€56m pumped into Irish start ups

Richard Bruton

Sarah McCabe

Funds supported by Enterprise Ireland ploughed €56m into 84 high-growth Irish start-up companies last year, a quarter more than the year before.

The investments were made under Enterprise Ireland seed and venture capital programmes, whose 2012 report launched today.

The organisation said there has been a continuing increase in venture capital funding being made available to meet the urgent need for capital over the past 19 months.

It has invested about €320m to 40 seed and venture capital funds over the past 19 years. Combined with industry finance, these funds have a total size of €1.2bn.

“Today’s report shows that, with the right supports from Government, the seed and venture capital industry in Ireland continues to grow, supporting more dynamic Irish companies with the potential to grow quickly, build exports, and create the jobs we need” said Jobs Minister Richard Bruton at the launch.

“Advances in access to seed and venture funding coupled with a strong support environment go a long way to making Ireland a very attractive base to start and grow a business” said Enterprise Ireland executive director Julie Sinnamon. “Our priority in Enterprise Ireland is to get more high potential start ups and expanding companies to innovate, grow their business, increase exports and create jobs.  2012 saw a strong performance by Irish companies.  A dynamic and commercially driven venture capital sector is critical to ensuring this continues and that we have a steady flow of these entrepreneurial businesses that can be nurtured and supported to grow into the major employers of tomorrow’.