€60m investment fund aims to attract venture capitalists

The Government has announced a €60m investment fund to attract venture capitalists to Ireland in the hope of creating high-tech jobs.

Minister for Jobs, Enterprise and Innovation Richard Bruton made the announcement in Silicon Valley today where he is on a trade mission.

The Innovation Fund Ireland is part of the Government's Action Plan for Jobs.

The investment is a joint operation by Enterprise Ireland and the National Pension Reserve Fund.

Investors have until June 14 to signal their interest.

“Developing a dynamic venture capital industry in Ireland is a key part of this Government’s growth strategy," Minister Bruton said.

"Venture capital funds provide crucial funding, as well as mentoring and advice, to early-stage high-potential companies in key growth sectors.

“Silicon Valley is an example of the incredible economic and ultimately employment growth that can be created with the correct environment for innovation," he added.

"The objective of this second call is to increase the ability of risk capital for Irish companies."