Adam Clayton, Bono, the Edge and Larry Mullen Jr. of Irish rock band U2, arriving at Mumbai global airport for the “Joshua Tree Tour” on December 12, 2019 in Mumbai, India.

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David Howell Evans, known as the “the Edge” and Adam Clayton, from the rock band U2, are backing a brand spanking new generation fund in Ireland, which is aiming to spice up 100 million euros ($112 million). 

A spokesman for Dublin-based VentureWave Capital, the investment corporate behind the fund, confirmed lead guitarist “the Edge” and bassist Clayton were every investors.

The fund, “Impact Ireland,” won between more or less 20 million euros and 30 million euros inside the first round of fundraising, which offered in September 2019 and closed in May 2020. The second round of fundraising is now underway. 

It will invest in corporations from Ireland producing world “technology for good.” More specifically, it is going to function cloud-based generation corporations in sectors related to coaching, healthcare, foods and agriculture along with energy and the environment. 

Impact Ireland will invest in up to 15 “high-growth potential and scaling Irish companies,” putting between 1 million euros and 25 million euros into each of those corporations. 

The fund can be a mix of non-public equity and problem capital investments. 

According to Pitchbook, while every are subsets of the private market, problem capital tends to invest in startups and other more youthful tech-focused corporations by means of a minority stake. 

Meanwhile, non-public equity incessantly price range additional mature corporations in standard industries, in most cases to take a majority stake within the ones corporations. 

VentureWave Capital said the fund is the main Irish signatory of the World Bank’s International Finance Corporation’s “Operating Principles for Impact Measurement,” which gauges the social good thing about the investments. 

Impact Ireland might also invest in “profit-driven” corporations advancing the United Nation’s Sustainable Development Goals. 

Former Irish leader Enda Kenny is chair of the fund’s world advisory council.

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