€175m Seed and Venture Scheme is revealed for local firms
The Government has launched a scheme that will see €175m in seed and venture capital funding made available for Irish companies, which have the potential to grow jobs and generate large amounts of export sales.
Minister for Jobs, Enterprise and Innovation Richard Bruton wants to increase the fund to €700m by targeting extra funds from the private sector.
The Seed and Venture Capital Scheme, promised under the Government’s action plan for jobs, is aimed at providing additional funding for high-growth Irish companies with the potential to generate large amounts of additional export sales and grow jobs.
Under the scheme, the Government will put up €175m and seek an extra €525m in private funds for investment in Irish companies between now and 2018.
Advertisements will appear in newspapers from this weekend seeking expressions of interest from venture capital funds. The scheme will see Enterprise Ireland make funding available for investment in private seed and venture capital funds.
Unveiling the initiative at the Dublin offices of digital firm Swrve, Mr Bruton said;
“While the multinational sector is and will remain crucial to our industrial strategy, I am determined to ensure that we also support the creation of a powerful engine of Irish enterprise that can sustain and create the levels of employment we need.”
“A key part of the Government’s plans to support Irish businesses is to provide access to credit for a range of different types of businesses, from micro-enterprises employing fewer than 10 people up to mid-sized and large engineering companies in need of development capital”
Richard Bruton, Minister for Jobs, Enterprise and Innovation
The department expects that the average initial investment in a company to be in the order of €2m.
Enterprise Ireland chief executive Frank Ryan said the venture capital sector played a vital role in supporting and increasing employment in innovative businesses.
“The world of Venture Capital investing is changing and we are particularly interested in receiving expressions of interest that reflect current thinking in the market”
“Proposals are sought that will deliver ‘smart capital’ to investees as the provision of advice, support, and access to networks in addition to any capital invested is vital to the development of our companies to ensure that they can continue to grow and create jobs in Ireland”
Frank Ryan, CEO Enterprise Ireland
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