The Enterprise Ireland Seed and Venture Capital Programme 2014 Report published by Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, shows a continued upward trend in the level and value of activity by venture capital funds supported under Enterprise Ireland Seed and Venture Capital Programmes. In 2014, these Funds made 156 investments with an investment value of €62 million into 97 Irish-based companies. This level of investment represents an increase of €3m on the €59million invested into 94 Irish companies in 2013 under the schemes.
The overall capital under management through Enterprise Ireland’s Seed and Venture Capital Programme (2007-2012) has now reached over €700 million. Cumulatively over the lifetime of this scheme, 50% has been invested in the software sector and 35% in the life sciences sector, which closely reflects the sectors covered in Enterprise Irelands HPSU cohort.
A separate economic analysis shows that Irish companies in receipt of investment under this Programme employed over 2100 people in Ireland at the end of 2014. These companies recorded turnover of €257m of which €160m were exports.
Minister for Jobs, Enterprise and Innovation Richard Bruton TD said: “Venture capital funds provide critical funding, mentoring and access to networks to fast-growing companies and expanding established businesses. That is why we established the new €700 million Seed and Venture Capital Scheme 2013-2018, a significant achievement at a time of constrained budgets. This programme, part of our Action Plan for Jobs, will help support the next generation of Irish-based seed and venture funds.
Enterprise Ireland client companies delivered exports of €18.6billion and added over 19,000 jobs in 2014 and venture-backed companies contributed to these impressive results. The report we are publishing today shows that the seed and venture scheme supported by my Department through Enterprise Ireland continued to perform strongly in 2014. The value of investments in Irish companies increased by 5% to €62million, and the number of Irish companies increased to 97. If we can ensure that our seed and venture capital schemes continue to perform strongly over the coming years this will make a major contribution towards creating the jobs we need.”
The report is available for viewing and download here
