Irish

Thursday 31 July 2014

NDRC-backed digital ventures achieve €40m follow-on investment

Louise Kelly

Published 17/07/2014|09:33

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Alex White
Alex White

Start-up digital firms backed by the National Digital Research Centre (NDRC) have “experienced massive growth” in the last year.

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In an annual report released by the NDRC, the impressive performance of these emerging companies can be seen in the related growth of follow-on investment growth and market capital.

Job creation has also been successful with the 150pc increase in investment to €40m and trebling of market capital value to €120m.

Minister for Communications, Energy & Natural Resources, Alex White, welcomed that companies in NDRC’s portfolio had created 311 full-time jobs and 121 part-time jobs in Ireland’s digital economy by the end of last year. “Building indigenous technology companies is vital to Ireland’s continued recovery and, as pointed out in the Action Plan for Jobs, we need to translate research outputs into economic impacts.”

“As its annual report shows, NDRC can make a key contribution to achieving this. The value of the Government’s investment in digital entrepreneurship and innovation is clearly demonstrated by the fact that NDRC-backed ventures have directly created more than 300 full time and over 120 part-time jobs in Ireland’s digital economy.”

“With NDRC also making its first financial return on one of the ventures it helped to set up, I am delighted to support the ongoing investment by the Government in the organisation,” he said.

NDRC was recently ranked in the top 2.5pc of university business incubators worldwide in the Global Benchmark Report 2014 by the UBI Index.

CEO Ben Hurley said: “Our vision is to become an international leader in early stage investment and technology based innovation.”

“NDRC has achieved a huge amount in our short history and by analysing the key performance indicators of job creation, market capital and follow-on investment, it is clear that the organisation is continuing to help develop Ireland’s technology base.

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