Resolve Ventures, an Irish development and growth capital fund management company, has announced the launch of its new €30M ‘Climate Impact Fund’.
The fund has backing from the Irish Innovation Seed Fund and approval from the European Investment Fund, Enterprise Ireland, and NTMA Ireland Strategic Investment Fund.
Minister for Enterprise, Trade & Employment, Simon Coveney TD said, “This allocation to Resolve Ventures continues to reflect the government’s recognition that if new companies are not supported at the seed and early stage, it creates an issue where there will not be enough scalable indigenous companies available later in the development lifecycle.”
“That is why this allocation is such a positive initiative for the Irish market, with Enterprise Ireland investing alongside the EIF.”
“It is government ambition that we want to create an ecosystem pipeline where we have Irish entrepreneurs building successful global businesses that are reflective of a focus on technology and innovation and providing high-quality employment, which in turn strengthens the Irish-owned exporting sector.”
“This is a key deliverable in my department’s White Paper on Enterprise. I look forward to making further announcements regarding allocations of funding,” adds Coveney.
This initiative will support and advise early-stage Irish companies in sustainability and climate tech, specifically in energy, agriculture, mobility, construction, smart consumerism, and resource management.
What to expect from the new Fund?
In the midst of a climate and biodiversity crisis, investing in impactful companies is vital for global sustainable development. Irish businesses, leveraging a technology ecosystem, can contribute to carbon reduction.
Resolve Ventures aims to play a crucial role by cultivating and scaling sustainability startups, ensuring rapid decarbonisation in line with legally binding targets.
Founded by David Scanlon and Alan Costello in 2023, the company will assess and develop a portfolio of nature-positive, equitable solutions aligned with the UN Sustainable Development Goals.
Scanlon says, “We are delighted with the significant amount of funding secured to date. At Resolve Ventures, we believe in investing in our future and doing our part in delivering the impact momentum necessary to attain the targets prescribed by the UN Sustainable Development Goals.”
“Through this fund, we hope to aid innovative tech solutions that will power the decarbonisation of our food, energy, transport, and consumption systems.”
“This fund isn’t just beneficial for the environment we all live in, but it makes strong economic sense: governments, utilities, and multinational corporations will be required to invest and spend heavily on sustainability in the coming years in alignment with both the National Development Plan and Climate Action Plan.”
“We are building a portfolio of startups to capitalise on this. Our mission is to cultivate our Venture Ecosystem, seizing this market opportunity, while making a meaningful impact on carbon reduction and the preservation of our planet for future generations,” adds Scanlon.