Home » News » Tánaiste & Minister Donohoe Launch New €90m Fund for Irish Start-ups

Tánaiste & Minister Donohoe Launch New €90m Fund for Irish Start-ups

17th February 2022

blished our programme of venture funding in Ireland over 28 years ago, the landscape has evolved significantly. Over that time, we have committed €630 million to venture funds that have, to date, supported more than 750 Irish companies.

"In our new strategy Leading in a Changing World we have committed to further accelerating entrepreneurship in Ireland. We are delighted to launch this important €90 million programme with the European Investment Fund and ISIF to support innovative, early-stage companies, driving future jobs and economic growth."

Kieran Bristow, Deputy Director of the Ireland Strategic Investment Fund (ISIF) said:

"Ireland’s knowledge economy is producing a vibrant new generation of start-ups with great business ideas but who need the right type of capital to grow and achieve global success. This new investment programme will match top-tier managers of seed capital with high-potential seed-stage companies and founders who have the ideas, ambition and know-how to become world beaters.

"This is an exciting investment for ISIF that will build on our track record of backing early-stage companies and deliver in line with our double bottom line of generating a commercial return while supporting employment and economic activity in Ireland. It will also help to further develop Ireland’s funding landscape in a way that aligns with ISIF’s Environmental, Social and Governance objectives."

Christian Kettel Thomsen, Vice President at the European Investment Bank said:

"The European Investment Bank Group is committed to ensuring that world-class innovation-driven Irish companies can access finance, expand and create jobs. The Irish Innovation Seed Fund programme builds on our recent support for Irish companies impacted by Brexit and innovation investment at all Irish universities. The new fund will allow entrepreneurial Irish companies in the life-science, digital technologies, fintech and environmental sectors to harness new opportunities and compete globally. This exciting new initiative brings together Irish and European equity and venture capital expertise and financial strengths that will accelerate innovation across Ireland."

Alain Godard, CEO of the European Investment Fund said:

"We are pleased to be partnering up with Enterprise Ireland and Ireland Strategic Investment Fund in support of highly innovative early stage companies in Ireland. Sharing EIF’s European experience with our partners will complement their local expertise in order to support VC fund managers focused on seed stage investments. Today’s launch of the Irish Innovation Seed Fund Programme initiative opens a new chapter of successful EIF co-operation in Ireland building on top of EIF financing of approx. EUR 1bn over the last two years."

A first call for proposals under the programme will launch later this week on the European Investment Fund website.

The fund programme will be led by Enterprise Ireland, with the European Investment Fund acting as fund manager and will be structured as a fund of funds.

A fund of this size, backed by these three experienced partners is an important step in developing the equity ecosystem in Ireland. It aims to attract both new fund managers and new private investors to crowd-in further private equity investment into Ireland.

The fund programme, totalling €90 million, will be made up of a €30 million contribution from the Department of Enterprise, Trade and Employment, whilst the European Investment Fund will match this investment by providing a further €30 million. The Ireland Strategic Investment Fund will seek to co-invest with a further €30 million on selected investments.

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