
Faye Walsh Drouillard creates impact fund in Ireland
Faye Walsh Drouillard creates impact fund in Ireland
- Faye Walsh Drouillard launched WakeUp Capital in response to a lack of suitable impact-focused venture funds in Ireland.
- The fund emphasizes accountability and a mission-first approach, focusing on areas like climate and health.
- WakeUp Capital aims to attract diverse capital while addressing the unique challenges female leaders face in venture capital.
Story
In Ireland, Faye Walsh Drouillard identified a gap in the venture capital market for an impact-focused fund that aligned with her vision. Originally from Washington DC, she has lived in Europe for over two decades, including 12 years in Ireland. This journey began in 2019 when Walsh Drouillard showed her interest in climate tech opportunities as an angel investor, leading her to meet Mark Peters, who became her co-founder. Together, they launched WakeUp Capital to fill the existing void. Facing the challenges of being a female general partner in a male-dominated industry, Walsh Drouillard noted the difficulties in demonstrating a track record to potential limited partners (LPs). She acknowledged the lack of female general partners in her niche, which made pitching her fund more complex. Despite this, they reached their first close in 2024, with aspirations to finalize funding by Q2 of 2026. The fund has already secured eight companies in its portfolio, including two from Ireland, and anticipates three more Irish deals shortly. WakeUp Capital stands out by integrating the commercial rigor typical of traditional venture capital with a mission-driven approach focused on climate, health, and inclusive technology. Walsh Drouillard emphasized that no deal could be approved without a recommendation from their Impact Advisory Committee, which adds thoroughness to their evaluations. This conscientious approach has impressed many participants in the process and has positioned the fund as a credible player in the environmental and social governance space. Despite successfully attracting investments from institutions such as the Irish Strategic Investment Fund and the European Investment Fund, Walsh Drouillard highlighted the challenges in engaging larger institutional LPs, who prioritize established histories and returns. Meanwhile, family offices and high-net-worth individuals, as well as an emerging interest from US investors seeking opportunities in Europe, seem more open to her vision. Yet, she encountered gaps in expertise necessary to assess technically complex investments in climate resilience thoroughly. Looking forward, she aims to launch a second fund in the coming years, believing that a fruitful relationship between Europe and the US is still possible, even amid current tensions.