Thursday 29 September 2016

€65m of seed capital funding made available in Government scheme

Published 18/06/2015 | 08:10

Julie Sinnamon CEO of Enterprise Ireland at their HQ at East Point Business Park. Pic. Steve Humphreys
Julie Sinnamon CEO of Enterprise Ireland at their HQ at East Point Business Park. Pic. Steve Humphreys

Up to €65m is being made available for co-investment in seed funds under a Government scheme.

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The €65m is the second competitive call under the Seed & Venture Capital scheme which initially made €175m available.

To date, close to €99.5m of the total funds under the scheme have been committed.

Under the second call of the new Scheme, Enterprise Ireland is seeking to invest up to €65m in commercially focused Seed Capital funds.

Making the announcement Minister Jobs Minister Richard Bruton said: “Two thirds of all new jobs in the Irish economy are created by start-ups in their first five years of existence – that is why we have developed a range of new supports for entrepreneurs and start-ups as part of our jobs plan.”

 Enterprise Ireland CEO Julie Sinnamon added:  ‘A functioning and competitive venture capital market is essential to our companies if they are to start and scale successfully.

“The existing Seed Funds have been hugely effective in increasing the amount of funding available to our start-ups and have helped create a vibrant and dynamic portfolio of high growth companies.”

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