EIF and Enterprise Ireland launch $22.5m fund

The European Investment Fund and Enterprise Ireland join forces to create the European Angels Fund Ireland.

The European Investment Fund (EIF) and Enterprise Ireland have agreed to jointly launch a €20m ($22.5m) fund dubbed European Angels Fund Ireland.

The vehicle aims to support investment in small and medium-sized enterprises by doubling the investment capacity of approved business angels. The fund will also collaborate with other non-institutional investors who have the same goal.

EIF is a EU agency established in 1994 that provides funding to small and medium-sized enterprises indirectly. Enterprise Ireland is the Irish government agency responsible for supporting the international growth of Irish companies.

The fund will co-invest with business angels in Irish businesses that are currently trading internationally. It will invest between €250,000 to €4m in each company over 10 years.

The fund is currently open to applicants.

Pier Luigi Gilibert, chief executive of the European Investment Fund, said: “In addition to our support for micro-companies and larger innovative SMEs with Enterprise Ireland we are pleased that another funding source can be made available in Ireland for the benefit of Irish businesses which can further develop the Irish venture capital and entrepreneurship ecosystem.”

Julie Sinnamon, chief executive of Enterprise Ireland, said: “The funding ecosystem in Ireland has seen the range of supports increase exponentially in recent years helping companies accelerate growth and increase business at home and overseas.”

See more from this Government Report: Ireland

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