Polaris To Open Dogpatch in Dublin, Nabs Funding From Irish National Pensions Reserve Fund
Polaris Venture Partners is opening up a Dogpatch Labs incubator in Dublin, Ireland, the first international location for its network of startup workspace communities, according to an announcement last week by Ireland’s National Pensions Reserve Fund (NPRF). The organization also revealed that it had invested $50 million in Waltham, MA-based Polaris through its Innovation Fund Ireland, a government initiative looking to attract top international venture investors to the country.
Polaris currently runs Dogpatch Labs in Cambridge, MA, San Francisco, and New York City, with between 30 to 50 entrepreneurs in each space. Beyond offering workspace, the firm says it provides mentorship and fosters connections for the startups it houses. “We are excited to be taking that model to Ireland, which has already attracted the likes of Google, Facebook and LinkedIn, and are hopeful that, in partnership with Innovation Fund Ireland, Dogpatch Dublin will emerge as a key hub for entrepreneurs across Europe,” Polaris co-founder and general partner Terry McGuire said in the announcement.
Polaris is paying more attention to Ireland and Europe for potential investments and activity in technology entrepreneurship, according to the announcement. It’s working with Industrial Development Agency Ireland, an organization focused on developing foreign investments in the country, to scout out ways to bring companies in its network to Ireland. Polaris told the Wall Street Journal the funding it attracted wasn’t connected to its decision to open up Dogpatch in Ireland, as the NPRF commitment was secured before the new Dogpatch was announced.
We haven’t gotten comments back yet from several Polaris partners we tried to contact about what the moves in Ireland mean for the firm, but we’ll be sure to update this space if they lend any insights on the news.