Elkstone Venture Monthly Bulletin

Venture August 2019

Tomás’s Snapshot

Despite summer traditionally being a quieter time for deals, we have offered two deals to the Club in recent weeks. Hidramed Solutions has now closed, however Gudog is still open for investment. We continue to have an active pipeline of projects and will be in touch once they progress further.

Tomás Jones is a Venture Partner at Elkstone.

Venture Team Growth

To support the growth and development of our Venture interests, we are delighted to announce that over recent months we have bolstered our dedicated Venture team with the addition of two Venture Partners – Conor Sweeney and Tomás Jones.  Both have many years’ experience working and investing in early stage companies and we believe this is an important milestone in the development of our Venture platform.  Conor and Tomás join Declan Magee, Paddy Dillon, Gill Keogh and Alan Merriman on the Venture team.

Pictured L-R: Elkstone Venture Partners – Declan Magee; Conor Sweeney; Tomás Jones

Supporting Entrepreneurship at Grassroots Level with Trinity LaunchBox


Elkstone has continued its support of LaunchBox, the student start-up accelerator from Trinity College Dublin, by providing one-on-one meetings with all 12 of the startup teams to help them hone their business idea and practice their pitching. In September the teams will each pitch to investors with a chance to win a cash prize. Following our involvement last year, we invested in social enterprise Change Donations, which enables donors to donate their spare change to the causes that they care about most. The following Silicon Republic article provides more detail about this accelerator programme read more.

Pictured to the left are Paddy Dillon and Declan Magee of the Elkstone Venture team with some Trinity LaunchBox participants.


Gudog was formed as the merger between Ireland’s HouseMyDog and Spain’s Gudog in March 2019 and now operates across eight countries including Ireland, the UK, Spain, France and Germany. Gudog achieved consolidated GMV of €1.6m in 2018 and forecasts gross merchandise volume (GMV) of €2.5m in 2019. The company earns 25% commission on bookings through a 10% revenue share with sitters and a 15% charge to customers, resulting in a forecasts of over €500k in net revenue this year. Since founding in 2016, over 40,000 dog owners have booked a dog sitter through the platform. If you wish to discuss further please feel free to contact any member of the Venture team.

The Meatless Farm Co, an Elkstone supported company, is a plant based producer of healthy meat alternatives, and has launched two of its products – Meat Free Mince and Meat Free Burgers into Dunnes Stores in Ireland. This is the first retail listing for the company in Ireland, and follows its successful launch into Sainsburys, Morrisons and Co-op supermarket chains in the UK.

Healthbeacon published research work it had undertaken in July in partnership with The MAGIC Foundation (the world’s leading advocacy and information group for human growth disorders) examining how significant adherence (or lack thereof) was by patients on medication for growth hormones.

HAN etf has announced that it has partnered with Barclays Capital for its range of white label ETFs.


Solvotrin Therapeutics has appointed Peter Caldini as their new Chairperson. Currently based in the USA, Caldini brings significant global healthcare experience working with two of the world’s leading pharmaceutical companies Pfizer and Bayer. His extensive leadership roles across Europe, EMEA and most recently as Regional President of North America managing a business with over $2 Billion in annual revenue, is welcomed by Solvotrin Therapeutics who are focused on continued global expansion.

Solvotrin Team Pictured L-R: Ronan McClaffery, Global Commercial Director, Peter Caldini Chairman, Pat O’Flynn CEO and George Walsh CFO

Elkstone is delighted to partner with Idea2Scale which has a mission to foster entrepreneurship education, experience-based learning and mentorship to startups around the world. They host a series of meet-ups in Dublin city centre providing an opportunity for people with a business idea to listen to entrepreneurs who have built a business.

Some of the Elkstone team took part in Techies4TempleStreet with over 1,600 members of the Irish tech and business communities. This unique treasure trail through Dublin city centre raises significant funds in aid of sick children across Ireland each year.

Pictured to the left are the Elkstone team L-R: Paddy Dillon; Paul Gorman; Gill Keogh; Cian Walsh; Suzie Connor; Yura Kovalchuk; Chunpeng Fan

Venture Article

This month’s article from the publication Wired, highlights that the pace of drone regulation licensing is beginning to accelerate in countries across the globe. Read the full article here.