Business

Saturday 10 December 2016

Son of former IDA chief raises €110m

John Reynolds

Published 10/01/2016 | 02:30

Ciaran O’Leary, the son of former IDA chief Barry, has raised €110m to launch a new venture capital firm based in Berlin to fund transformational European tech start-ups. Photo: PA
Ciaran O’Leary, the son of former IDA chief Barry, has raised €110m to launch a new venture capital firm based in Berlin to fund transformational European tech start-ups. Photo: PA

Dubliner Ciaran O'Leary, the son of former IDA chief Barry, has raised €110m to launch a new venture capital firm based in Berlin to fund transformational European tech start-ups.

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The new company - Blue Yard - will invest between €500,000 and €5m, mostly in series-A rounds.

Its main backers are thought to be US universities and a range of foundations.

The 35 year-old Irishman, who lived in Germany for part of his childhood, launched the new fund with co-founder Jason Whitmire - a colleague of his from investment firm Earlybird.

It is believed that both men will invest several million euro in total of their own money, as is typical of VC partners.

O'Leary, who also previously worked in a research role at €170bn investment giant The Carlyle Group, was in 2012 responsible for Earlybird deciding to back Wunderlist - a German task management app, which was sold to Microsoft last June for around €170m.

Sunday Indo Business

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