In a bid to attract top investors to Ireland, the Government has launched a €500m fund to support enterprise and create jobs.
The Innovation Fund Ireland will generate high-quality jobs in the “smart” economy, according to the Government.
The main intention of the fund is to attract global venture capital firms and experienced investment managers to Ireland to invest in small and medium-sized firms and open doors to new international contacts.
The fund is managed by Enterprise Ireland and the National Pensions Reserve Fund. International investors have been told they have until 26 November to signal their interest in establishing a presence in Ireland.
The Minister for Enterprise, Trade and Innovation Batt O’Keeffe, has said he expects the announcement of the fund to attract strong interest from the international investment community.
“The Innovation Fund Ireland will attract leading international venture capital firms and experienced investment managers to Ireland where they will invest in innovation-intensive small and medium-sized firms and open doors to powerful networks of contacts and decision-makers,” said O’Keeffe.
“Venture capital is relatively underdeveloped in Ireland so this is our opportunity to leverage the power of the global investor community and create high-quality Irish jobs in the process.”