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€60m bid to woo venture capital

A SECOND round of funding to lure venture capitalists to Ireland has been announced by the Government.

Through Enterprise Ireland, the Government will put €60m into venture capital funds which establish a presence in Ireland.

The funds will then match that amount of money with the aim of helping promising start-up companies, Employment Minister Richard Bruton announced.

Earlier attempts in this area have generated more than $400m (€306m) in funds. The aim is to use the money being invested by the Government to leverage tens of millions of dollars from venture capital funds and to bring that money into Ireland.

It is hoped that the venture capital companies will also set up offices here, using these bases to invest in small Irish start-ups but they can also look to invest in the rest of Europe.

Ireland has already attracted some of the world's most dynamic companies but has yet to produce a tech company of any significant note.