ACT move signals surge for tech sector

ACT Venture Capital has raised €170m for its third venture capital fund, which is mainly targeted at investments in technology-based companies in Ireland.

This is the largest technology-focused venture capital fund raised in Europe during 2002 and should be a significant indicator of renewed confidence in the flagging Irish technology sector.

ACT investment strategy for the fund is to invest primarily in indigenous Irish companies with strong technologies aimed at international markets and at various stages of development.

ACT expects to invest the fund over the next three to four years. The amount invested per company is expected to range from about €3m to €15m.