Investor Spotlight: James Carroll
Name: James Carroll
Firm: Investor First
Companies run: FT Squared, Conlon & Co, Orbiscom, Tower Corporation
Investments to date: Various property investments (approx 40 overseas property deals with an aggregate value exceeding €600m)
Sweet spot: Digital media space and renewables / cleantech
When did you become an investor?
20 years ago. I invested in two small companies in Australia – one in industrial minerals and a chemicals company. I was the principle investor as they were companies we took over in corporate recovery deals. They are both still operating.
Tell us about your last one OR most exciting deal to date.
I’m also involved in a Trinity College Dublin spin-out called Miravex and a company called Decawave, which has raised €3.5m over the last year and a half and is on its way to raising another €10m.
What makes a great pitch?
I’m looking for a pitch that is investor ready – succinct, with clear objectives, milestones, and is well articulated. There are very few entrepreneurs that fully understand how to properly become “investor ready”. It also needs to be a very good idea with a sound management team on board.
What makes a nightmare pitch?
The opposite of the above, so it’s not clear what business they are in, what they want to be when they grow up and how they expect to make money.
% you expect to succeed?
We’re very boutique in our outlook. I’m always fascinated by those that say they don’t expect them all to succeed. It comes down to not doing your homework properly on the potential of the business to scale and succeed. I’m not saying every business succeeds, but I don’t take a portfolio approach. A bad deal for me would be not making money. Venture capitalists are generally passive investors. The ratio of management buy-outs that succeed is generally higher, but that’s closer to the private equity space.
Best tip for due diligence.
Treat everything with a healthy degree of malice and don’t trust the other bit. So, be wary and focus on the detail. Don’t assume anything. Audit trails are an execution of due diligence. I typically take a couple of weeks using my own team and the process can take about a month to complete.
Describe your perfect investment.
Everybody wants to find the mousetrap when coming up with an idea. I prefer to be in earlier and more active in influencing the business using my knowledge and track record. I’m also one of the few syndicators in Ireland and have done €600m of transactions. In terms of sectors, I’m looking at setting up a number of businesses, such as a mobile application company and deep technology IT companies. I’m also interested in corporate ventures, finding somebody with the technical knowhow and competence and helping them to bring in a team and to raise money.
Views on how we can increase the number of early stage deals in Ireland.
A lot of it is around investor readiness – too many companies don’t understand what that means.
Biggest misconception about investors?
That they know exactly what they want.
Name one thing the government should do for investment.
People don’t understand the system and how to make it more efficient. I think there should be separate facilitators and gatekeepers, which is where Enterprise Ireland sits at the moment. We also need to formalise the structure. There isn’t a comprehensive database of sources of funding in Ireland or the UK.
James Carroll is the managing director of Irish real estate investment firm Investor First and an angel investor.
Sir,
I wish to inform you of my desire/arrangements to relocate from Nigeria to Ireland to set-up a fully integrated LPG plant.
The plant will handle and receive LPG at its own Jetty facility, right down to the supply of consumer retail packs of LPG while conforming to the highest HSE standards.
The LPG plant is expected to capture all the value chain benefits from LPG storage facility right down to the final consumer dispenser business unit.
The LPG plant shall comprise of three different business units.
1) Mini Storage terminal (150 Tons Capacity)
2) Gas Cylinder Plant
3) Gas Distribution Unit
Consequently, I will like you to help me locate a venture capitalist to provide the funds needed beginning from pre-operative expenses required at out-set of the project to full implementation in Ireland.
The investment is a highly profitable business, and capital required to set-up the plant is 4,930,000 pounds.
More details shall be forwarded to you counting on your interest to work with me.
Please, advise for proceedings.
I await your prompt response for proceedings.
Best regards,
Engr. Chuks O. Udeh. (MD)
Regulus Ventures Int'l Co.
13B Omuchi Farm Road , Omuchi, Igwuruta,
Off Int'l Airport Road , Rivers State , Nigeria .
Phone: +2348035850393
AND
No.6 Nise Street , Off 84 Omuma Road ,
Aba , Abia State , Nigeria
Sir,
I wish to inform you of my desire/arrangements to relocate from Nigeria to Ireland to set-up a fully integrated LPG plant.
The plant will handle and receive LPG at its own Jetty facility, right down to the supply of consumer retail packs of LPG while conforming to the highest HSE standards.
The LPG plant is expected to capture all the value chain benefits from LPG storage facility right down to the final consumer dispenser business unit.
The LPG plant shall comprise of three different business units.
1) Mini Storage terminal (150 Tons Capacity)
2) Gas Cylinder Plant
3) Gas Distribution Unit
Consequently, I will like you to help me locate a venture capitalist to provide the funds needed beginning from pre-operative expenses required at out-set of the project to full implementation in Ireland.
The investment is a highly profitable business, and capital required to set-up the plant is 4,930,000 pounds.
More details shall be forwarded to you counting on your interest to work with me.
Please, advise for proceedings.
I await your prompt response for proceedings.
Best regards,
Engr. Chuks O. Udeh. (MD)
Regulus Ventures Int'l Co.
13B Omuchi Farm Road , Omuchi, Igwuruta,
Off Int'l Airport Road , Rivers State , Nigeria .
Phone: +2348035850393
AND
No.6 Nise Street , Off 84 Omuma Road ,
Aba , Abia State , Nigeria
Sir,
I wish to inform you of my desire/arrangements to relocate from Nigeria to Ireland to set-up a fully integrated LPG plant.
The plant will handle and receive LPG at its own Jetty facility, right down to the supply of consumer retail packs of LPG while conforming to the highest HSE standards.
The LPG plant is expected to capture all the value chain benefits from LPG storage facility right down to the final consumer dispenser business unit.
The LPG plant shall comprise of three different business units.
1) Mini Storage terminal (150 Tons Capacity)
2) Gas Cylinder Plant
3) Gas Distribution Unit
Consequently, I will like you to help me locate a venture capitalist to provide the funds needed beginning from pre-operative expenses required at out-set of the project to full implementation in Ireland.
The investment is a highly profitable business, and capital required to set-up the plant is 4,930,000 pounds.
More details shall be forwarded to you counting on your interest to work with me.
Please, advise for proceedings.
I await your prompt response for proceedings.
Best regards,
Engr. Chuks O. Udeh. (MD)
Regulus Ventures Int'l Co.
13B Omuchi Farm Road , Omuchi, Igwuruta,
Off Int'l Airport Road , Rivers State , Nigeria .
Phone: +2348035850393
AND
No.6 Nise Street , Off 84 Omuma Road ,
Aba , Abia State , Nigeria