Enterprise Ireland invested €72 million in 87 companies last year through its Seed and Venture Capital Scheme which supports the development of high-growth Irish companies.
The State agency, tasked with helping Irish businesses to deliver export sales, identified companies with the potential to grow jobs and generate significant additional exports.
Some €175 million has been approved by the Government for investment in high-growth companies under the scheme which has run since 2013. Nine new funds have been launched under the current scheme, bringing the total available under the organisation’s seed and venture capital initiatives to €700 million in 2017.
All of Enterprise Ireland’s funds are independently managed by private sector fund managers who make all decisions regarding investment.
Recipients of funds last year include Irish Stock Exchange-listed company, Immersive VR Education, War Ducks, a games studio, and Inflazome, a pharmaceuticals and biotechnology company.
Kevin Sherry, Enterprise Ireland's executive director for global business development, said: "The seed and venture capital sector is key to ensuring Irish enterprise continues as a powerhouse of economic growth and prosperity across Ireland, and internationally. Working with venture fund managers has enabled Irish companies to step forward and build businesses that are globally orientated and at the cutting edge of technology and innovation."
Three funds
Additionally, Enterprise Ireland committed €75 million to the Development Capital Scheme, which has resulted in the creation of three funds with a combined total fund size of €491 million.
“In 2017 these funds invested a total of €70 million into companies in the food, healthcare and communications sectors in Ireland,” Mr Sherry noted.
Since 1994, €1.9 billion has been invested in 605 companies under the four Enterprise Ireland seed and venture capital schemes.
The average size of the more than 60 funds supported by the organisation has grown from €10 million in 1994 to €78 million in 2017.
