94 Irish firms get €59m in funding
The upward trend in the value of investments from Enterprise Ireland Seed and Venture Capital Programmes saw 94 companies receive a total €59m in 2013.
In 2012, 10 fewer companies received venture capital funding totalling €54m from these funds.
Commenting on the figures released yesterday, Jobs Minister Richard Bruton said that the setting-up of the fund amid difficult economic circumstances was now proving worthwhile.
“Venture capital funds provide critical funding, mentoring and access to networks to fast-growing companies and expanding established businesses. For these reasons, we established the new €700m Seed and Venture Capital Scheme 2013-2018, a significant achievement at a time of constrained budgets,” said Mr Bruton.
“Enterprise Ireland client companies delivered exports of €17.1bn and added 5,442 jobs in 2013 and venture-capital companies contributed to these impressive results,” he added.
Most of the €700m raised under the programme has now been invested, with 50% of these investments in the software sector and 35% in the life sciences.
Enterprise Ireland committed €75m to three fund managers under the Development Capital Scheme, MMl Growth Capital Partners Ireland in 2013, and the BDO Development Capital Fund and the Capital Carlyle Cardinal Ireland Fund, in 2014.
The Department of Jobs, through Enterprise Ireland, committed a further €99.5m to a number of venture capital funds in the scheme.
Firms based in the capital have been the greatest beneficiaries of the scheme to date, with 50% of the total investment going to Dublin companies.
The West was the next best-supported area claiming just over 10% of the funds, followed by the South West with more than 3.5%.
Start-up, early stage and development firms enjoyed an almost equal share the funds.
