Monday 23 October 2017

Silicon Valley Bank to lend $100m to technology firms

Independent.ie reporters

SILICON Valley Bank is to lend $100m (€79m) to Irish technology firms through a new partnership with the National Pension Reserve Fund.

The bank, which opened a branch in London last week, will target technology, life sciences, clean technology and venture capital business over the next five years.

The bank will also establish a local representative here to work with the companies the bank invests in.

Details of the deal between the bank and the NPRF were not disclosed.

In a separate move, the NPRF has also said it will invest in technology funds managed by SVB Capital.

“Building on the momentum we've seen in the UK with our recently opened UK branch and our aspirations to support our innovative clients around the world, we are really looking forward to bringing our knowledge and global network to entrepreneurs in Ireland," said Greg Becker, president and chief executive of Silicon Valley Bank.

“We'd like to thank the Irish government and particularly the NPRF for their proactive approach and support of our efforts to enter the market."

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