Minister unveils €60m fund to help attract US investors

US venture capitalists are expected to make significant investments in the economy after a €60m round of funding was unveiled in San Francisco yesterday by Minister for Jobs, Enterprise and Innovation, Richard Bruton.

This is the second such round of funding. Previous fundraising efforts helped generate more than €300m in inward US investment. Much of the money generated from the new fund will be invested in Ireland. Some will also be invested in Europe.

The hope is that the venture capital companies will also set up bases in Ireland. Investors have until Jun 14 to signal their interest in establishing a presence in Ireland. The investment is a joint operation by Enterprise Ireland and the National Pension Reserve Fund.

“Silicon Valley is an example of the incredible economic and ultimately employment growth that can be created with the correct environment for innovation,” Mr Bruton said.

To date, under Innovation Fund Ireland, the National Pensions Reserve Fund has made investments in Polaris Ventures, DFJ and DFJ Esprit.

Mr Bruton also announced a joint investment by Enterprise Ireland and the NPRF in Sofinnova Ventures — one of the premier US healthcare venture capital funds. These investments will help ensure that Irish-based hi-tech companies in key sectors can have access to venture capital funds, Mr Bruton said.

“I am determined that with implementation of proper government supports, developing a thriving venture capital industry can play a key role in ensuring that we create the levels of economic growth we badly need.”