SmartInvest will fund tech firms’ US expansion

A new $70m (€56m) fund aimed at helping early-stage Irish technology firms to expand into the US has been established.

The US and Irish-headquartered SmartInvest initiative — established and backed by a number of private donors — will initially focus on technology-led firms in the software, medical devices, networking and infrastructure and agri-business sectors.

The programme will also target US companies looking to expand into the Irish market. SmartInvest will invest in and grow 30 technology-led companies, leading to the creation of 450 jobs across Ireland over the lifetime of the fund.