Leading Property Developer Simon Kelly Creates €20m VC Fund to Support Irish Tech Startups
Renowned property developer Simon Kelly has recently launched a new venture-capital fund worth €20 million to provide crucial support to technology startups based in Ireland. The aim of the fund, called Silicon Docks Ventures, is to enable the founding and funding of innovative technology companies within the country and help them scale up using the abundant resources and skills available.
With Dublin serving as a hub for major tech giants like Google and Meta, the city boasts a pool of talented developers and AI experts. However, Kelly believes that nurturing the next generation of founders requires a strong venture capital foundation. Drawing on his extensive experience as a real estate professional, with billions invested in Ireland’s built environment, he aims to direct some of this capital toward the technology sector.
According to Kelly, venture capital is all about identifying and supporting exceptional individuals. He has experienced this support himself throughout his career and now aims to pass it on to the next wave of entrepreneurs. The initial €20 million fund will primarily consist of limited partners from family offices in Ireland, specifically wealthy individuals who have sold their companies and are interested in investment opportunities.
Silicon Docks Ventures will initially target SaaS (software as a service) companies specializing in building enterprise software products within the business-to-business space. Kelly’s decision is inspired by his own successful venture, Emex Software, co-founded with Richard Wall in 2010. Emex Software assists companies in managing risk and improving safety by collaborating with their employees.
Simon Kelly comes from a family of prominent property developers and was involved in the revitalization of Smithfield in Dublin prior to the economic crash. Following this, he dealt with extensive debts and emerged alongside other developers who successfully exited Nama, the National Asset Management Agency. In a recent blog post, Kelly expressed his belief that the immense talent within tech multinationals could be the catalyst for the next phase of innovation and creativity.
While Enterprise Ireland offers seed funding of up to €100,000 for startups, Kelly recognizes that many potentially groundbreaking companies often fail because they lack access to proper venture capital. Consequently, he aims to fill this gap and ensure that Irish startups have the necessary support to thrive and compete globally.
Looking ahead, Kelly envisions a future where thousands of technology companies based in Ireland successfully rival global competitors, delivering significant returns to founders, limited partnerships, and general partners in venture capital firms that choose to invest in the country.
Overall, Silicon Docks Ventures represents an exciting opportunity for Irish tech startups, as the fund’s generous capital injection and Kelly’s expertise in the real estate and technology sectors provide a strong foundation for growth and success.
Ireland’s technology landscape is poised for positive transformation, with the support of Silicon Docks Ventures and the advancement of promising startups ready to seize new opportunities.
