An American entrepreneur who relocated to Co Donegal last year after selling his start-up has established a new venture capital fund that is targeting early-stage Irish companies. EFO Ventures, which is dual-headquartered in Dublin and Atlanta, Georgia, is backing companies at seed stage with investments of between $50,000 (€40,000) to $150,000 (€123,000). Speaking to The Irish Times, co-founder Sean Flood said however that negotiations have begun about raising a larger fund valued at up to $20 million (€16.3 million). Founded by Mr Flood and David Touwsma, EFO is an early-stage investment and concept incubation firm focused on companies developing ideas in a number of areas, including mobility, sustainability, tech-enabled services, and health and wellness. Mr Flood said he would be keen to see Frog bidding for licenses to run shared e-scooter schemes in the Republic once legislation is passed.

Source: The Irish Times May 28, 2021 13:30 UTC