AIB Seed Capital Fund added record 15 investees to portfolio in 2011

AIB Seed Capital Fund has added a record 15 new investees to its portfolio, the AIB/Enterprise Ireland partnership said in its end of year review for 2011.

In all, the fund made 32 investments totalling over €5 million. The fund made over 70 investments in 45 Irish companies over the last four years, consolidating its position as the most active seed and early-stage fund in Ireland.

Cumulative investments to the end of 2011 by the fund of over €15m has leveraged in excess of €47m of additional capital from other investors, including Enterprise Ireland, and helped to create and support 300 jobs. In return for its investments the fund has acquired an equity stake in each of the investee companies.

Chairman Denis Marnane said: “2011 was an exceptional year for new investment opportunities. It was a great boost to confidence to indigenous enterprise in Ireland that so many young entrepreneurs were prepared to take on the challenge of building their own futures through their skills and entrepreneurship.”

During 2011, the fund invested in 15 new companies. These included Crescent Diagnostics in Dublin, and Footbridge Interactive in Limerick. Among the recipients of follow-on funding during the year were EpiSensor in Limerick and Zartis in Cork.