Ireland has picked a second corporate venturer to join the advisory board of the country’s €500m ($700m) fund of venture capital funds.
Martin Kelly, European partner of computer company IBM’s Venture Capital Group, has agreed to join the advisory board of the Innovation Fund – Ireland, which is chaired by Damien Callaghan, strategic investment manager at Intel Capital.
The other members of the board include: Bernard Byrne of bank AIB; Ray Nolan, formerly of Web Reservations International (WRI), which was Europe’s most successful venture capital exit last year worth more €1bn; Bernie Cullinan of Clarigen; Helen Ryan from Creganna-Tactx Medical; UCD president Dr Hugh Brady; special economic adviser to the Taoiseach professor Peter Clinch; NTMA director John Corrigan; Prof Frank Gannon of SFI; Barry O’Leary of IDA Ireland; and Enterprise Ireland’s Frank Ryan.
Half the money for will come from the Irish state with the remainder expected to come from private sources, similar to an innovation fund launched in the UK last year.