Entrepreneurs pull plug on €25m start-up fund

Pat Phelan and Illann Power couldn't find an Irish start-up worth investing in

4th June, 2017
Pat Phelan: the founder of Trustev feels ‘let down’ by Ireland’s start-up sector Picture: Clare Keogh

A €25 million fund set up last year by entrepreneurs Pat Phelan and Illann Power is being wound down after failing to find a suitable Irish start-up worth investing in.

The two serial entrepreneurs received 1,016 enquiries from Irish start-ups over the last 12 months, but felt almost none were capable of scaling to a global level. They said that, having staked their reputation on Ireland’s “start-up sector”, they were both “feeling let down”....

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