The National Pensions Reserve Fund (NPRF) will invest $50m in Polaris Venture Partners through Innovation Fund Ireland.
Polaris, a US venture capital firm, will be increasing its focus on Ireland and Europe. It will be working with the IDA to identify opportunities within its network to bring fast-growing venture-backed companies to Ireland.
The venture capital firm will also open its first Dogpatch Labs facility outside the US in Dublin to support Innovation Fund Ireland.
Dogpatch Labs usually houses 30 to 50 entrepreneurs working on new tech and life science businesses at early stages of development.
The Labs usually have a fresh intake of entrepreneurs and start-ups every six months and the firm expects to have a similar process when it attracts entrepreneurs across Europe to Dublin.
“Dogpatch Labs has been highly successful in establishing hubs of entrepreneurial activity in the US,” said Terry McGuire, managing partner of Polaris.
“We are excited to be taking that model to Ireland, which has already attracted the likes of Google, Facebook and LinkedIn, and are hopeful that, in partnership with Innovation Fund Ireland, Dogpatch Dublin will emerge as a key hub for entrepreneurs across Europe,” he said.
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