Elkstone Venture Monthly Bulletin

Venture October 2019

Conor’s Snapshot

We finished summer with the launch of a third deal, Output Sports. This deal was quickly fully subscribed and is a strong endorsement of the commercial prospects of startups born out of leading Irish universities. Other positive news included The Meatless Farm Co. receiving a seven-figure investment-for-advertising deal from UK broadcaster Channel 4. We also have an exciting pipeline of opportunities at the moment as we anticipate a busy finish to the year, with announcements to come in due course.

Conor Sweeney is a Venture Partner at Elkstone.


Venture Team Growth

Elkstone’s Venture team was further strengthened in September with the addition of Vlad Evseev as a Venture Analyst. Vlad graduated from University College Dublin with a BComm International (Spanish) degree and previously worked at Elkstone portfolio company LetsGetChecked. Vlad joins Declan Magee, Paddy Dillon, Gill Keogh, Alan Merriman, Conor Sweeney and Tomás Jones on the Venture team.

Pictured: Vlad Evseev

Nurturing entrepreneurship at university level

Elkstone is delighted to partner with Trinity Entrepreneurial Society (TES). The society fosters innovation in Trinity College and aids students on all stages of their entrepreneurial journey through an array of programmes and events. The TES Incubator unit provides students with a practical platform to pitch their business ideas and members of the Elkstone Venture team are looking forward to supporting them on their entrepreneurial journey.

Pictured are members of the Elkstone Venture team: Vlad Evseev, Paddy Dillon and Declan Magee, with TES Committee members including President Kate Fullen.

Output Sports Deal Now Closed

Output Sports is now closed to further commitments from the Elkstone Venture Club. The seed round was oversubscribed and will close shortly subject to the completion of legal documentation. Output Sports is a sports wearables and performance analytics company focusing on the off-field testing and tracking of professional and sub-elite athletes that was founded by Dr Martin O’Reilly, Dr Darragh Whelan and Julian Eberle.


Gudog Co-founder and COO James McElroy was interviewed recently on BBC Business News about the company’s merger of Gudog and HouseMyDog and its growth across the European market. You can watch the interview here. Gudog recently announced the hiring of Sara Martin as Head of partnerships. Sara joins from Deliveroo, where she was Global Head of Rider Partnerships.

The Meatless Farm Co, recently announced a seven-figure investment-for-advertising deal with Channel 4. The TV broadcaster will take equity in exchange for commercial airtime across its main Channel 4 network and its All 4 streaming service. Watch Meatless’ new advertising campaign here.

Meatless founder Morten Toft Bech, who presented at the Elkstone Venture Showcase in May, was also recently interviewed on BBC Business News, which you can watch here.

Output Sports Co-founder and CEO Dr Martin O’Reilly recently won the Best Business Idea Award at the national final of the 2019 Ireland’s Best Young Entrepreneur (IBYE) competition for Output Sports. The prize was a further €15,000 investment for the business.

Upon his win, Martin said, “I am thrilled to have won the Best Business Idea Award at the final of the 2019 Ireland’s Best Young Entrepreneur competition, representing Dún Laoghaire-Rathdown. It is testament to the hard work and dedication of my fellow co-founders, Darragh, Julian and Brian, as we work together to translate our research outputs into what we plan to be a successful company with global reach. It is a very exciting time for Output Sports with our tech being trialled around the globe as we prepare to launch our first product, ‘Output Capture’ in the near future.”

Pictured L-R: Heather Humphreys TD, Minister for Business, Enterprise, and Innovation, and Output Sports Co-founder and CEO Dr Martin O’Reilly.

HealthBeacon officially announced two new strategic investors joined its recent $12m Series A financing round to help it expand into the Asian and US markets. These new international strategic partners are Singapore’s SGInnovate and US firm Manatt.

Co-founder and CEO of HealthBeacon, Jim Joyce, said: “We are delighted to have SGInnovate and Manatt on board as investors and strategic partners [that] will assist us significantly as we bring our medical adherence technology to patients in the Asian and USA markets.”

Pictured L-R: Kieran Daly, Co-Founder of HealthBeacon and Lisa Suennen, Leader of Manatt.


Congratulations to Elkstone portfolio companies Manna, Output Sports and HidraMed Solutions on being featured in the Sunday Business Post’s ‘100 Hot Start-Ups’ list in Ireland for 2019. Change Donations, a non-club investment, also featured on the list.

Venture Article

This month’s article is from Founders Fund partner and member of the ‘PayPal Mafia’ Keith Rabois, who discusses VC investing and “Finding Genius”. Read the full article here.