€40m Innovation Fund aid for firms

UP to €40 million in venture capital funding is poised to be pumped into Irish businesses through a number of funds.

Yesterday, Taoiseach Brian Cowen announced a significant expansion to the Government’s Innovation Fund programme that will see the pan-European venture capital company DFJ Esprit invest €30m here and establish a new Dublin office — with the money coming from the National Pensions Reserve Fund, as an incentive to the company.

The fund was established earlier this year as a way of positioning Ireland as a global innovation hub, by attracting leading venture capital firms to open operations in Ireland and provide fresh funding for firms.