€44m co-investment funding created by Enterprise Ireland

31 Mar 2017

Image: Khongtham/Shutterstock

Enterprise Ireland is on the hunt for funding to match the €44m created by the Government to support Irish HPSUs.

Enterprise Ireland has launched its third competitive call for start-up funding as part of a five-year programme, with €44m put forward to get the ball rolling.

Targeting food, software, fintech, ICT, services, cleantech and life sciences, it aims to support key areas of potential.

Enterprise Ireland is inviting expressions of interest from funds to meet the VC demand from High-Potential Start-Ups (HPSUs), aiming to supplement the 19,244 jobs created by its client companies last year.

To date, €131m of the total €175m committed under the Seed and Venture Capital Scheme (2013-18) has been secured, with several funds having already successfully reached their targets.

Making the announcement, Jobs Minister Mary Mitchell O’Connor, TD, said that early-stage growth is key to job creation, given the potential for dramatic growth in business and services.

“Today’s announcement of a further €44m in funding from Enterprise Ireland, to be leveraged by additional private sector funding, will assist with the development of the next generation of high-potential companies emerging from Ireland, and complement all policies of investment in jobs by this Government,” she said.

Julie Sinnamon, CEO of Enterprise Ireland, said the general funding programme has been a resounding success to date, with private funds raising more than three-and-a-half times that of what her organisation put forward in the Seed and Venture Capital Scheme.

“These businesses will contribute significantly to the Irish economy through the creation of high-value, sustainable jobs and global export growth,” she said.

Gordon Hunt was a journalist with Silicon Republic