Silicon Valley Bank (SVB) is to lend an additional $300 million (€266m) to Irish technology and life sciences companies in the next five years through its agreement with the Ireland Strategic Investment Fund (ISIF).
The new commitment adds to the $226 million the bank has already invested in Irish companies since 2012, bringing the total to more than $500 million by 2024.
The new agreement will see Silicon Valley Bank vice-president Brian Geraghty relocate to Dublin from Silicon Valley Bank's London office, strengthening the Irish team.
Silicon Valley Bank initially committed to investing $100 million in Ireland, but in 2016 it said it would double that over five years. The bank reached its $200 million target within two years.
"The Irish innovation sector has experienced incredible growth since we began working with the Ireland Strategic Investment Fund in 2012," said John China, president of SVB Capital. "We're proud to continue this great relationship and work with a growing roster of Ireland's best tech companies."
Silicon Valley Bank has provided financing to 29 Irish businesses to date, including Accuris, AMCS, Atlantic Therapeutics, Boxever, Clavis Insight, Drop, Glofox, Movidius and Profitero.
The announcement was welcomed by Minister for Finance Paschal Donohoe, who described the agreement as a concrete example of the success of ISIF's strategy to attract private sector investors willing to invest in innovative Irish start-up.
“This investment shows the positive impact which ISIF can have on the indigenous technology and life science industry,” he said.
Headquartered in Santa Clara, California, Silicon Valley Bank has more than 30 years’ experience in providing commercial and private banking, asset management, private wealth management, brokerage and investment services, funds management and business valuation services to companies in the technology, life science and healthcare, private equity and venture capital industries.
It has helped fund more than 30,000 start-ups since it was established, including the likes of Square, Vonage and Zoopla.
