Dublin and London-based firm, also known as ABVen, raised the money during the first round of investment for Atlantic Bridge II and will use the funding to target Irish and European mid-market technology companies.

It will invest primarily in late-stage venture capital, growth equity, expansion capital and small to mid-sized buy-outs.

Institutional investors including the European Investment Fund, the National Pensions Reserve Fund, Enterprise Ireland, as well as a number of private companies, have backed Atlantic Bridge II.

ABVen launched the second venture after reporting success with its first fund in 2005.

Firm partner Brian Long says: ‘We are among the few European technology funds that have achieved a first close in the last 18 months, in a very challenging financing environment.’

‘We see a lot of attractive investment opportunities from multiple sources in Ireland and Europe, many of which fit with our investment thesis and are available at historically attractive valuation levels.’

The fund’s managers anticipate making typical investments of between €5 million and €20 million in middle market technology companies and expect to continue to co-invest with its institutional backers.

ABVen currently manages in excess of €250 million in assets.