| 16.5°C Dublin

Government launches €175m fund for Irish firms

THE Government has launched a €175m seed and venture capital scheme aimed at providing extra funding for Irish companies.

Enterprise Minister Richard Bruton issued a call for expressions of interest from funds seeking investments.

The state is targeting an additional €525m in funding from the private sector, meaning a total of €700m available for investment over the lifetime of the scheme.

The Department of Jobs, Enterprise and Innovation said it was expected that the average initial venture investment in a company made by the funds could be of the order of €2million.

Mr Bruton said the fund would run over the next six years.

“While the multinational sector is and will remain crucial to our industrial strategy, I am determined to ensure that we also support the creation of a powerful engine of Irish enterprise that can sustain and create the levels of employment we need,” Mr Bruton said.

Online Editors