The amount of money invested in Enterprise Ireland-client companies, by Irish-based venture capitalists, has increased by over 90% in the past two years, new figures show.
According to EI’s own seed and venture capital programme report for 2012, last year saw a total of €54m invested in 84 of its client companies, by Irish-based funders. This was up by €11m on the amount invested in 2011 and nearly 93% higher than the €28m shelled out in 2010.
Similarly, the number of EI-affiliated firms to receive funding has increased in the past few years, with 2012’s figure of 84 following on from 81 in 2011 and 57 in the previous year.
“Advances in access to seed and venture funding — coupled with a strong support environment — go a long way to making Ireland a very attractive base to start and grow a business,” according to Julie Sinnamon, executive director for global business development at Enterprise Ireland.
She added: “Our priority is to get more high potential start-ups and expanding companies to innovate, grow their business, increase exports and create jobs. Last year saw a strong performance by Irish companies. A dynamic and commercially driven venture capital sector is critical to ensuring this continues and that we have a steady flow of these entrepreneurial businesses that can be nurtured and supported to grow into the major employers of tomorrow.”
Jobs and Enterprise Minister Richard Bruton said that the latest EI report shows that “with the right supports from Government, the seed and venture capital industry continues to grow, supporting more dynamic Irish companies with the potential to grow quickly, build exports and create the jobs we need”.
Total funds under management by seed and venture funds, under EI’s S&V Capital Programme, reached €636m as of the end of 2012.
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