Frontline closes FrontlineX fund on $80m

The fund is dedicated to assisting US-based growth-stage companies expand into Europe.

With offices in London, Dublin and San Francisco, FrontlineX will be led by partners Stephen McIntyre and recently hired Brennan O’Donnell.

The fund will focus on assisting companies with timing, hiring, marketing and pricing, alongside office location and organisational design for the companies they work with.

The firm also operates two seed funds: Frontline Ventures Fund II, which closed on €60m in February 2017, and Frontline Ventures Fund I, which closed on €50m in December 2013.

Investors
A spokesperson for the firm said of the fundraising process:"We already have strong connections with the US and many of our investments had follow-on investment from US-based VCs that are in our network. This new fund is utilising that network, domain knowledge and platform to advise and assist US companies in deriving up to 30% of revenue from successfully entering the European market."

Frontline predecessor funds have attracted capital from a variety of LPs such as sovereign wealth funds, pension funds and banks.

Frontline Ventures Fund I’s LPs included Allied Irish Banks, pension fund AN Post Superannuation Scheme and Enterprise Ireland.

In addition to Allied Irish Banks and Enterprise Ireland, Frontline Ventures Fund II also saw investment from the European Investment Fund and the Ireland Strategic Investment Fund.

Investments
FrontlineX will invest up to $5m alongside lead investors in series-B, -C or -D rounds for US-based, growth-stage, B2B, software-as-a-service companies that are planning to go public.

The fund has already made investment in TripActions’ series-B, People.AI’s $100m series-C and Clearbanc’s $50m series-B.

People
Frontline Ventures - Stephen McIntyre; Brennan O’Donnell (partners).

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