Fund investment to create 92 jobs in start-up companies

Some 92 jobs are to be created in five companies over the next year with the investment of €2m by AIB in start-up funds.

The companies include Storyful.com - an online media company, financial services software company Barracuda FX, online gaming company Swerve and UCD-based medical diagnostics company Biosensia. The fifth company has yet to be announced.

The AIB Start-Up Accelerator Fund contains a total of €22m, of which €20m was contributed by AIB in the context of the bank recapitalisation mandate, and €2m by Enterprise Ireland.

"“If we are to turn this country around and create a new economy which can support the levels of employment we need, central to that will be dynamic Irish companies," said Enterprise Minister Richard Bruton, announcing the investment.

"That is why a key part of the Government’s jobs plan is to target policies at sectors where Irish companies have the capacity to break into export markets and grow quickly to create jobs.

"ICT, financial services and life sciences are sectors where Ireland has a long record of success in attracting multinational companies, but the challenge now is to convert that into success also for Irish companies."

The announcement comes on the back of two other jobs announcements in Dublin and Limerick.

Software developer Misys earlier announced 35 new jobs in the capital while US firm ON-Semiconductor is pumping €13m into expanding its design centre in Limerick, creating 69 new engineering roles.