The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD announced that up to €65m is being made available for co-investment in seed funds, and issued an open competitive call to fund managers to signal their interest in establishing funds.
The funding has been provided by the Department of Jobs through Enterprise Ireland.
The €65m is the second competitive call under the Seed & Venture Capital Scheme (2013 – 2018). The launch of this call is a key action under the Action Plan for Jobs programme to support Irish start-ups and complements the other funding initiatives that have been established by Government. In 2014, Enterprise Ireland client companies created 19,705 new jobs. Start-ups that are supported now will underpin increased job creation in the future.
Enterprise Ireland is inviting expressions of interests from funds to meet the venture capital demand from high potential Irish start-ups. Funds that can demonstrate an ability to raise capital and support company growth are invited to make a submission under this call.
Enterprise Ireland is interested in funds that will invest in areas that reflect its key strategic sectors including; food, software, fintech, general ICT, services, cleantech and lifeSciences. Given the importance and challenges faced by companies spinning out from third level institutions, funds in this space are sought.
“A functioning and competitive venture capital market is essential to our companies if they are to start and scale successfully,” said Julie Sinnamon, CEO of Enterprise Ireland.
“The existing Seed Funds have been hugely effective in increasing the amount of funding available to our start-ups and have helped create a vibrant and dynamic portfolio of high growth companies. Through the existing seed funds, which are in receipt of considerable investment from the Irish banking sector, we have seen significant investment in high potential start-ups.
“The next generation of Seed Funds targeted for establishment under this initiative will create a new platform to support commercialisation of ideas, company establishment and most importantly job creation” Sinnamon added.
Further details are available at: www.enterprise-ireland.com/svcapital