DUBLIN, Ireland: In a bid to support start-ups, the Irish Government has created a fund to provide $102.1 million to support new businesses.
Called the Irish Innovation Seed Fund, it will provide assistance to businesses that have had difficulty attracting early-stage investment, including climate change and sustainability businesses, digitalization and technology, finance technology, food and agritech, healthcare and pharma, life sciences, and women-led enterprises.
By providing funding, it is hoped that it will also attract both new fund managers and new private investors to provide further private equity investment into the country.
The Irish Innovation Seed Fund will be led by Enterprise Ireland, a Government organization focused on the development and growth of Irish enterprises in world markets.
The European Investment Fund has been chosen to be the fund manager. The company specializes in providing risk finance to benefit small- and medium-sized enterprises throughout Europe.
The Government’s Department of Enterprise, Trade, and Employment will also provide $34 million to the fund.
"Ireland’s knowledge economy is producing a vibrant new generation of startups with great business ideas, but who need the right type of capital to grow and achieve global success. This new investment program will match top-tier managers of seed capital with high-potential seed-stage companies and founders who have the ideas, ambition and know-how to become world beaters," said Kieran Bristow, Deputy Director of Irish Innovation Seed Fund, as quoted by The Chemical Engineer.