New business in line for cash boost

Enterprise Ireland is to invest €175m encouraging new businesses around the country, it was revealed today.

Minister for Enterprise Micheál Martin said the money which is earmarked as venture capital will go towards start-up, early stage and development stage businesses.

“Lack of early stage finance consistently emerges as a key gap in the market for innovative start-up firms,” he said.

“The investment of €175m announced will be a vital contributor to the development of a more robust, commercially viable and sustainable seed and venture capital industry in Ireland.”

It is the largest ever single investment in developing firms.

“This will greatly improve access to finance for small and medium enterprises,” he said.

“It will encourage and leverage private sector investment in sectors that are difficult to finance, and will leverage private sector and institutional investment into venture capital investment in Ireland.”

Frank Ryan, chief executive of Enterprise Ireland, said: “Increasing the number of new high growth export focused businesses is a key objective for Enterprise Ireland.

“The new funds managed by our private sector partners will be rolled out quickly, with advertisements appearing in the national newspapers within weeks.”