Enterprise Ireland, AIB establish fund

AIB and Enterprise Ireland are to contribute €15 million each to a new fund to invest in growing businesses.

The AIB Seed Capital Fund will be by Dublin Business Innovation Centre and Enterprise Equity and will invest in innovative start-up companies across the country.

“The overarching objective of the fund is to support entrepreneurship and provide risk capital to help develop competitive internationally oriented businesses in Ireland,” said Donal Forde, the head of AIB’s Irish banking arm.

The fund, which will run for about seven years, plans to invest in up to 60 companies. It said the average investment will be €250,000 but companies looking for small sums of about €100,000 will also be evaluated.