Iona Star LP (the ‘Fund’) is targeting a final close in the fourth quarter of 2024.
Industry experts across technology and data manage the Fund.
The Fund is seeded by the management team with initial investors, including the leading retailer Frasers Group plc. and the investment company Castelnau Group committing £10 million each.
The management team has experience accelerating businesses and ideas, helping commercialise technology, and driving revenue growth. Through the successful deployment of their first fund, the Iona Star team has demonstrated their ability to identify businesses which are capable of high growth. Notable exits include Quantile to the London Stock Exchange Group and RxDataScience to US biopharma company Syneos Health.
The portfolio gets access to a network of Industry-Leading Technology and Data Companies.
Iona Star LP, the operator-managed venture capital fund dedicated to accelerating technology innovation with artificial intelligence and data, is pleased to announce the successful first close of its Fund. The team of Gerry Buggy, Mike Powell, Graham Ferguson, and Kevin McGivern have significant experience as leaders across businesses as founders, C-suite and senior executives that come with a hands-on background in building, scaling, and managing companies that will bring substantial expertise to the benefit of the Fund’s portfolio companies.
This initial milestone has secured significant commitments from industry leaders, setting a robust foundation for investments that will be made globally. The Fund has received financial backing from Castelnau Group, a leading investment company, and the innovative retailer Frasers Group. Investors will also provide important strategic insights and data to enhance the Fund's overall potential "The Fund is committed to discovering and nurturing the next wave of data innovators," said Gerry Buggy, Co-founder. “We believe that our experience as operators, combined with a strategic network across data and technology, provides the fuel to accelerate our portfolio companies. This is the first close due to the strong pipeline of opportunities we finally see with defensive and competitive AI moats, particularly around proprietary datasets. We are now actively seeking to close out the Fund with partners who are excited about shaping the future of technology with us.”
Data and AI are fundamental to our strategy, unlocking new ways for us to operate more efficiently, while elevating the shopping experience for our customers." said Michael Murray, CEO of Frasers Group. "Our partnership with Iona Star LP will allow us to work with some of the best minds in this space to enhance our AI capabilities and accelerate the delivery of our growth ambitions"
“Castelnau Group is excited to support Iona Star LP and the opportunities the team bring to the Group,” said Castelnau Group CEO, Richard Brown. “Iona Star LP is intending to invest in a fast-moving segment of the market, with a management team that brings a successful and proven track record, and we are eager to see the benefits that Iona Star’s investments will bring to Castelnau’s wider investment portfolio - in particular the ability to enhance Castelnau Group’s technological offering and data.”
The Fund's investors benefit from the unique opportunity to engage with pioneering companies and technologies backed by the expertise and networks of the initial seed investors. Iona Star LP aims to leverage its deep industry knowledge, connections and expertise alongside providing capital and strategic guidance to companies.
Important Notice: The information contained in this press release is for informational purposes only and does not constitute an offer or solicitation to buy or sell any financial instruments or investment services. This release is directed only at persons who are ''investment professionals'' within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.), or other persons to whom it may lawfully be communicated (all such persons together being referred to as ''relevant persons'').
This communication is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation. The investment products and services referred to in this press release are only available to relevant persons, and any person who is not a relevant person should not act or rely on this communication or any of its contents.
For full terms and conditions, please refer to the fund's offering documents, which are available to eligible investors upon request.
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