advisory Council is chaired by former Taoiseach Enda Kenny. Its objective is to promote the philosophy and practice of impact investing, which has grown rapidly in recent years, and advance the case for Ireland as a global centre for deploying capital for social good.

According to a Global Impact Investing Network report from last year, impact investing reached an estimated $1.1trn under management globally.

“Consistent with our approach toward responsible growth, we are committed to partnering with clients to support their transition to a more sustainable and lower-carbon future,” Donofrio said.

“VentureWave Capital’s Impact Ireland USA fund is well positioned to provide funding to companies accelerating that transition, and the adoption of clean, impactful and innovative technology.”

The Impact Ireland fund was first launched in June 2020 with the aim of investing in and building global ‘technology-for-good’ companies in Ireland.

The fund is a member of the Global Impact Investing Network and is the first Irish signatory of the International Finance Corporation’s Operating Principles for Impact Measurement, which aim to set the standard by which the social benefit of impact investments will be gauged.

In May, VentureWave gained a majority stake in angel investing and trading platform Funderbeam by leading a $40m funding round.

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Vish Gain is a journalist with Silicon Republic