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First investment for new VC firm Back  
BOI Venture Capital Limited, a subsidiary of Bank of Ireland, has invested •2 million in Kildare based waste management company, Advanced Environmental Solutions (Ireland) Limited, (AES). This is the first investment made by BOI Venture Capital Limited’s fund, which was established earlier this year in conjunction with Enterprise Ireland.
According to Brendan Vaughan, fund manager of BOI Venture Capital Limited, the fund was set up to invest in high growth companies, offering a spread of exposure to traditional and technology sectors throughout Ireland. He added, ‘We identified that over 90 per cent of all venture capital investment has traditionally been targeted at the information communications and technology sectors and in companies located on the east coast of Ireland. Our investment strategy is to ensure a balanced portfolio of businesses in ICT, as well as high growth companies in more traditional sectors, throughout Ireland. AES is a good example of the type of company being targeted with this fund. It is regionally based, with high growth prospects in the waste management market.’
The fund specifically targets companies at the early stage of their development cycle. Investment sizes vary depending on the individual company requirements and prospects, but average investments of the fund will be in the region of •350,000 to •2,000,000. Further to this investment, BOI Venture Capital will take a position on the board of directors of AES.

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