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U2 band members spend money on an Irish expertise fund to lift $ 112 million

Irish rock band U2's Adam Clayton, Bono, the Edge and Larry Mullen Jr. arrive at Mumbai International Airport on December 12, 2019 for the "Joshua Tree Tour" in Mumbai, India.

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David Howell Evans, known as "The Edge", and Adam Clayton from the rock band U2 support a new technology fund in Ireland that aims to raise $ 100 million ($ 112 million).

A spokesman for Dublin-based VentureWave Capital, the investment company behind the fund, confirmed that lead guitarist "the Edge" and bassist Clayton were both investors.

The fund "Impact Ireland" received between 20 and 30 million euros in the first round of donations, launched in September 2019 and completed in May 2020. The second round of donations is underway.

It will invest in Irish companies that produce global "technology forever". In particular, cloud-based technology companies in sectors such as education, healthcare, nutrition and agriculture as well as energy and the environment are addressed.

Impact Ireland will invest in up to 15 "high growth and scalable Irish companies" and invest between 1 and 25 million euros in each of these companies.

The fund will be a combination of private equity and venture capital investments.

According to the Pitchbook, venture capital investments are subsets of the private market, but tend to invest in start-ups and other young companies with a focus on technology through a minority stake.

In the meantime, private equity often funds more mature companies in traditional industries to typically take over the majority of those companies.

VentureWave Capital said the fund is the first Irish signer of the World Bank's International Finance Corporation's Operating Principles for Impact Measurement, which measures the social benefits of the investment.

Impact Ireland will also invest in "for-profit" companies to further the United Nations' sustainable development goals.

Former Irish Head of State or Government Enda Kenny chairs the Fund's global advisory board.

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