This is VentureWave Capital's first collaboration with Bank of America. The initiative will focus on supporting technology-for-good companies in Ireland in the areas of food and agriculture technology, energy and environment, education, health care and sustainable finance, with the aim of delivering sustainability and social benefits as well as financial returns.
The new initiative will complement VentureWave Capital's existing impact investing strategy. Impact investing has grown rapidly in recent years, reaching an estimated $1.1 trillion under management. The growth of the Impact Ireland funds’ companies will be driven from Ireland, one of the most successful economies in the world for scaling technology enterprises.
Paul Donofrio, vice chair of Bank of America and chair of Bank of America’s European banking entity, Bank of America Europe Designated Activity Company, will join Impact Ireland's Global Advisory Council which is chaired by former Taoiseach (Prime Minister of Ireland) Enda Kenny. Its objective is to promote the philosophy and practice of impact investing and advance the case for Ireland as a global center for this transformative form of deploying capital for social and environmental good.
Commenting, Paul Donofrio, noted: “Consistent with our approach toward Responsible Growth, we are committed to partnering with clients to support their transition to a more sustainable and lower carbon future. VentureWave Capital’s Impact Ireland USA fund is well positioned to provide funding to companies accelerating that transition, and the adoption of clean, impactful and innovative technology.”
Commenting, Kieran McLoughlin, Co-Founder and Managing Partner at VentureWave Capital said: "We are delighted that Paul Donofrio has agreed to join our Global Advisory Council, bringing a new level of richness and reach to our work. We are immensely grateful to Bank of America for their belief in our strategy and for all we will do in partnership together."